Vestis Corporation $VSTS Shares Sold by QSM Asset Management Ltd

QSM Asset Management Ltd decreased its holdings in Vestis Corporation (NYSE:VSTS) by 42.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 304,036 shares of the company’s stock after selling 228,823 shares during the quarter. Vestis makes up approximately 1.0% of QSM Asset Management Ltd’s holdings, making the stock its 20th largest holding. QSM Asset Management Ltd’s holdings in Vestis were worth $1,345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nuveen LLC purchased a new position in Vestis during the first quarter worth approximately $2,746,000. American Century Companies Inc. increased its holdings in shares of Vestis by 9.8% during the 1st quarter. American Century Companies Inc. now owns 250,836 shares of the company’s stock worth $2,483,000 after buying an additional 22,400 shares during the last quarter. Hsbc Holdings PLC purchased a new position in shares of Vestis in the 1st quarter worth $137,000. Jump Financial LLC purchased a new position in shares of Vestis in the 1st quarter worth $398,000. Finally, Jane Street Group LLC boosted its holdings in Vestis by 700.5% in the first quarter. Jane Street Group LLC now owns 1,982,027 shares of the company’s stock valued at $19,622,000 after acquiring an additional 1,734,442 shares during the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.

Vestis Stock Performance

Shares of NYSE:VSTS opened at $6.74 on Friday. The business’s 50-day simple moving average is $6.02 and its 200 day simple moving average is $5.52. The company has a market cap of $888.80 million, a P/E ratio of -21.74 and a beta of 0.78. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.64 and a current ratio of 2.08. Vestis Corporation has a one year low of $3.98 and a one year high of $16.68.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. The company had revenue of $712.01 million during the quarter, compared to the consensus estimate of $690.65 million. Vestis had a negative net margin of 1.47% and a positive return on equity of 2.62%. Vestis’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned $0.11 earnings per share. On average, sell-side analysts forecast that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Insider Activity

In other Vestis news, Director William Goetz bought 6,746 shares of the stock in a transaction dated Monday, December 8th. The stock was bought at an average cost of $7.42 per share, for a total transaction of $50,055.32. Following the completion of the purchase, the director directly owned 29,877 shares of the company’s stock, valued at approximately $221,687.34. The trade was a 29.16% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James J. Barber bought 82,367 shares of the company’s stock in a transaction dated Thursday, December 4th. The shares were acquired at an average cost of $6.36 per share, for a total transaction of $523,854.12. Following the completion of the transaction, the chief executive officer owned 642,469 shares of the company’s stock, valued at approximately $4,086,102.84. The trade was a 14.71% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 1,205,810 shares of company stock valued at $8,138,302 in the last 90 days. Company insiders own 13.60% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on VSTS. The Goldman Sachs Group upped their price target on Vestis from $5.50 to $6.30 and gave the stock a “neutral” rating in a research note on Tuesday, December 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Vestis in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on shares of Vestis from $5.50 to $6.00 and gave the company an “underweight” rating in a report on Wednesday, December 3rd. Finally, Robert W. Baird boosted their price objective on shares of Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research note on Tuesday, December 2nd. Two analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Vestis presently has a consensus rating of “Strong Sell” and a consensus price target of $5.95.

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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.