Bleakley Financial Group LLC Makes New Investment in Vestis Corporation $VSTS

Bleakley Financial Group LLC purchased a new position in shares of Vestis Corporation (NYSE:VSTS) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 59,474 shares of the company’s stock, valued at approximately $341,000.

Other hedge funds also recently bought and sold shares of the company. Spire Wealth Management increased its position in Vestis by 168.2% during the first quarter. Spire Wealth Management now owns 5,110 shares of the company’s stock worth $51,000 after buying an additional 3,205 shares in the last quarter. Copeland Capital Management LLC increased its position in Vestis by 33.0% during the first quarter. Copeland Capital Management LLC now owns 5,428 shares of the company’s stock worth $54,000 after buying an additional 1,346 shares in the last quarter. Ascent Group LLC purchased a new position in Vestis during the second quarter worth $59,000. HB Wealth Management LLC purchased a new position in Vestis during the second quarter worth $65,000. Finally, KBC Group NV increased its position in 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 buying an additional 2,568 shares in the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Vestis Price Performance

Shares of NYSE:VSTS opened at $5.26 on Monday. The business has a fifty day simple moving average of $4.61 and a 200-day simple moving average of $5.81. Vestis Corporation has a 52 week low of $3.98 and a 52 week high of $17.83. The company has a quick ratio of 1.42, a current ratio of 1.84 and a debt-to-equity ratio of 1.45. The company has a market cap of $692.82 million, a P/E ratio of -22.85 and a beta of 0.97.

Vestis (NYSE:VSTS) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. Vestis had a positive return on equity of 3.76% and a negative net margin of 1.11%.The firm had revenue of $673.80 million during the quarter, compared to the consensus estimate of $673.65 million. During the same quarter in the previous year, the business earned $0.16 earnings per share. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year. Equities research analysts forecast that Vestis Corporation will post 0.7 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Weiss Ratings reissued a “sell (d)” rating on shares of Vestis in a research report on Friday. JPMorgan Chase & Co. lowered their price objective on Vestis from $6.00 to $5.50 and set an “underweight” rating for the company in a research report on Thursday, August 7th. Finally, Wall Street Zen raised Vestis from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Two investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Strong Sell” and an average price target of $9.13.

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.