Wellington Management Group LLP Sells 805,089 Shares of Vestis Corporation $VSTS

Key Points

• Wellington Management Group LLP reduced its holdings in Vestis Corporation (NYSE: VSTS) by 28.0%, selling 805,089 shares during the first quarter, now owning approximately 1.57% of the company.
• The stock price of Vestis has experienced a decline of 4.1% recently, closing at $4.5850, with analysts adjusting price targets downwards, including Barclays lowering their target from $10.00 to $5.00.
• Insider trading showed positive sentiment, as Director Keith A. Meister purchased 314,390 shares, indicating confidence in the company's future performance despite current challenges.

Wellington Management Group LLP cut its holdings in Vestis Corporation (NYSE:VSTS - Free Report) by 28.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,074,379 shares of the company's stock after selling 805,089 shares during the period. Wellington Management Group LLP owned 1.57% of Vestis worth $20,536,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Versor Investments LP boosted its holdings in Vestis by 25.3% in the 1st quarter. Versor Investments LP now owns 33,700 shares of the company's stock valued at $334,000 after purchasing an additional 6,800 shares during the period. American Century Companies Inc. boosted its holdings in Vestis by 9.8% in the 1st quarter. American Century Companies Inc. now owns 250,836 shares of the company's stock valued at $2,483,000 after purchasing an additional 22,400 shares during the period. Fox Run Management L.L.C. bought a new position in Vestis in the 1st quarter valued at $637,000. Lord Abbett & CO. LLC boosted its holdings in Vestis by 27.4% in the 1st quarter. Lord Abbett & CO. LLC now owns 638,134 shares of the company's stock valued at $6,318,000 after purchasing an additional 137,243 shares during the period. Finally, HighTower Advisors LLC boosted its holdings in Vestis by 6.8% in the 1st quarter. HighTower Advisors LLC now owns 395,919 shares of the company's stock valued at $3,920,000 after purchasing an additional 25,106 shares during the period. 97.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on VSTS shares. Wall Street Zen raised shares of Vestis from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. JPMorgan Chase & Co. cut their price target on shares of Vestis from $6.00 to $5.50 and set an "underweight" rating for the company in a report on Thursday, August 7th. Finally, Barclays cut their price target on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a report on Friday, May 9th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Vestis currently has a consensus rating of "Reduce" and an average price target of $9.13.

Vestis Price Performance

Shares of Vestis stock traded up $0.05 on Friday, hitting $4.67. 1,136,430 shares of the company traded hands, compared to its average volume of 2,274,641. The company has a market cap of $616.22 million, a P/E ratio of -20.32 and a beta of 0.96. The firm's 50-day simple moving average is $5.61 and its 200 day simple moving average is $7.62. Vestis Corporation has a 12-month low of $4.32 and a 12-month high of $17.83. 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 issued its earnings results on Tuesday, August 5th. The company reported $0.05 EPS for the quarter, hitting analysts' consensus estimates of $0.05. The company had revenue of $673.80 million for the quarter, compared to analysts' expectations of $673.65 million. Vestis had a negative net margin of 1.11% and a positive return on equity of 3.76%. The firm's revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.16 EPS. Analysts expect that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

About Vestis

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.