Maryland State Retirement & Pension System Takes Position in Vestis Co. (NYSE:VSTS)

Maryland State Retirement & Pension System bought a new stake in shares of Vestis Co. (NYSE:VSTS) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 56,809 shares of the company’s stock, valued at approximately $1,201,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Channing Capital Management LLC bought a new stake in Vestis in the fourth quarter valued at about $72,529,000. Victory Capital Management Inc. bought a new position in Vestis during the fourth quarter worth $48,292,000. New York State Common Retirement Fund bought a new stake in Vestis during the fourth quarter valued at $22,818,000. Soros Fund Management LLC acquired a new stake in shares of Vestis during the third quarter worth $14,714,000. Finally, Private Management Group Inc. bought a new position in shares of Vestis in the 4th quarter worth about $13,493,000. 97.40% of the stock is owned by institutional investors and hedge funds.

Vestis Trading Up 3.1 %

NYSE:VSTS opened at $10.55 on Thursday. 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 Co. has a 1 year low of $8.92 and a 1 year high of $22.37. The business has a fifty day moving average of $17.83 and a 200-day moving average of $18.60.

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

Vestis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Friday, March 15th were paid a dividend of $0.035 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.33%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on VSTS. Stifel Nicolaus reaffirmed a “hold” rating on shares of Vestis in a research report on Friday, May 3rd. Redburn Atlantic downgraded Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price target on the stock. in a report on Tuesday. Wolfe Research assumed coverage on Vestis in a research note on Thursday, January 11th. They set an “outperform” rating and a $24.00 price objective for the company. Barclays dropped their target price on Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a research report on Friday, May 3rd. Finally, Robert W. Baird lowered their price target 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $16.38.

Insiders Place Their Bets

In other news, major shareholder Corvex Management Lp purchased 622,346 shares of the stock in a transaction dated Wednesday, May 8th. The shares were bought at an average cost of $10.43 per share, for a total transaction of $6,491,068.78. Following the transaction, the insider now owns 16,591,833 shares in the company, valued at $173,052,818.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Vestis news, major shareholder Corvex Management Lp acquired 622,346 shares of Vestis stock in a transaction dated Wednesday, May 8th. The stock was bought at an average price of $10.43 per share, for a total transaction of $6,491,068.78. Following the transaction, the insider now owns 16,591,833 shares in the company, valued at approximately $173,052,818.19. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James Phillip Holloman bought 20,200 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were acquired 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 owns 44,132 shares of the company’s stock, valued at $438,230.76. The disclosure for this purchase can be found here. Insiders bought 2,485,555 shares of company stock worth $24,417,961 over the last ninety days.

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.