Victory Capital Management Inc. Buys Shares of 2,284,370 Vestis Co. (NYSE:VSTS)

Victory Capital Management Inc. acquired a new position in Vestis Co. (NYSE:VSTS - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,284,370 shares of the company's stock, valued at approximately $48,292,000. Victory Capital Management Inc. owned approximately 1.74% of Vestis at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in VSTS. New York State Common Retirement Fund purchased a new position in Vestis during the fourth quarter valued at $22,818,000. Soros Fund Management LLC bought a new position in Vestis in the 3rd quarter worth about $14,714,000. Private Management Group Inc. purchased a new stake in Vestis during the 4th quarter valued at about $13,493,000. California Public Employees Retirement System purchased a new stake in Vestis during the 4th quarter valued at about $4,523,000. Finally, Wolverine Asset Management LLC increased its stake in Vestis by 48.0% during the 4th quarter. Wolverine Asset Management LLC now owns 185,000 shares of the company's stock valued at $3,911,000 after purchasing an additional 60,000 shares in the last quarter. Hedge funds and other institutional investors own 97.40% of the company's stock.

Analyst Ratings Changes

VSTS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut shares of 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. Robert W. Baird decreased their price target on Vestis from $24.00 to $13.00 and set an "outperform" rating for the company in a research note on Friday. Barclays lowered their price target on Vestis from $19.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday. Wolfe Research assumed coverage on Vestis in a report on Thursday, January 11th. They issued an "outperform" rating and a $24.00 price objective for the company. Finally, Stifel Nicolaus restated a "hold" rating on shares of Vestis in a research note on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $18.11.

Vestis Stock Performance

Shares of NYSE:VSTS traded up $0.50 during trading on Monday, hitting $9.91. The company's stock had a trading volume of 11,832,602 shares, compared to its average volume of 2,267,879. The company has a 50-day moving average of $18.38 and a 200-day moving average of $18.72. 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 current ratio of 2.51 and a quick ratio of 2.16.

Vestis (NYSE:VSTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.22 by ($0.09). The firm had revenue of $705.37 million during the quarter, compared to analysts' expectations of $722.54 million. The business's revenue was up .9% compared to the same quarter last year. On average, sell-side analysts anticipate that Vestis Co. will post 1.03 earnings per share for the current year.

Vestis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were paid a $0.035 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.14 dividend on an annualized basis and a yield of 1.41%.

Insiders Place Their Bets

In other Vestis news, Director James Phillip Holloman acquired 20,200 shares of the stock in a transaction on Friday, May 3rd. The stock was acquired at an average price of $9.93 per share, for a total transaction of $200,586.00. Following the completion of the transaction, the director now directly owns 44,132 shares of the company's stock, valued at $438,230.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Kim Scott purchased 15,000 shares of the firm's stock in a transaction that occurred on Friday, February 9th. The shares were bought at an average price of $19.14 per share, for a total transaction of $287,100.00. Following the acquisition, 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 filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Phillip Holloman acquired 20,200 shares of the company's stock in a transaction on Friday, May 3rd. The shares were purchased at an average cost of $9.93 per share, with a total value of $200,586.00. Following the completion of the purchase, the director now directly owns 44,132 shares of the company's stock, valued at $438,230.76. The disclosure for this purchase can be found here.

Vestis 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.