Insider Buying: Vestis Co. (NYSE:VSTS) Major Shareholder Acquires 116,044 Shares of Stock

Vestis Co. (NYSE:VSTS - Get Free Report) major shareholder Corvex Management Lp acquired 116,044 shares of Vestis stock in a transaction dated Monday, May 20th. The stock was bought at an average price of $12.59 per share, with a total value of $1,460,993.96. Following the completion of the purchase, the insider now directly owns 16,707,877 shares in the company, valued at $210,352,171.43. The purchase was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Corvex Management Lp also recently made the following trade(s):

• On Wednesday, May 8th, Corvex Management Lp acquired 622,346 shares of Vestis stock. The stock was bought at an average price of $10.43 per share, with a total value of $6,491,068.78.
• On Monday, May 6th, Corvex Management Lp acquired 1,828,009 shares of Vestis stock. The stock was bought at an average price of $9.54 per share, with a total value of $17,439,205.86.

Vestis Trading Up 0.2 %

Shares of NYSE:VSTS traded up $0.02 during trading on Monday, reaching $12.54. 1,569,338 shares of the company were exchanged, compared to its average volume of 2,410,344. The business's fifty day simple moving average is $16.93 and its 200-day simple moving average is $18.49. Vestis Co. has a 12-month low of $8.92 and a 12-month high of $22.37. The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.16 and a current ratio of 2.51.

Vestis (NYSE:VSTS - Get Free Report) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.09). The firm had revenue of $705.37 million for the quarter, compared to analysts' expectations of $722.54 million. The business's quarterly revenue was up .9% compared to the same quarter last year. On average, equities analysts anticipate that Vestis Co. will post 0.58 earnings per share for the current year.

Vestis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Friday, March 15th were paid a dividend of $0.035 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.12%.

Hedge Funds Weigh In On Vestis

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Strs Ohio acquired a new stake in Vestis in the third quarter valued at approximately $359,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Vestis during the third quarter worth $1,318,000. Wolverine Asset Management LLC purchased a new position in shares of Vestis during the third quarter worth $2,412,000. CI Investments Inc. purchased a new position in shares of Vestis during the third quarter worth $28,000. Finally, Soros Fund Management LLC purchased a new position in shares of Vestis during the third quarter worth $14,714,000. 97.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on VSTS. The Goldman Sachs Group dropped their target price on shares of Vestis from $20.00 to $11.00 and set a "neutral" rating for the company in a report on Monday, May 6th. Barclays dropped their target price on shares of Vestis from $19.00 to $10.00 and set an "underweight" rating for the company in a report on Friday, May 3rd. Redburn Atlantic downgraded shares of Vestis from a "buy" rating to a "neutral" rating and set a $13.40 target price for the company. in a report on Tuesday, May 7th. Robert W. Baird dropped their price objective on shares of Vestis from $24.00 to $13.00 and set an "outperform" rating for the company in a report on Friday, May 3rd. Finally, Stifel Nicolaus reissued a "hold" rating on shares of Vestis in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $16.38.

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.

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