Pallas Capital Advisors LLC Sells 8,322 Shares of Vestis Corporation $VSTS

Pallas Capital Advisors LLC cut its position in Vestis Corporation (NYSE:VSTS) by 21.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,899 shares of the company’s stock after selling 8,322 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Vestis were worth $171,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in VSTS. Spire Wealth Management grew its stake in shares of Vestis by 168.2% in the first quarter. Spire Wealth Management now owns 5,110 shares of the company’s stock valued at $51,000 after buying an additional 3,205 shares in the last quarter. Copeland Capital Management LLC grew its stake in shares of Vestis by 33.0% in the first quarter. Copeland Capital Management LLC now owns 5,428 shares of the company’s stock valued at $54,000 after buying an additional 1,346 shares in the last quarter. KBC Group NV grew its stake in shares of Vestis by 54.2% in the first quarter. KBC Group NV now owns 7,309 shares of the company’s stock valued at $72,000 after buying an additional 2,568 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of Vestis in the first quarter valued at $137,000. Finally, Bfsg LLC grew its stake in shares of Vestis by 128.2% in the first quarter. Bfsg LLC now owns 14,210 shares of the company’s stock valued at $141,000 after buying an additional 7,984 shares in the last quarter. 97.40% of the stock is owned by institutional investors.

Vestis Stock Down 1.3%

Shares of NYSE VSTS opened at $4.10 on Tuesday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.42 and a current ratio of 1.84. Vestis Corporation has a 52 week low of $3.98 and a 52 week high of $17.83. The stock has a market capitalization of $539.88 million, a P/E ratio of -17.80 and a beta of 0.98. The stock’s fifty day moving average is $5.05 and its 200 day moving average is $6.66.

Vestis (NYSE:VSTS) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. Vestis had a positive return on equity of 3.76% and a negative net margin of 1.11%.The company had revenue of $673.80 million for the quarter, compared to analysts’ expectations of $673.65 million. During the same quarter last year, the business earned $0.16 earnings per share. Vestis’s revenue was down 3.5% on a year-over-year basis. Sell-side analysts forecast that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

VSTS has been the subject of several research reports. Wall Street Zen raised Vestis from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. JPMorgan Chase & Co. cut their price target on Vestis from $6.00 to $5.50 and set an “underweight” rating for the company in a report on Thursday, August 7th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $9.13.

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.