Vestis Co. (NYSE:VSTS) Major Shareholder Corvex Management Lp Buys 116,044 Shares of Stock

Vestis Co. (NYSE:VSTS) major shareholder Corvex Management Lp purchased 116,044 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was purchased at an average price of $12.59 per share, with a total value of $1,460,993.96. Following the purchase, the insider now directly owns 16,707,877 shares of the company’s stock, valued at $210,352,171.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, May 8th, Corvex Management Lp acquired 622,346 shares of Vestis stock. The shares were bought at an average price of $10.43 per share, with a total value of $6,491,068.78.
• On Monday, May 6th, Corvex Management Lp acquired 1,828,009 shares of Vestis stock. The shares were bought at an average price of $9.54 per share, with a total value of $17,439,205.86.

Vestis Price Performance

Shares of VSTS opened at $12.54 on Tuesday. The company has a debt-to-equity ratio of 1.69, a current ratio of 2.51 and a quick ratio of 2.16. The company’s fifty day moving average is $16.93 and its two-hundred day moving average is $18.49. Vestis Co. has a 1 year low of $8.92 and a 1 year high of $22.37.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.09). The business had revenue of $705.37 million for the quarter, compared to the consensus estimate of $722.54 million. The business’s revenue was up .9% compared to the same quarter last year. On average, analysts forecast that Vestis Co. will post 0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vestis

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Barclays reduced their price objective on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a research report on Friday, May 3rd. The Goldman Sachs Group reduced their price objective on shares of Vestis from $20.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Robert W. Baird reduced their price objective 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. Redburn Atlantic cut shares of Vestis from a “buy” rating to a “neutral” rating and set a $13.40 target price on the stock. in a report on Tuesday, May 7th. Finally, JPMorgan Chase & Co. cut shares of 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 report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $16.38.

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.