Victory Capital Management Inc. Purchases New Position in Vestis Co. (NYSE:VSTS)

Victory Capital Management Inc. purchased a new stake in Vestis Co. (NYSE:VSTS) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 2,284,370 shares of the company’s stock, valued at approximately $48,292,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. New York State Common Retirement Fund purchased a new position in Vestis in the 4th quarter valued at about $22,818,000. Soros Fund Management LLC purchased a new position in Vestis in the 3rd quarter valued at about $14,714,000. Private Management Group Inc. purchased a new position in Vestis in the 4th quarter valued at about $13,493,000. California Public Employees Retirement System purchased a new position in Vestis in the 4th quarter valued at about $4,523,000. Finally, Wolverine Asset Management LLC boosted its position in Vestis by 48.0% in the 4th quarter. Wolverine Asset Management LLC now owns 185,000 shares of the company’s stock valued at $3,911,000 after buying an additional 60,000 shares during the last quarter. 97.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Vestis

In other news, CEO Kim Scott purchased 15,000 shares of the company’s stock in a transaction on Friday, February 9th. The shares were bought at an average price of $19.14 per share, for a total transaction of $287,100.00. Following the completion of the purchase, the chief executive officer now owns 183,131 shares of the company’s stock, valued at $3,505,127.34. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Vestis Trading Down 7.4 %

Shares of NYSE VSTS opened at $9.41 on Monday. The firm’s 50-day moving average price is $18.38 and its two-hundred day moving average price is $18.72. Vestis Co. has a 52-week low of $8.92 and a 52-week high of $22.37. The company has a debt-to-equity ratio of 1.69, a current ratio of 2.51 and a quick ratio of 2.16.

Vestis (NYSE:VSTS) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 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 company’s revenue for the quarter was up .9% on a year-over-year basis. On average, research analysts predict that Vestis Co. will post 1.03 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were paid a $0.035 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.14 annualized dividend and a dividend yield of 1.49%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wolfe Research assumed coverage on shares of Vestis in a research report on Thursday, January 11th. They issued an “outperform” rating and a $24.00 price objective for the company. The Goldman Sachs Group assumed coverage on shares of Vestis in a research report on Thursday, January 25th. They set a “neutral” rating and a $22.00 price target on the stock. Stifel Nicolaus reaffirmed a “hold” rating on shares of Vestis in a research report on Friday. Barclays reduced their price target on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. cut shares of Vestis from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $22.00 to $11.00 in a report on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $19.33.

Vestis 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.