Exchange Traded Concepts LLC Makes New Investment in Vestis Corporation (NYSE:VSTS)

Exchange Traded Concepts LLC bought a new stake in Vestis Corporation (NYSE:VSTSFree Report) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 90,421 shares of the company’s stock, valued at approximately $895,000.

Other large investors also recently bought and sold shares of the company. True Wealth Design LLC purchased a new position in shares of Vestis in the 4th quarter worth about $29,000. Smartleaf Asset Management LLC raised its holdings in shares of Vestis by 548.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,510 shares of the company’s stock valued at $38,000 after buying an additional 2,123 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Vestis during the 4th quarter valued at about $93,000. Sterling Capital Management LLC raised its holdings in shares of Vestis by 45.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,882 shares of the company’s stock valued at $120,000 after buying an additional 2,479 shares during the period. Finally, Toronto Dominion Bank purchased a new stake in shares of Vestis during the 4th quarter valued at about $154,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

Insider Transactions at Vestis

In other news, Director Keith A. Meister purchased 377,277 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were bought at an average price of $5.89 per share, with a total value of $2,222,161.53. Following the completion of the transaction, the director now directly owns 18,380,501 shares in the company, valued at $108,261,150.89. This trade represents a 2.10% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO William J. Seward purchased 10,000 shares of the company’s stock in a transaction dated Thursday, May 8th. The stock was purchased at an average cost of $6.23 per share, for a total transaction of $62,300.00. Following the transaction, the chief operating officer now owns 130,862 shares of the company’s stock, valued at approximately $815,270.26. This trade represents a 8.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 880,675 shares of company stock valued at $5,271,632 over the last three months. 13.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on VSTS shares. Barclays dropped their price objective on Vestis from $10.00 to $5.00 and set an “underweight” rating on the stock in a report on Friday, May 9th. The Goldman Sachs Group reduced their price objective on Vestis from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Finally, Robert W. Baird reduced their price target on Vestis from $17.00 to $13.00 and set a “neutral” rating for the company in a research report on Thursday, March 20th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.75.

Check Out Our Latest Analysis on VSTS

Vestis Stock Performance

NYSE:VSTS opened at $5.83 on Friday. Vestis Corporation has a twelve month low of $5.20 and a twelve month high of $17.83. The company has a current ratio of 1.87, a quick ratio of 1.41 and a debt-to-equity ratio of 1.46. The company has a 50-day moving average of $6.93 and a 200-day moving average of $11.27. The firm has a market cap of $768.28 million, a price-to-earnings ratio of -32.39 and a beta of 1.03.

Vestis (NYSE:VSTSGet Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.15 by ($0.20). Vestis had a positive return on equity of 5.36% and a negative net margin of 0.89%. The firm had revenue of $665.25 million during the quarter, compared to analyst estimates of $690.81 million. The company’s revenue for the quarter was down 5.7% compared to the same quarter last year. Analysts forecast that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Vestis Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Vestis (NYSE:VSTS)

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