Insider Buying: Vestis Co. (NYSE:VSTS) Director Buys 377,277 Shares of Stock

Vestis Co. (NYSE:VSTS - Get Free Report) Director Keith A. Meister purchased 377,277 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were purchased at an average price of $5.89 per share, with a total value of $2,222,161.53. Following the completion of the acquisition, the director now directly owns 18,380,501 shares in the company, valued at $108,261,150.89. The trade was a 2.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Vestis Trading Up 2.7%

Vestis stock traded up $0.17 during mid-day trading on Monday, reaching $6.33. 3,625,159 shares of the company traded hands, compared to its average volume of 2,182,482. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.80 and a quick ratio of 1.43. The firm's 50 day moving average price is $7.60 and its 200 day moving average price is $11.98. The firm has a market capitalization of $833.53 million, a price-to-earnings ratio of 79.07 and a beta of 1.61. Vestis Co. has a 52-week low of $5.20 and a 52-week high of $17.83.

Vestis (NYSE:VSTS - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $665.25 million for the quarter, compared to analysts' expectations of $690.81 million. Vestis had a net margin of 0.34% and a return on equity of 7.91%. Vestis's quarterly revenue was down 5.7% on a year-over-year basis. On average, analysts anticipate that Vestis Co. will post 0.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

VSTS has been the subject of a number of recent analyst reports. Robert W. Baird lowered their price target 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 lowered their price target on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a report on Friday, May 9th. Finally, The Goldman Sachs Group lowered their price target on shares of Vestis from $15.00 to $13.00 and set a "neutral" rating for the company in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat.com, Vestis has an average rating of "Hold" and an average price target of $11.75.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in VSTS. Spire Wealth Management purchased a new position in Vestis during the 4th quarter valued at $29,000. True Wealth Design LLC purchased a new stake in shares of Vestis in the 4th quarter worth about $29,000. Smartleaf Asset Management LLC grew its position in shares of 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 buying an additional 2,123 shares during the period. Copeland Capital Management LLC grew its position in shares of Vestis by 33.0% in the 1st quarter. Copeland Capital Management LLC now owns 5,428 shares of the company's stock worth $54,000 after buying an additional 1,346 shares during the period. Finally, KBC Group NV grew its position in shares of Vestis by 54.2% in the 1st quarter. KBC Group NV now owns 7,309 shares of the company's stock worth $72,000 after buying an additional 2,568 shares during the period. 97.40% of the stock is owned by hedge funds and other institutional investors.

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.