Principal Financial Group Inc. Increases Stock Position in Vestis Corporation (NYSE:VSTS)

Principal Financial Group Inc. raised its position in Vestis Corporation (NYSE:VSTS) by 2.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 568,774 shares of the company’s stock after buying an additional 13,549 shares during the period. Principal Financial Group Inc. owned about 0.43% of Vestis worth $5,631,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of VSTS. True Wealth Design LLC purchased a new position in shares of Vestis during the 4th quarter valued at approximately $29,000. Spire Wealth Management increased its holdings in Vestis by 168.2% in the 1st quarter. Spire Wealth Management now owns 5,110 shares of the company’s stock worth $51,000 after acquiring an additional 3,205 shares in the last quarter. Copeland Capital Management LLC raised its position in Vestis by 33.0% during the first quarter. Copeland Capital Management LLC now owns 5,428 shares of the company’s stock worth $54,000 after acquiring an additional 1,346 shares during the period. KBC Group NV raised its position in Vestis by 54.2% during the first quarter. KBC Group NV now owns 7,309 shares of the company’s stock worth $72,000 after acquiring an additional 2,568 shares during the period. Finally, Quantbot Technologies LP purchased a new position in Vestis during the fourth quarter valued at $93,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

Insider Activity at Vestis

In related news, COO William J. Seward bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 8th. The stock was purchased at an average cost of $6.23 per share, for a total transaction of $62,300.00. Following the completion of the acquisition, the chief operating officer owned 130,862 shares in the company, valued at approximately $815,270.26. This trade represents a 8.27% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas A. Pertz bought 70,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were bought at an average cost of $6.17 per share, with a total value of $431,900.00. Following the completion of the purchase, the director directly owned 297,010 shares in the company, valued at $1,832,551.70. This represents a 30.84% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 880,675 shares of company stock worth $5,271,632. Corporate insiders own 13.60% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on VSTS shares. JPMorgan Chase & Co. reissued an “underweight” rating and set a $6.00 target price (up previously from $5.00) on shares of Vestis in a research note on Monday. Barclays cut their price objective on Vestis from $10.00 to $5.00 and set an “underweight” rating for the company in a research note on Friday, May 9th. Finally, Robert W. Baird decreased their target price on Vestis from $17.00 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.25.

Vestis Stock Up 0.3%

NYSE:VSTS opened at $6.01 on Thursday. The company has a quick ratio of 1.41, a current ratio of 1.87 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $792.00 million, a price-to-earnings ratio of -33.39 and a beta of 0.96. Vestis Corporation has a 52 week low of $5.20 and a 52 week high of $17.83. The stock’s fifty day moving average is $6.08 and its two-hundred day moving average is $9.88.

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

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.