Gabelli Funds LLC Purchases Shares of 178,500 Vestis Co. (NYSE:VSTS)

Gabelli Funds LLC purchased a new stake in Vestis Co. (NYSE:VSTSFree Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 178,500 shares of the company’s stock, valued at approximately $3,773,000. Gabelli Funds LLC owned 0.14% of Vestis at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in VSTS. Capital International Investors acquired a new stake in shares of Vestis in the fourth quarter valued at approximately $125,586,000. Channing Capital Management LLC bought a new position in shares of Vestis in the fourth quarter valued at approximately $72,529,000. Victory Capital Management Inc. bought a new position in shares of Vestis in the fourth quarter valued at approximately $48,292,000. Norges Bank bought a new position in shares of Vestis in the fourth quarter valued at approximately $31,033,000. Finally, Dimensional Fund Advisors LP bought a new position in shares of Vestis in the fourth quarter valued at approximately $30,157,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

Insider Activity at Vestis

In other news, major shareholder Corvex Management Lp purchased 1,828,009 shares of Vestis stock in a transaction that occurred on Monday, May 6th. The stock was acquired at an average price of $9.54 per share, for a total transaction of $17,439,205.86. Following the transaction, the insider now owns 14,973,187 shares in the company, valued at $142,844,203.98. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Corvex Management Lp bought 1,828,009 shares of the business’s stock in a transaction on Monday, May 6th. The stock was bought at an average price of $9.54 per share, for a total transaction of $17,439,205.86. Following the transaction, the insider now directly owns 14,973,187 shares in the company, valued at $142,844,203.98. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James Phillip Holloman bought 20,200 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was bought at an average price of $9.93 per share, with a total value of $200,586.00. Following the transaction, the director now owns 44,132 shares in the company, valued at $438,230.76. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 2,830,779 shares of company stock worth $28,501,849.

Vestis Stock Down 1.4 %

Shares of NYSE:VSTS opened at $12.25 on Friday. 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 Co. has a 1-year low of $8.92 and a 1-year high of $22.37. The company has a 50 day moving average price of $15.08 and a 200 day moving average price of $18.02.

Vestis (NYSE:VSTSGet Free Report) last issued 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 company had revenue of $705.37 million for the quarter, compared to analyst estimates of $722.54 million. Vestis’s quarterly revenue was up .9% on a year-over-year basis. As a group, equities analysts forecast that Vestis Co. will post 0.59 earnings per share for the current fiscal year.

Vestis Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Friday, June 14th will be given a $0.035 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.14 annualized dividend and a dividend yield of 1.14%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on VSTS. Redburn Atlantic cut shares of Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price objective for the company. in a report on Tuesday, May 7th. William Blair began coverage on shares of Vestis in a report on Friday, May 31st. They issued a “market perform” rating for the company. Robert W. Baird decreased 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. JPMorgan Chase & Co. cut shares of Vestis from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $22.00 to $11.00 in a report on Friday, May 3rd. Finally, Barclays reduced their target price on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.38.

Read Our Latest Analysis on Vestis

About Vestis

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Vestis (NYSE:VSTS)

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