Vestis Co. (NYSE:VSTS) Major Shareholder Corvex Management Lp Buys 622,346 Shares

Vestis Co. (NYSE:VSTS) major shareholder Corvex Management Lp acquired 622,346 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was purchased at an average price of $10.43 per share, for a total transaction of $6,491,068.78. Following the completion of the acquisition, the insider now owns 16,591,833 shares in the company, valued at $173,052,818.19. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Corvex Management Lp also recently made the following trade(s):

• On Monday, May 6th, Corvex Management Lp purchased 1,828,009 shares of Vestis stock. The stock was bought at an average price of $9.54 per share, with a total value of $17,439,205.86.

Vestis Trading Up 3.1 %

VSTS opened at $10.55 on Thursday. Vestis Co. has a 12 month low of $8.92 and a 12 month high of $22.37. The company has a fifty day simple moving average of $17.83 and a 200 day simple moving average of $18.60. The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.16 and a current ratio of 2.51.

Vestis (NYSE:VSTS) last posted its quarterly earnings results 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 business had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The firm’s quarterly revenue was up .9% compared to the same quarter last year. On average, analysts predict that Vestis Co. will post 1.03 EPS for the current fiscal year.

Vestis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors 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 annualized dividend and a yield of 1.33%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Stifel Nicolaus restated a “hold” rating on shares of Vestis in a research report on Friday, May 3rd. The Goldman Sachs Group decreased their price objective on Vestis from $20.00 to $11.00 and set a “neutral” rating for the company in a report on Monday. JPMorgan Chase & Co. downgraded Vestis from an “overweight” rating to a “neutral” rating and cut their target price for the company from $22.00 to $11.00 in a research note on Friday, May 3rd. Redburn Atlantic cut Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price target for the company. in a research note on Tuesday. Finally, Wolfe Research started coverage on shares of Vestis in a research note on Thursday, January 11th. They set an “outperform” rating and a $24.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.38.

Hedge Funds Weigh In On Vestis

Institutional investors and hedge funds have recently modified their holdings of the business. Parkside Financial Bank & Trust acquired a new stake in shares of Vestis during the 4th quarter worth $25,000. Sound Income Strategies LLC acquired a new position in shares of Vestis in the 4th quarter valued at approximately $25,000. CI Investments Inc. acquired a new stake in shares of Vestis during the 3rd quarter worth approximately $28,000. Daiwa Securities Group Inc. bought a new position in Vestis in the fourth quarter valued at approximately $34,000. Finally, Wahed Invest LLC bought a new stake in Vestis during the fourth quarter worth $42,000. 97.40% of the stock is currently owned by institutional investors and hedge funds.

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.