Vestis (NYSE:VSTS) CEO Buys $1,045,265.00 in Stock

Key Points

• Vestis CEO James Barber bought 84,500 shares at an average price of $12.37, investing $1.05 million and increasing his direct ownership by 10.8% to 867,222 shares.
• Vestis shares rose 3.0% to $12.53, while the company’s latest quarterly EPS of $0.18 exceeded analyst expectations of $0.10; revenue of $661.66 million fell short of estimates.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $12.66. Institutional investors own 97.4% of the stock.

Vestis Corporation (NYSE:VSTS - Get Free Report) CEO James Barber acquired 84,500 shares of Vestis stock in a transaction on Wednesday, September 2nd. The shares were bought at an average cost of $12.37 per share, for a total transaction of $1,045,265.00. Following the completion of the purchase, the chief executive officer directly owned 867,222 shares of the company's stock, valued at $10,727,536.14. The trade was a 10.80% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Vestis Trading Up 3.0%

VSTS stock traded up $0.36 during midday trading on Thursday, reaching $12.53. 743,351 shares of the company traded hands, compared to its average volume of 1,597,698. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -250.55 and a beta of 0.95. Vestis Corporation has a 52-week low of $3.98 and a 52-week high of $16.90. The business has a 50 day moving average of $14.16 and a 200-day moving average of $11.34. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.75 and a current ratio of 2.17.

Vestis (NYSE:VSTS - Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.08. Vestis had a positive return on equity of 7.27% and a negative net margin of 0.20%.The firm had revenue of $661.66 million during the quarter, compared to analysts' expectations of $668.94 million. As a group, sell-side analysts expect that Vestis Corporation will post 0.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Vestis in a report on Friday, August 7th. Barclays raised their price target on shares of Vestis from $9.00 to $11.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 12th. Robert W. Baird lifted their target price on Vestis from $15.00 to $16.00 and gave the company a "neutral" rating in a research report on Wednesday, August 12th. JPMorgan Chase & Co. boosted their price target on shares of Vestis from $11.00 to $13.00 and gave the company an "underweight" rating in a report on Thursday, August 13th. Finally, William Blair upgraded Vestis from a "market perform" rating to an "outperform" rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $12.66.

Institutional Trading of Vestis

Several hedge funds have recently modified their holdings of VSTS. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 worth $3,519,000 after acquiring an additional 34,809 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Vestis during the 1st quarter valued at about $762,000. Creative Planning acquired a new position in Vestis during the 2nd quarter valued at about $65,000. JPMorgan Chase & Co. raised its stake in Vestis by 739.5% in the second quarter. JPMorgan Chase & Co. now owns 675,770 shares of the company's stock valued at $3,872,000 after buying an additional 595,276 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Vestis by 9.8% in the second quarter. American Century Companies Inc. now owns 275,531 shares of the company's stock worth $1,579,000 after acquiring an additional 24,695 shares in the last quarter. 97.40% of the stock is owned by hedge funds and other institutional investors.

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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source