Redwood Investment Management LLC Has $2.36 Million Stock Holdings in Vestis Co. (NYSE:VSTS)

Redwood Investment Management LLC decreased its stake in Vestis Co. (NYSE:VSTS - Free Report) by 21.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,043 shares of the company's stock after selling 41,787 shares during the period. Redwood Investment Management LLC owned about 0.12% of Vestis worth $2,363,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in VSTS. Spire Wealth Management acquired a new position in shares of Vestis during the fourth quarter worth $29,000. Smartleaf Asset Management LLC increased its holdings in Vestis by 548.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,510 shares of the company's stock worth $38,000 after purchasing an additional 2,123 shares in the last quarter. Quantbot Technologies LP bought a new position in Vestis in the fourth quarter valued at about $93,000. Sterling Capital Management LLC boosted its stake in shares of Vestis by 45.9% during the fourth 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 in the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in shares of Vestis during the fourth quarter valued at about $180,000. Institutional investors and hedge funds own 97.40% of the company's stock.

Vestis Stock Performance

Shares of VSTS stock opened at $6.10 on Thursday. The stock has a market capitalization of $803.88 million, a PE ratio of 76.26 and a beta of 1.61. The business's 50 day simple moving average is $8.78 and its 200 day simple moving average is $12.72. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.80 and a quick ratio of 1.43. Vestis Co. has a one year low of $5.20 and a one year high of $17.83.

Vestis (NYSE:VSTS - Get Free Report) last issued its quarterly 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 firm had revenue of $665.25 million during the quarter, compared to analyst estimates of $690.81 million. The business's quarterly revenue was down 5.7% on a year-over-year basis. As a group, research analysts forecast that Vestis Co. will post 0.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Insider Activity at Vestis

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

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