Vestis Corporation $VSTS Stock Holdings Trimmed by Redwood Investment Management LLC

Key Points

• Redwood Investment Management LLC significantly reduced its holdings in Vestis Corporation by 57.4%, selling 88,942 shares and owning 66,101 shares by the end of the first quarter.
• Other institutional investors, such as Gamco Investors and Jane Street Group, increased their stakes in Vestis, illustrating mixed sentiment among hedge funds.
• Vestis Corporation's stock has a current market price of $4.60 with a 12-month range between $4.32 and $17.83, reflecting volatility in its stock performance.

Redwood Investment Management LLC lowered its position in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 57.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 66,101 shares of the company's stock after selling 88,942 shares during the quarter. Redwood Investment Management LLC owned about 0.05% of Vestis worth $654,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Gamco Investors INC. ET AL increased its holdings in shares of Vestis by 22.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 55,625 shares of the company's stock valued at $551,000 after acquiring an additional 10,275 shares during the last quarter. Gabelli Funds LLC lifted its stake in Vestis by 16.1% during the first quarter. Gabelli Funds LLC now owns 202,000 shares of the company's stock worth $2,000,000 after purchasing an additional 28,000 shares during the last quarter. Jane Street Group LLC boosted its holdings in Vestis by 700.5% in the first quarter. Jane Street Group LLC now owns 1,982,027 shares of the company's stock worth $19,622,000 after purchasing an additional 1,734,442 shares during the period. Jump Financial LLC bought a new stake in Vestis during the first quarter valued at $398,000. Finally, Capital Fund Management S.A. bought a new stake in Vestis during the first quarter valued at $929,000. Institutional investors and hedge funds own 97.40% of the company's stock.

Vestis Stock Performance

Shares of NYSE VSTS opened at $4.60 on Thursday. Vestis Corporation has a 12-month low of $4.32 and a 12-month high of $17.83. The company has a market cap of $605.80 million, a PE ratio of -19.98 and a beta of 0.96. The stock has a 50 day simple moving average of $5.66 and a 200-day simple moving average of $7.79. The company has a current ratio of 1.84, a quick ratio of 1.42 and a debt-to-equity ratio of 1.45.

Vestis (NYSE:VSTS - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.05 EPS for the quarter, meeting the consensus estimate of $0.05. Vestis had a positive return on equity of 3.76% and a negative net margin of 1.11%.The firm had revenue of $673.80 million for the quarter, compared to analysts' expectations of $673.65 million. During the same period last year, the firm earned $0.16 EPS. The firm's revenue was down 3.5% compared to the same quarter last year. On average, equities research analysts forecast that Vestis Corporation will post 0.7 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on VSTS shares. Barclays reduced their price target on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a research report on Friday, May 9th. Wall Street Zen upgraded shares of Vestis from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, JPMorgan Chase & Co. cut their target price on shares of Vestis from $6.00 to $5.50 and set an "underweight" rating on the stock in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Reduce" and an average target price of $9.13.

Vestis Profile

Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens.

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