Vestis (NYSE:VSTS) Shares Up 9% After Insider Buying Activity

Vestis Co. (NYSE:VSTS - Get Free Report)'s share price rose 9% during mid-day trading on Thursday following insider buying activity. The stock traded as high as $11.70 and last traded at $11.51. Approximately 1,167,737 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 2,346,220 shares. The stock had previously closed at $10.56.

Specifically, CEO Kim Scott purchased 15,000 shares of the company's stock in a transaction that occurred on Friday, February 9th. The stock was bought at an average cost of $19.14 per share, with a total value of $287,100.00. Following the completion of the purchase, the chief executive officer now owns 183,131 shares in the company, valued at $3,505,127.34. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Kim Scott purchased 15,000 shares of the firm's stock in a transaction dated Friday, February 9th. The stock was purchased at an average price of $19.14 per share, with a total value of $287,100.00. Following the completion of the purchase, the chief executive officer now owns 183,131 shares of the company's stock, valued at approximately $3,505,127.34. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Corvex Management Lp bought 1,828,009 shares of the business's stock in a transaction on Monday, May 6th. The stock was bought at an average price of $9.54 per share, for a total transaction of $17,439,205.86. Following the purchase, the insider now directly owns 14,973,187 shares of the company's stock, valued at $142,844,203.98. The disclosure for this purchase can be found here. Insiders bought a total of 2,485,555 shares of company stock worth $24,417,961 over the last 90 days.

Analysts Set New Price Targets

VSTS has been the topic of several analyst reports. Wolfe Research assumed coverage on Vestis in a report on Thursday, January 11th. They set an "outperform" rating and a $24.00 target price on the stock. Robert W. Baird reduced their target price on shares of Vestis from $24.00 to $13.00 and set an "outperform" rating for the company in a research report on Friday, May 3rd. The Goldman Sachs Group lowered their price target on shares of Vestis from $20.00 to $11.00 and set a "neutral" rating on the stock in a research report on Monday. Stifel Nicolaus reissued a "hold" rating on shares of Vestis in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. cut Vestis from an "overweight" rating to a "neutral" rating and cut their price target for the company from $22.00 to $11.00 in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Vestis presently has an average rating of "Hold" and an average price target of $16.38.

Vestis Price Performance

The company has a debt-to-equity ratio of 1.69, a current ratio of 2.51 and a quick ratio of 2.16. The business's 50-day simple moving average is $17.83 and its two-hundred day simple moving average is $18.60.

Vestis (NYSE:VSTS - Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.09). The company had revenue of $705.37 million for the quarter, compared to analyst estimates of $722.54 million. Vestis's quarterly revenue was up .9% on a year-over-year basis. As a group, sell-side analysts expect that Vestis Co. will post 1.03 earnings per share for the current fiscal year.

Vestis Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Friday, March 15th were issued a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Thursday, March 14th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Nordea Investment Management AB bought a new position in shares of Vestis in the fourth quarter worth about $3,909,000. Wolverine Asset Management LLC raised its holdings in Vestis by 48.0% during the 4th quarter. Wolverine Asset Management LLC now owns 185,000 shares of the company's stock worth $3,911,000 after purchasing an additional 60,000 shares during the last quarter. New York State Teachers Retirement System acquired a new position in Vestis in the fourth quarter valued at approximately $1,697,000. State of New Jersey Common Pension Fund D bought a new position in shares of Vestis in the 4th quarter worth $3,160,000. Finally, Yousif Capital Management LLC acquired a new position in Vestis during the fourth quarter valued at approximately $1,400,000. Institutional investors own 97.40% of the company's stock.

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.