Corvex Management LP increased its position in shares of Vestis Corporation (NYSE:VSTS – Free Report) by 5.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,813,963 shares of the company’s stock after purchasing an additional 1,010,064 shares during the quarter. Vestis makes up approximately 4.0% of Corvex Management LP’s investment portfolio, making the stock its 9th largest position. Corvex Management LP owned about 15.02% of Vestis worth $132,159,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in VSTS. Royal Bank of Canada increased its position in shares of Vestis by 1,520.5% during the fourth quarter. Royal Bank of Canada now owns 5,688,399 shares of the company’s stock worth $37,942,000 after purchasing an additional 5,337,380 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Vestis by 1,265.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,960,150 shares of the company’s stock worth $8,879,000 after purchasing an additional 1,816,633 shares in the last quarter. Medina Value Partners LLC purchased a new stake in shares of Vestis during the third quarter worth approximately $6,469,000. Jefferies Financial Group Inc. purchased a new stake in shares of Vestis during the fourth quarter worth approximately $8,419,000. Finally, First Trust Advisors LP increased its position in shares of Vestis by 327.2% during the second quarter. First Trust Advisors LP now owns 1,461,190 shares of the company’s stock worth $8,373,000 after purchasing an additional 1,119,157 shares in the last quarter. 97.40% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts have issued reports on the company. Weiss Ratings cut Vestis from a “sell (d)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. William Blair upgraded Vestis from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 12th. Stifel Nicolaus upped their target price on Vestis from $8.50 to $11.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Barclays upped their target price on Vestis from $6.00 to $9.00 and gave the company an “underweight” rating in a report on Friday, May 15th. Finally, Robert W. Baird upped their target price on Vestis from $10.00 to $14.00 and gave the company a “neutral” rating in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $9.50.
Vestis Stock Performance
NYSE VSTS opened at $12.79 on Thursday. The stock has a market cap of $1.69 billion, a PE ratio of -91.36 and a beta of 1.08. The company has a current ratio of 2.13, a quick ratio of 1.69 and a debt-to-equity ratio of 1.44. Vestis Corporation has a twelve month low of $3.98 and a twelve month high of $13.52. The stock has a fifty day simple moving average of $11.03 and a 200-day simple moving average of $8.55.
Vestis (NYSE:VSTS – Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.07. The business had revenue of $659.44 million during the quarter, compared to analysts’ expectations of $655.32 million. Vestis had a positive return on equity of 5.27% and a negative net margin of 0.63%.The company’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) EPS. Equities analysts anticipate that Vestis Corporation will post 0.52 earnings per share for the current year.
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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.
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