Brighton Jones LLC Makes New Investment in Vestis Corporation $VSTS

Brighton Jones LLC purchased a new position in Vestis Corporation (NYSE:VSTS) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 15,506 shares of the company’s stock, valued at approximately $89,000.

A number of other institutional investors have also bought and sold shares of VSTS. KBC Group NV grew its position in shares of 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 purchasing an additional 2,568 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Vestis during the first quarter worth about $171,000. Principal Financial Group Inc. grew its position in shares of Vestis by 2.4% during the first quarter. Principal Financial Group Inc. now owns 568,774 shares of the company’s stock worth $5,631,000 after purchasing an additional 13,549 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Vestis by 7.3% during the first quarter. New York State Common Retirement Fund now owns 368,747 shares of the company’s stock worth $3,651,000 after purchasing an additional 25,044 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Vestis by 88.7% during the 1st quarter. Victory Capital Management Inc. now owns 245,450 shares of the company’s stock valued at $2,430,000 after buying an additional 115,365 shares in the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Wall Street Analysts Forecast Growth

VSTS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Vestis from $6.00 to $5.50 and set an “underweight” rating for the company in a report on Thursday, August 7th. Wall Street Zen raised shares of Vestis from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Vestis in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Strong Sell” and a consensus price target of $9.13.

Vestis Trading Up 3.0%

VSTS stock opened at $5.27 on Friday. The firm has a fifty day moving average price of $4.66 and a 200 day moving average price of $5.71. Vestis Corporation has a fifty-two week low of $3.98 and a fifty-two week high of $17.83. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.42 and a current ratio of 1.84. The firm has a market cap of $695.19 million, a PE ratio of -22.93 and a beta of 0.97.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.05 EPS for the quarter, hitting 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 business had revenue of $673.80 million during the quarter, compared to analysts’ expectations of $673.65 million. During the same period last year, the company posted $0.16 EPS. The business’s revenue was down 3.5% on a year-over-year basis. Sell-side analysts anticipate that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

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.