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

Vestis Corporation (NYSE:VSTS)’s stock price gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $12.54, but opened at $13.12. Vestis shares last traded at $13.13, with a volume of 124,476 shares traded.

Specifically, CEO James Barber bought 84,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was acquired at an average cost of $12.37 per share, with a total value of $1,045,265.00. Following the completion of the purchase, the chief executive officer owned 867,222 shares of the company’s stock, valued at $10,727,536.14. This represents a 10.80% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VSTS. Weiss Ratings restated a “sell (d-)” rating on shares of Vestis in a report on Friday, August 7th. Robert W. Baird increased their price target on shares of Vestis from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Wednesday, August 12th. Stifel Nicolaus lifted their price objective on shares of Vestis from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Wednesday, August 12th. Barclays boosted their price objective on shares of Vestis from $9.00 to $11.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 12th. Finally, William Blair raised shares of Vestis from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 12th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $12.66.

Vestis Price Performance

The business has a fifty day moving average of $14.14 and a two-hundred day moving average of $11.37. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.75 and a current ratio of 2.17. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -262.45 and a beta of 0.95.

Vestis (NYSE:VSTS) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.08. Vestis had a positive return on equity of 7.27% and a negative net margin of 0.20%.The business had revenue of $661.66 million during the quarter, compared to the consensus estimate of $668.94 million. As a group, research analysts predict that Vestis Corporation will post 0.62 EPS for the current fiscal year.

Institutional Trading of Vestis

Hedge funds have recently added to or reduced their stakes in the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Vestis during the second quarter worth $453,000. California State Teachers Retirement System grew its position in shares of Vestis by 1,668.1% during the 2nd quarter. California State Teachers Retirement System now owns 1,630,741 shares of the company’s stock worth $23,678,000 after purchasing an additional 1,538,509 shares in the last quarter. HB Wealth Management LLC grew its position in shares of Vestis by 16.2% during the 2nd quarter. HB Wealth Management LLC now owns 15,270 shares of the company’s stock worth $222,000 after purchasing an additional 2,132 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Vestis during the 2nd quarter worth $145,000. Finally, Philadelphia Investment Partners LLC bought a new position in shares of Vestis in the second quarter worth $47,000. 97.40% of the stock is owned by institutional investors and hedge funds.

Vestis Company 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.