Vestis Co. (NYSE:VSTS) Major Shareholder Corvex Management Lp Acquires 1,828,009 Shares of Stock

Vestis Co. (NYSE:VSTS) major shareholder Corvex Management Lp bought 1,828,009 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were acquired at an average cost of $9.54 per share, for a total transaction of $17,439,205.86. Following the transaction, the insider now directly owns 14,973,187 shares in the company, valued at approximately $142,844,203.98. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Corvex Management Lp also recently made the following trade(s):

• On Wednesday, May 8th, Corvex Management Lp acquired 622,346 shares of Vestis stock. The shares were bought at an average price of $10.43 per share, with a total value of $6,491,068.78.

Vestis Trading Up 3.1 %

Shares of NYSE:VSTS opened at $10.55 on Thursday. The company has a debt-to-equity ratio of 1.69, a current ratio of 2.51 and a quick ratio of 2.16. The business’s 50 day simple moving average is $17.83 and its 200-day simple moving average is $18.60. Vestis Co. has a 12 month low of $8.92 and a 12 month high of $22.37.

Vestis (NYSE:VSTS) last posted its earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The company had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The business’s revenue for the quarter was up .9% on a year-over-year basis. Equities analysts anticipate that Vestis Co. will post 1.03 EPS for the current year.

Vestis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were issued a $0.035 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.14 annualized dividend and a yield of 1.33%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in VSTS. Sound Income Strategies LLC purchased a new stake in Vestis during the fourth quarter valued at about $25,000. Parkside Financial Bank & Trust purchased a new position in Vestis in the fourth quarter valued at about $25,000. CI Investments Inc. acquired a new position in shares of Vestis during the third quarter worth about $28,000. Daiwa Securities Group Inc. purchased a new position in shares of Vestis in the fourth quarter valued at $34,000. Finally, TFO Wealth Partners LLC acquired a new position in shares of Vestis in the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on VSTS. Barclays reduced their price target on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a research report on Friday, May 3rd. Wolfe Research assumed coverage on Vestis in a research note on Thursday, January 11th. They set an “outperform” rating and a $24.00 price target for the company. Redburn Atlantic lowered shares of Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price objective on the stock. in a research report on Tuesday. JPMorgan Chase & Co. lowered shares of Vestis from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $22.00 to $11.00 in a research note on Friday, May 3rd. Finally, Stifel Nicolaus reaffirmed a “hold” rating on shares of Vestis in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Vestis currently has a consensus rating of “Hold” and a consensus price target of $16.38.

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.