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

Vestis Co. (NYSE:VSTS)’s share price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $9.91, but opened at $10.33. Vestis shares last traded at $10.55, with a volume of 1,433,312 shares traded.

Specifically, Director James Phillip Holloman purchased 20,200 shares of the stock in a transaction on Friday, May 3rd. The shares were acquired at an average price of $9.93 per share, with a total value of $200,586.00. Following the completion of the acquisition, the director now directly owns 44,132 shares of the company’s stock, valued at $438,230.76. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director James Phillip Holloman acquired 20,200 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were purchased at an average cost of $9.93 per share, for a total transaction of $200,586.00. Following the transaction, the director now directly owns 44,132 shares of the company’s stock, valued at $438,230.76. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Kim Scott bought 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average cost of $19.14 per share, with a total value of $287,100.00. Following the acquisition, the chief executive officer now directly owns 183,131 shares in the company, valued at approximately $3,505,127.34. The disclosure for this purchase can be found here.

Analyst Ratings Changes

A number of research firms recently commented on VSTS. Redburn Atlantic cut Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price target on the stock. in a report on Tuesday. The Goldman Sachs Group dropped their target price on shares of Vestis from $20.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday. JPMorgan Chase & Co. downgraded shares of Vestis from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $22.00 to $11.00 in a report on Friday, May 3rd. Robert W. Baird dropped their price objective on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Finally, Wolfe Research initiated coverage on Vestis in a research report on Thursday, January 11th. They issued an “outperform” rating and a $24.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Vestis currently has a consensus rating of “Hold” and a consensus target price of $16.38.

Vestis Stock Performance

The business’s fifty day moving average price is $18.00 and its two-hundred day moving average price is $18.66. 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 issued its quarterly earnings data on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.09). The business had revenue of $705.37 million during the quarter, compared to the consensus estimate of $722.54 million. The company’s revenue was up .9% compared to the same quarter last year. On average, equities analysts forecast that Vestis Co. will post 1.03 earnings per share for the current fiscal year.

Vestis Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend was Thursday, March 14th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Sei Investments Co. boosted its stake in shares of Vestis by 22.7% during the 1st quarter. Sei Investments Co. now owns 115,628 shares of the company’s stock worth $2,228,000 after purchasing an additional 21,414 shares during the period. Illinois Municipal Retirement Fund bought a new stake in Vestis in the first quarter worth about $1,457,000. SG Americas Securities LLC boosted its position in shares of Vestis by 617.8% during the first quarter. SG Americas Securities LLC now owns 75,697 shares of the company’s stock valued at $1,459,000 after buying an additional 65,151 shares during the period. Texas Permanent School Fund Corp boosted its position in shares of Vestis by 1.9% during the first quarter. Texas Permanent School Fund Corp now owns 115,037 shares of the company’s stock valued at $2,217,000 after buying an additional 2,124 shares during the period. Finally, DAVENPORT & Co LLC bought a new position in shares of Vestis during the first quarter valued at approximately $21,712,000. 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.