Goldman Sachs Group Inc. Sells 372,898 Shares of Vestis Corporation $VSTS

Key Points

• Goldman Sachs Group Inc. reduced its stake in Vestis Corporation by 43.6%, now owning approximately 481,813 shares valued at $4.77 million.
• New institutional investors significantly increased their positions in Vestis, with Alberta Investment Management Corp raising its holdings by 65.2% and Jane Street Group LLC by 700.5% in the first quarter.
• Vestis has been given a consensus rating of "Reduce" by analysts, with a current average price target of $9.13, down from a previous price objective set by JPMorgan at $6.00.

Goldman Sachs Group Inc. lessened its holdings in Vestis Corporation (NYSE:VSTS - Free Report) by 43.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 481,813 shares of the company's stock after selling 372,898 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.37% of Vestis worth $4,770,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Stanley Capital Management LLC grew its holdings in shares of Vestis by 163.6% during the first quarter. Stanley Capital Management LLC now owns 2,191,107 shares of the company's stock worth $21,692,000 after purchasing an additional 1,359,807 shares during the last quarter. Militia Capital Partners LP lifted its position in Vestis by 72.6% in the first quarter. Militia Capital Partners LP now owns 19,978 shares of the company's stock valued at $198,000 after purchasing an additional 8,400 shares during the period. Acadian Asset Management LLC acquired a new stake in Vestis in the first quarter valued at about $762,000. Jane Street Group LLC lifted its position in Vestis by 700.5% in the first quarter. Jane Street Group LLC now owns 1,982,027 shares of the company's stock valued at $19,622,000 after purchasing an additional 1,734,442 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Vestis by 10.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 355,493 shares of the company's stock valued at $3,519,000 after acquiring an additional 34,809 shares during the period. Hedge funds and other institutional investors own 97.40% of the company's stock.

Vestis Trading Up 0.1%

NYSE VSTS traded up $0.01 on Friday, hitting $4.16. 4,004,640 shares of the stock were exchanged, compared to its average volume of 1,555,306. The company's 50-day moving average price is $5.08 and its two-hundred day moving average price is $6.77. The company has a market capitalization of $547.80 million, a price-to-earnings ratio of -18.07 and a beta of 0.97. Vestis Corporation has a 52-week low of $3.98 and a 52-week high of $17.83. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.84 and a quick ratio of 1.42.

Vestis (NYSE:VSTS - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.05. The company had revenue of $673.80 million during the quarter, compared to analyst estimates of $673.65 million. Vestis had a negative net margin of 1.11% and a positive return on equity of 3.76%. The company's revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter last year, the business posted $0.16 EPS. Research analysts predict that Vestis Corporation will post 0.7 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Vestis from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. 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 research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $9.13.

Vestis Company 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.