HB Wealth Management LLC Purchases New Position in Vestis Corporation $VSTS

HB Wealth Management LLC purchased a new stake in Vestis Corporation (NYSE:VSTS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 11,381 shares of the company’s stock, valued at approximately $65,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Alberta Investment Management Corp increased its stake in shares of Vestis by 65.2% during the 1st quarter. Alberta Investment Management Corp now owns 6,145,000 shares of the company’s stock worth $60,836,000 after purchasing an additional 2,426,167 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Vestis by 49.4% in the 1st quarter. AQR Capital Management LLC now owns 4,669,670 shares of the company’s stock valued at $45,950,000 after purchasing an additional 1,544,001 shares during the period. Vision One Management Partners LP boosted its holdings in Vestis by 57.0% in the 1st quarter. Vision One Management Partners LP now owns 3,309,017 shares of the company’s stock valued at $32,759,000 after purchasing an additional 1,201,458 shares during the period. Royce & Associates LP boosted its holdings in Vestis by 196.2% in the 1st quarter. Royce & Associates LP now owns 2,842,936 shares of the company’s stock valued at $28,145,000 after purchasing an additional 1,883,106 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Vestis by 1.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,582,601 shares of the company’s stock worth $25,568,000 after acquiring an additional 43,719 shares during the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on VSTS shares. JPMorgan Chase & Co. lowered their price target on shares of Vestis from $6.00 to $5.50 and set an “underweight” rating for the company in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Vestis from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Vestis in a research note on Wednesday. Two investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Strong Sell” and a consensus price target of $9.13.

Vestis Price Performance

Shares of VSTS stock opened at $5.07 on Thursday. The company has a market capitalization of $668.43 million, a price-to-earnings ratio of -22.04 and a beta of 0.97. Vestis Corporation has a one year low of $3.98 and a one year high of $17.83. The company’s fifty day moving average price is $4.67 and its 200-day moving average price is $6.21. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.84 and a quick ratio of 1.42.

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