Insider Buying: Vestis Co. (NYSE:VSTS) Major Shareholder Acquires 622,346 Shares of Stock

Vestis Co. (NYSE:VSTS) major shareholder Corvex Management Lp bought 622,346 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were acquired at an average cost of $10.43 per share, for a total transaction of $6,491,068.78. Following the transaction, the insider now directly owns 16,591,833 shares in the company, valued at approximately $173,052,818.19. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, May 6th, Corvex Management Lp acquired 1,828,009 shares of Vestis stock. The shares were acquired at an average cost of $9.54 per share, for a total transaction of $17,439,205.86.

Vestis Trading Up 9.8 %

Shares of Vestis stock opened at $11.60 on Friday. Vestis Co. has a 12-month low of $8.92 and a 12-month high of $22.37. The firm’s 50 day simple moving average is $17.69 and its two-hundred day simple moving average is $18.55. The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.16 and a current ratio of 2.51.

Vestis (NYSE:VSTS) last released its earnings results 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 company had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The business’s quarterly revenue was up .9% compared to the same quarter last year. As a group, analysts expect that Vestis Co. will post 1.03 earnings per share for the current fiscal year.

Vestis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Friday, March 15th were issued a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend was Thursday, March 14th.

Analyst Ratings Changes

A number of research analysts have recently issued reports on VSTS shares. Barclays cut their price target on Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a report on Friday, May 3rd. Stifel Nicolaus reiterated a “hold” rating on shares of Vestis in a report on Friday, May 3rd. Redburn Atlantic cut shares of Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price target on the stock. in a report on Tuesday. Wolfe Research started coverage on shares of Vestis in a research note on Thursday, January 11th. They set an “outperform” rating and a $24.00 price objective for the company. Finally, Robert W. Baird lowered their target price on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $16.38.

Institutional Investors Weigh In On Vestis

A number of large investors have recently bought and sold shares of VSTS. Sound Income Strategies LLC acquired a new stake in Vestis during the 4th quarter valued at approximately $25,000. Parkside Financial Bank & Trust acquired a new position in Vestis during the fourth quarter valued at $25,000. CI Investments Inc. purchased a new stake in Vestis in the third quarter valued at $28,000. Daiwa Securities Group Inc. acquired a new stake in Vestis during the 4th quarter worth about $34,000. Finally, TFO Wealth Partners LLC purchased a new position in shares of Vestis during the 4th quarter valued at about $42,000. Hedge funds and other 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.