Vestis Co. (NYSE:VSTS) Major Shareholder Corvex Management Lp Purchases 1,828,009 Shares

Vestis Co. (NYSE:VSTS) major shareholder Corvex Management Lp purchased 1,828,009 shares of the business’s stock in a transaction on Monday, May 6th. The stock was bought at an average cost of $9.54 per share, for a total transaction of $17,439,205.86. Following the purchase, the insider now owns 14,973,187 shares of the company’s stock, valued at approximately $142,844,203.98. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, May 8th, Corvex Management Lp acquired 622,346 shares of Vestis stock. The stock was bought at an average cost of $10.43 per share, for a total transaction of $6,491,068.78.

Vestis Stock Up 9.8 %

Shares of NYSE:VSTS opened at $11.60 on Friday. Vestis Co. has a 52-week low of $8.92 and a 52-week high of $22.37. The company has a current ratio of 2.51, a quick ratio of 2.16 and a debt-to-equity ratio of 1.69. The company has a 50-day simple moving average of $17.69 and a 200 day simple moving average of $18.55.

Vestis (NYSE:VSTS) last issued its 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 firm had revenue of $705.37 million during the quarter, compared to the consensus estimate of $722.54 million. The firm’s quarterly revenue was up .9% compared to the same quarter last year. Research analysts forecast that Vestis Co. will post 1.03 earnings per share for the current fiscal year.

Vestis Announces Dividend

The business 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 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend was Thursday, March 14th.

Wall Street Analyst Weigh In

Several research firms have issued reports on VSTS. Barclays dropped their price target on Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a research note on Friday, May 3rd. JPMorgan Chase & Co. downgraded Vestis from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $22.00 to $11.00 in a research report on Friday, May 3rd. Stifel Nicolaus reiterated a “hold” rating on shares of Vestis in a report on Friday, May 3rd. Robert W. Baird reduced their target price 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, The Goldman Sachs Group lowered their price target on shares of Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.38.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust acquired a new position in shares of Vestis in the fourth quarter valued at approximately $25,000. Sound Income Strategies LLC bought a new position in Vestis during the 4th quarter worth $25,000. CI Investments Inc. acquired a new stake in shares of Vestis during the third quarter worth $28,000. Daiwa Securities Group Inc. acquired a new position in shares of Vestis in the fourth quarter valued at about $34,000. Finally, Wahed Invest LLC bought a new position in Vestis during the fourth quarter worth about $42,000. 97.40% of the stock is owned by institutional investors.

About Vestis

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.