Channing Capital Management LLC Purchases Shares of 3,430,870 Vestis Co. (NYSE:VSTS)

Channing Capital Management LLC purchased a new stake in Vestis Co. (NYSE:VSTS) in the 4th quarter, Holdings Channel reports. The firm purchased 3,430,870 shares of the company’s stock, valued at approximately $72,529,000. Vestis makes up 2.1% of Channing Capital Management LLC’s portfolio, making the stock its 12th largest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Victory Capital Management Inc. purchased a new stake in Vestis in the 4th quarter valued at about $48,292,000. New York State Common Retirement Fund purchased a new stake in Vestis in the 4th quarter valued at about $22,818,000. Soros Fund Management LLC purchased a new stake in Vestis in the 3rd quarter valued at about $14,714,000. Private Management Group Inc. purchased a new stake in Vestis in the 4th quarter valued at about $13,493,000. Finally, Swiss National Bank purchased a new stake in Vestis in the 4th quarter valued at about $5,447,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Insiders Place Their Bets

In other Vestis news, CEO Kim Scott bought 15,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were bought at an average cost of $19.14 per share, with a total value of $287,100.00. Following the transaction, the chief executive officer now directly owns 183,131 shares in the company, valued at approximately $3,505,127.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on VSTS shares. Stifel Nicolaus reiterated a “hold” rating on shares of Vestis in a report on Friday. Barclays decreased their target price on Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a report on Friday. Robert W. Baird decreased their target price on Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a report on Friday. The Goldman Sachs Group started coverage on Vestis in a report on Thursday, January 25th. They set a “neutral” rating and a $22.00 target price for the company. Finally, JPMorgan Chase & Co. cut Vestis from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $22.00 to $11.00 in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $19.33.

Vestis Price Performance

NYSE VSTS traded down $0.75 on Friday, reaching $9.41. The company had a trading volume of 24,764,651 shares, compared to its average volume of 2,588,736. Vestis Co. has a 1 year low of $8.92 and a 1 year high of $22.37. The firm has a 50-day moving average of $18.38 and a 200-day moving average of $18.72. The company has a quick ratio of 2.23, a current ratio of 2.51 and a debt-to-equity ratio of 1.69.

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

Vestis Announces Dividend

The business 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. This represents a $0.14 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Thursday, March 14th.

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.