Vanguard Group Inc. Buys Shares of 14,313,428 Vestis Co. (NYSE:VSTS)

Vanguard Group Inc. acquired a new position in shares of Vestis Co. (NYSE:VSTS) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 14,313,428 shares of the company’s stock, valued at approximately $302,586,000. Vanguard Group Inc. owned 0.11% of Vestis at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Parkside Financial Bank & Trust purchased a new position in shares of Vestis during the 4th quarter worth about $25,000. Sound Income Strategies LLC purchased a new position in shares of Vestis during the 4th quarter worth about $25,000. Daiwa Securities Group Inc. purchased a new position in shares of Vestis during the 4th quarter worth about $34,000. Wahed Invest LLC purchased a new position in shares of Vestis during the 4th quarter worth about $42,000. Finally, TFO Wealth Partners LLC purchased a new position in shares of Vestis during the 4th quarter worth about $42,000. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on VSTS. The Goldman Sachs Group cut their price objective on shares of Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Stifel Nicolaus restated a “hold” rating on shares of Vestis in a report on Friday, May 3rd. Redburn Atlantic lowered shares of Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price target on the stock. in a report on Tuesday, May 7th. Robert W. Baird cut their price target on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Finally, Barclays cut their price target on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $16.38.

Vestis Trading Up 0.9 %

VSTS opened at $12.23 on Friday. The firm has a market capitalization of $1.61 billion and a P/E ratio of 16.31. The firm’s 50 day moving average is $12.98 and its 200-day moving average is $17.38. Vestis Co. has a 52-week low of $8.92 and a 52-week high of $22.37. The company has a quick ratio of 2.16, a current ratio of 2.51 and a debt-to-equity ratio of 1.69.

Vestis (NYSE:VSTS) last posted its quarterly earnings data 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 firm had revenue of $705.37 million for the quarter, compared to the consensus estimate of $722.54 million. The business’s revenue for the quarter was up .9% on a year-over-year basis. Analysts expect that Vestis Co. will post 0.59 EPS for the current fiscal year.

Vestis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 2nd. Stockholders of record on Friday, June 14th will be paid a dividend of $0.035 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.14%. Vestis’s dividend payout ratio is currently 18.67%.

Insider Activity

In related news, major shareholder Corvex Management Lp purchased 1,828,009 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was acquired at an average price of $9.54 per share, with a total value of $17,439,205.86. Following the completion of the transaction, the insider now owns 14,973,187 shares of the company’s stock, valued at $142,844,203.98. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Williams Ena Koschel purchased 8,500 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was acquired at an average price of $12.27 per share, with a total value of $104,295.00. Following the completion of the transaction, the director now owns 29,266 shares of the company’s stock, valued at $359,093.82. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Corvex Management Lp purchased 1,828,009 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were bought at an average cost of $9.54 per share, with a total value of $17,439,205.86. Following the transaction, the insider now directly owns 14,973,187 shares of the company’s stock, valued at approximately $142,844,203.98. The disclosure for this purchase can be found here. Insiders have bought 2,830,779 shares of company stock worth $28,501,849 over the last 90 days.

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.