Millennium Management LLC Has $45.78 Million Stake in Vestis Co. (NYSE:VSTS)

Millennium Management LLC raised its holdings in Vestis Co. (NYSE:VSTS - Free Report) by 179.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,003,762 shares of the company's stock after acquiring an additional 1,928,687 shares during the quarter. Millennium Management LLC owned 2.28% of Vestis worth $45,777,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Spire Wealth Management acquired a new stake in shares of Vestis in the fourth quarter valued at approximately $29,000. Smartleaf Asset Management LLC raised its stake in Vestis by 548.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,510 shares of the company's stock valued at $38,000 after purchasing an additional 2,123 shares during the last quarter. Quantbot Technologies LP acquired a new position in Vestis in the 4th quarter valued at about $93,000. Sterling Capital Management LLC raised its stake in Vestis by 45.9% in the 4th quarter. Sterling Capital Management LLC now owns 7,882 shares of the company's stock valued at $120,000 after purchasing an additional 2,479 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Vestis in the 4th quarter valued at about $180,000. Institutional investors and hedge funds own 97.40% of the company's stock.

Vestis Trading Down 2.2%

Shares of VSTS stock traded down $0.13 during trading hours on Tuesday, hitting $5.89. 1,948,821 shares of the company were exchanged, compared to its average volume of 2,137,256. The firm has a market cap of $776.20 million, a PE ratio of 73.63 and a beta of 1.61. Vestis Co. has a 1 year low of $5.20 and a 1 year high of $17.83. The company has a quick ratio of 1.43, a current ratio of 1.80 and a debt-to-equity ratio of 1.39. The firm has a fifty day moving average of $8.49 and a 200 day moving average of $12.54.

Vestis (NYSE:VSTS - Get Free Report) last posted its earnings results 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). Vestis had a return on equity of 7.91% and a net margin of 0.34%. The business had revenue of $665.25 million for the quarter, compared to analyst estimates of $690.81 million. Vestis's revenue was down 5.7% on a year-over-year basis. Analysts expect that Vestis Co. will post 0.7 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on VSTS. Barclays cut 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. Robert W. Baird cut their target price on shares of Vestis from $17.00 to $13.00 and set a "neutral" rating for the company in a research note on Thursday, March 20th. Finally, The Goldman Sachs Group dropped their price objective on shares of Vestis from $15.00 to $13.00 and set a "neutral" rating for the company in a research note on Monday, March 17th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, Vestis has an average rating of "Hold" and an average target price of $11.75.

Insiders Place Their Bets

In other news, Director Douglas A. Pertz purchased 70,000 shares of the company's stock in a transaction on Thursday, May 8th. The shares were bought at an average price of $6.17 per share, for a total transaction of $431,900.00. Following the completion of the purchase, the director now owns 297,010 shares of the company's stock, valued at $1,832,551.70. This trade represents a 30.84% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO William J. Seward purchased 10,000 shares of the company's stock in a transaction on Thursday, May 8th. The stock was purchased at an average price of $6.23 per share, for a total transaction of $62,300.00. Following the purchase, the chief operating officer now directly owns 130,862 shares of the company's stock, valued at $815,270.26. This trade represents a 8.27% increase in their position. The disclosure for this purchase can be found here. 13.60% of the stock is currently owned by corporate insiders.

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.