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Victory Capital Management Inc. Grows Stock Holdings in Vestis Corporation (NYSE:VSTS)

Vestis logo with Industrials background

Key Points

  • Victory Capital Management Inc. significantly increased its holdings in Vestis Corporation by 88.7% during the first quarter, owning approximately 245,450 shares valued at about $2.43 million.
  • Insider trading activity includes Director Douglas A. Pertz purchasing 70,000 shares, and COO William J. Seward acquiring 10,000 shares, indicating growing confidence in the company's future.
  • Vestis Corporation reported a loss of ($0.05) earnings per share for the last quarter, missing the consensus estimate, alongside a revenue decline of 5.7% year-over-year.
  • MarketBeat previews the top five stocks to own by September 1st.

Victory Capital Management Inc. increased its stake in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 88.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 245,450 shares of the company's stock after purchasing an additional 115,365 shares during the quarter. Victory Capital Management Inc. owned about 0.19% of Vestis worth $2,430,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. True Wealth Design LLC acquired a new stake in shares of Vestis during the fourth quarter worth $29,000. Spire Wealth Management raised its position in shares of Vestis by 168.2% in the 1st quarter. Spire Wealth Management now owns 5,110 shares of the company's stock valued at $51,000 after buying an additional 3,205 shares in the last quarter. Copeland Capital Management LLC increased its position in Vestis by 33.0% during the 1st quarter. Copeland Capital Management LLC now owns 5,428 shares of the company's stock worth $54,000 after purchasing an additional 1,346 shares in the last quarter. KBC Group NV increased its position in Vestis by 54.2% in the 1st quarter. KBC Group NV now owns 7,309 shares of the company's stock valued at $72,000 after acquiring an additional 2,568 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in shares of Vestis during the fourth quarter worth $93,000. 97.40% of the stock is owned by institutional investors.

Insider Transactions at Vestis

In other news, Director Keith A. Meister acquired 377,277 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was acquired at an average price of $5.89 per share, for a total transaction of $2,222,161.53. Following the transaction, the director directly owned 18,380,501 shares in the company, valued at approximately $108,261,150.89. This represents a 2.10% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Douglas A. Pertz acquired 70,000 shares of the business's stock in a transaction on Thursday, May 8th. The shares were bought at an average price of $6.17 per share, with a total value of $431,900.00. Following the completion of the transaction, the director directly owned 297,010 shares of the company's stock, valued at approximately $1,832,551.70. The trade was a 30.84% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 880,675 shares of company stock valued at $5,271,632 in the last three months. 13.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

VSTS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reissued an "underweight" rating and set a $6.00 price target (up from $5.00) on shares of Vestis in a research report on Monday, July 14th. Barclays lowered their target price on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $9.25.

Get Our Latest Report on Vestis

Vestis Stock Down 2.9%

VSTS traded down $0.18 on Friday, reaching $5.89. The company's stock had a trading volume of 446,890 shares, compared to its average volume of 2,346,249. Vestis Corporation has a 1 year low of $5.20 and a 1 year high of $17.83. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.87 and a quick ratio of 1.41. The stock has a market cap of $775.53 million, a price-to-earnings ratio of -32.77 and a beta of 0.96. The business's 50 day moving average is $6.11 and its 200 day moving average is $9.16.

Vestis (NYSE:VSTS - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.20). The firm had revenue of $665.25 million for the quarter, compared to analyst estimates of $690.81 million. Vestis had a negative net margin of 0.89% and a positive return on equity of 5.36%. Vestis's revenue for the quarter was down 5.7% compared to the same quarter last year. As a group, research analysts forecast that Vestis Corporation will post 0.7 EPS for the current fiscal year.

Vestis Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Vestis (NYSE:VSTS)

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