Bank of America Corp DE Cuts Stock Holdings in Vestis Co. (NYSE:VSTS)

Bank of America Corp DE lowered its stake in shares of Vestis Co. (NYSE:VSTS) by 35.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,352,185 shares of the company’s stock after selling 758,097 shares during the period. Bank of America Corp DE owned approximately 1.03% of Vestis worth $20,607,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. BNP Paribas Financial Markets purchased a new position in Vestis during the fourth quarter worth approximately $1,357,000. Alyeska Investment Group L.P. purchased a new position in Vestis during the fourth quarter worth approximately $25,805,000. Anson Funds Management LP purchased a new position in Vestis during the fourth quarter worth approximately $229,000. 13D Management LLC raised its stake in Vestis by 13.2% during the fourth quarter. 13D Management LLC now owns 627,787 shares of the company’s stock worth $9,567,000 after purchasing an additional 72,961 shares during the period. Finally, One68 Global Capital LLC purchased a new position in Vestis during the fourth quarter worth approximately $1,165,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Insider Buying and Selling at Vestis

In other Vestis news, Director Douglas A. Pertz purchased 70,000 shares of the company’s stock in a transaction dated Thursday, May 8th. The shares were bought at an average price of $6.17 per share, for a total transaction of $431,900.00. Following the purchase, the director now directly owns 297,010 shares in the company, valued at $1,832,551.70. This trade represents a 30.84% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO William J. Seward purchased 10,000 shares of the company’s stock in a transaction dated Thursday, May 8th. The shares were acquired at an average price of $6.23 per share, for a total transaction of $62,300.00. Following the purchase, the chief operating officer now owns 130,862 shares in the company, valued at $815,270.26. The trade was a 8.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 13.60% of the company’s stock.

Vestis Stock Down 2.6%

VSTS stock opened at $6.02 on Tuesday. Vestis Co. has a 12 month low of $5.20 and a 12 month high of $17.83. The firm has a market cap of $793.33 million, a PE ratio of 75.26 and a beta of 1.61. The firm has a 50 day simple moving average of $8.49 and a 200 day simple moving average of $12.54. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.80 and a quick ratio of 1.43.

Vestis (NYSE:VSTS) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.15 by ($0.20). Vestis had a net margin of 0.34% and a return on equity of 7.91%. The firm had revenue of $665.25 million during the quarter, compared to analysts’ expectations of $690.81 million. The business’s revenue was down 5.7% on a year-over-year basis. Equities research analysts forecast that Vestis Co. will post 0.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

VSTS has been the topic of a number of research reports. Barclays cut their target price on shares of Vestis from $10.00 to $5.00 and set an “underweight” rating on the stock in a research note on Friday, May 9th. The Goldman Sachs Group cut their target price on shares of Vestis from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Finally, Robert W. Baird cut their target price on shares of Vestis from $17.00 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday, March 20th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, Vestis has an average rating of “Hold” and an average target price of $11.75.

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.