Counterpoint Mutual Funds LLC Grows Stake in Vestis Corporation $VSTS

Counterpoint Mutual Funds LLC raised its position in shares of Vestis Corporation (NYSE:VSTS) by 481.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 720,944 shares of the company’s stock after purchasing an additional 597,056 shares during the period. Vestis comprises 0.3% of Counterpoint Mutual Funds LLC’s portfolio, making the stock its 11th biggest position. Counterpoint Mutual Funds LLC owned 0.55% of Vestis worth $3,266,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Alberta Investment Management Corp increased its stake in shares of Vestis by 57.7% during the second quarter. Alberta Investment Management Corp now owns 9,692,000 shares of the company’s stock valued at $55,535,000 after buying an additional 3,547,000 shares during the period. First Trust Advisors LP raised its stake in Vestis by 327.2% in the second quarter. First Trust Advisors LP now owns 1,461,190 shares of the company’s stock valued at $8,373,000 after buying an additional 1,119,157 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Vestis by 19.8% during the second quarter. AQR Capital Management LLC now owns 5,593,129 shares of the company’s stock valued at $32,049,000 after acquiring an additional 923,459 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Vestis by 45.3% during the second quarter. Geode Capital Management LLC now owns 2,731,391 shares of the company’s stock valued at $15,652,000 after acquiring an additional 851,208 shares in the last quarter. Finally, Private Management Group Inc. raised its position in shares of Vestis by 37.5% in the 2nd quarter. Private Management Group Inc. now owns 2,439,718 shares of the company’s stock valued at $13,980,000 after purchasing an additional 665,376 shares during the last quarter. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Robert W. Baird lifted their price target on Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research report on Tuesday, December 2nd. The Goldman Sachs Group lifted their target price on Vestis from $5.30 to $6.00 and gave the stock a “sell” rating in a report on Wednesday, February 11th. JPMorgan Chase & Co. increased their price target on shares of Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, December 3rd. Barclays reissued an “underweight” rating on shares of Vestis in a research report on Tuesday, February 17th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Vestis in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Vestis currently has a consensus rating of “Strong Sell” and a consensus target price of $5.88.

Insider Activity

In other Vestis news, CEO James J. Barber purchased 82,367 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was purchased at an average price of $6.36 per share, for a total transaction of $523,854.12. Following the purchase, the chief executive officer directly owned 642,469 shares in the company, valued at approximately $4,086,102.84. This trade represents a 14.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith A. Meister purchased 800,222 shares of Vestis stock in a transaction that occurred on Tuesday, December 16th. The stock was acquired at an average cost of $6.81 per share, with a total value of $5,449,511.82. Following the acquisition, the director directly owned 19,604,121 shares in the company, valued at $133,504,064.01. This trade represents a 4.26% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 1,205,810 shares of company stock worth $8,138,302 over the last three months. Corporate insiders own 15.70% of the company’s stock.

Vestis Stock Down 5.0%

Shares of VSTS stock opened at $7.58 on Tuesday. Vestis Corporation has a twelve month low of $3.98 and a twelve month high of $13.15. The stock has a market cap of $1.00 billion, a P/E ratio of -20.49 and a beta of 0.73. The stock has a 50 day moving average of $6.98 and a 200 day moving average of $5.79. The company has a current ratio of 2.17, a quick ratio of 1.74 and a debt-to-equity ratio of 1.48.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Tuesday, February 10th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.04. Vestis had a negative net margin of 1.75% and a positive return on equity of 2.08%. The business had revenue of $663.39 million for the quarter, compared to analysts’ expectations of $665.77 million. During the same quarter last year, the company earned $0.14 EPS. The business’s revenue was down 3.0% on a year-over-year basis. As a group, sell-side analysts expect 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.