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

Vestis Corporation (NYSE:VSTS) shares gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $7.14, but opened at $7.37. Vestis shares last traded at $7.08, with a volume of 109,214 shares changing hands.

Specifically, Director Douglas A. Pertz purchased 15,000 shares of the firm’s stock in a transaction dated Friday, December 19th. The shares were acquired at an average cost of $6.90 per share, with a total value of $103,500.00. Following the completion of the purchase, the director directly owned 322,010 shares of the company’s stock, valued at $2,221,869. This trade represents a 4.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas A. Pertz acquired 10,000 shares of Vestis stock in a transaction on Thursday, December 18th. The shares were purchased at an average cost of $6.90 per share, for a total transaction of $69,000.00. Following the acquisition, the director owned 307,010 shares in the company, valued at approximately $2,118,369. This represents a 3.37% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In other news, Director Keith A. Meister acquired 209,842 shares of the firm’s stock in a transaction on Wednesday, December 17th. The shares were purchased at an average cost of $6.79 per share, for a total transaction of $1,424,827.18. Following the transaction, the director owned 19,813,963 shares of the company’s stock, valued at approximately $134,536,808.77. This represents a 1.07% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

VSTS has been the topic of several research reports. The Goldman Sachs Group upped their price target on Vestis from $5.50 to $6.30 and gave the company a “neutral” rating in a research note on Tuesday, December 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Vestis in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on shares of Vestis from $5.50 to $6.00 and gave the company an “underweight” rating in a research note on Wednesday, December 3rd. Finally, Robert W. Baird lifted their price target on shares of Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research report on Tuesday, December 2nd. Two research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Strong Sell” and a consensus target price of $5.95.

Vestis Trading Up 0.7%

The company has a market capitalization of $888.80 million, a P/E ratio of -21.74 and a beta of 0.78. The business has a 50 day moving average price of $5.98 and a 200 day moving average price of $5.51. The company has a current ratio of 2.08, a quick ratio of 1.64 and a debt-to-equity ratio of 1.49.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. The firm had revenue of $712.01 million during the quarter, compared to analysts’ expectations of $690.65 million. Vestis had a negative net margin of 1.47% and a positive return on equity of 2.62%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.11 earnings per share. Analysts anticipate that Vestis Corporation will post 0.7 EPS for the current year.

Institutional Trading of Vestis

A number of large investors have recently made changes to their positions in the company. CIBC Bancorp USA Inc. bought a new position in Vestis during the third quarter worth about $56,000. Jacobs Levy Equity Management Inc. raised its position in shares of Vestis by 1,265.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,960,150 shares of the company’s stock worth $8,879,000 after purchasing an additional 1,816,633 shares during the period. Caxton Associates LLP bought a new position in shares of Vestis during the 3rd quarter valued at about $3,374,000. Verition Fund Management LLC lifted its holdings in shares of Vestis by 12.5% during the 3rd quarter. Verition Fund Management LLC now owns 431,644 shares of the company’s stock valued at $1,955,000 after purchasing an additional 47,882 shares in the last quarter. Finally, Quaker Capital Investments LLC acquired a new position in shares of Vestis in the 3rd quarter valued at approximately $3,484,000. Institutional investors own 97.40% of the company’s stock.

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.