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

Vestis Co. (NYSE:VSTS - Get Free Report)'s stock price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $6.55, but opened at $6.85. Vestis shares last traded at $6.60, with a volume of 244,596 shares traded.

Specifically, COO William J. Seward bought 10,000 shares of the stock in a transaction dated Thursday, May 8th. The stock was acquired at an average price of $6.23 per share, for a total transaction 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 can be accessed through this hyperlink. Also, Director Douglas A. Pertz bought 70,000 shares of the stock in a transaction dated Thursday, May 8th. The stock was bought at an average price of $6.17 per share, with a total value of $431,900.00. Following the purchase, the director now owns 297,010 shares of the company's stock, 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.

Wall Street Analysts Forecast Growth

VSTS has been the subject of a number of recent research reports. The Goldman Sachs Group lowered their target price on Vestis from $15.00 to $13.00 and set a "neutral" rating for the company in a research note on Monday, March 17th. Robert W. Baird reduced their price target on Vestis from $17.00 to $13.00 and set a "neutral" rating for the company in a report on Thursday, March 20th. Finally, Barclays reduced their price target on Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a report on Friday, May 9th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $11.75.

Vestis Trading Up 1.0%

The company has a market cap of $825.62 million, a price-to-earnings ratio of 78.32 and a beta of 1.61. The firm has a 50-day moving average price of $8.69 and a 200 day moving average price of $12.66. The company has a current ratio of 1.80, a quick ratio of 1.43 and a debt-to-equity ratio of 1.39.

Vestis (NYSE:VSTS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.15 by ($0.20). The firm had revenue of $665.25 million during the quarter, compared to analyst estimates of $690.81 million. Vestis had a return on equity of 7.91% and a net margin of 0.34%. The company's revenue for the quarter was down 5.7% on a year-over-year basis. As a group, sell-side analysts forecast that Vestis Co. will post 0.7 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Gamco Investors INC. ET AL lifted its holdings in shares of Vestis by 2.0% in the 4th quarter. Gamco Investors INC. ET AL now owns 45,350 shares of the company's stock worth $691,000 after purchasing an additional 875 shares during the last quarter. Copeland Capital Management LLC lifted its holdings 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 purchasing an additional 1,346 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Vestis by 11.1% in the 4th quarter. Bank of Montreal Can now owns 15,315 shares of the company's stock worth $233,000 after purchasing an additional 1,534 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Vestis by 0.7% in the 4th quarter. Swiss National Bank now owns 232,750 shares of the company's stock worth $3,547,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Vestis by 3.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 45,687 shares of the company's stock worth $681,000 after purchasing an additional 1,735 shares during the last quarter. Institutional investors and hedge funds 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.