Assenagon Asset Management S.A. Grows Position in Vestis Corporation (NYSE:VSTS)

Assenagon Asset Management S.A. grew its holdings in Vestis Corporation (NYSE:VSTS) by 126.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,784 shares of the company’s stock after acquiring an additional 22,774 shares during the period. Assenagon Asset Management S.A.’s holdings in Vestis were worth $404,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Millennium Management LLC lifted its stake in shares of Vestis by 179.4% in the 4th quarter. Millennium Management LLC now owns 3,003,762 shares of the company’s stock valued at $45,777,000 after purchasing an additional 1,928,687 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of Vestis in the fourth quarter valued at about $25,805,000. First Trust Advisors LP purchased a new stake in shares of Vestis in the fourth quarter valued at about $22,936,000. Birnam Oak Advisors LP purchased a new stake in shares of Vestis in the fourth quarter valued at about $21,446,000. Finally, AQR Capital Management LLC boosted its stake in Vestis by 47.4% during the fourth quarter. AQR Capital Management LLC now owns 3,125,669 shares of the company’s stock worth $47,635,000 after buying an additional 1,004,497 shares during the period. 97.40% of the stock is owned by hedge funds and other institutional investors.

Vestis Stock Performance

NYSE:VSTS opened at $5.83 on Friday. The firm’s fifty day moving average price is $6.93 and its 200 day moving average price is $11.27. Vestis Corporation has a 1-year low of $5.20 and a 1-year high of $17.83. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.87 and a quick ratio of 1.41. The firm has a market cap of $768.28 million, a price-to-earnings ratio of -32.39 and a beta of 1.03.

Vestis (NYSE:VSTS) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.20). The firm had revenue of $665.25 million during the quarter, compared to analysts’ expectations of $690.81 million. Vestis had a negative net margin of 0.89% and a positive return on equity of 5.36%. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. On average, sell-side analysts expect that Vestis Corporation will post 0.7 EPS for the current year.

Insider Transactions at Vestis

In other Vestis news, Director Douglas A. Pertz purchased 70,000 shares of the stock in a transaction on Thursday, May 8th. The stock was bought at an average price of $6.17 per share, for a total transaction of $431,900.00. Following the acquisition, the director now directly owns 297,010 shares of the company’s stock, valued at $1,832,551.70. This represents a 30.84% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Keith A. Meister purchased 314,390 shares of the stock in a transaction on Wednesday, May 28th. The stock was acquired at an average price of $6.03 per share, with a total value of $1,895,771.70. Following the acquisition, the director now directly owns 18,803,899 shares in the company, valued at $113,387,510.97. This trade represents a 1.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 880,675 shares of company stock valued at $5,271,632 in the last 90 days. 13.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on VSTS. The Goldman Sachs Group lowered their target price on shares of Vestis from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Robert W. Baird reduced their target price on shares of Vestis from $17.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, March 20th. Finally, Barclays cut their price objective on shares of Vestis from $10.00 to $5.00 and set an “underweight” rating on the stock in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently 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.