Wolverine Asset Management LLC Acquires 60,000 Shares of Vestis Co. (NYSE:VSTS)

Wolverine Asset Management LLC grew its holdings in Vestis Co. (NYSE:VSTS) by 48.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 185,000 shares of the company’s stock after acquiring an additional 60,000 shares during the period. Wolverine Asset Management LLC owned 0.14% of Vestis worth $3,911,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Nordea Investment Management AB bought a new stake in shares of Vestis during the 4th quarter valued at $3,909,000. New York State Teachers Retirement System bought a new stake in Vestis in the 4th quarter valued at $1,697,000. State of Alaska Department of Revenue bought a new stake in Vestis in the 4th quarter valued at $1,700,000. Rosenberg Matthew Hamilton purchased a new position in shares of Vestis in the 4th quarter worth $55,000. Finally, SG Americas Securities LLC purchased a new position in shares of Vestis in the 4th quarter worth $223,000. 97.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

VSTS has been the subject of a number of recent analyst reports. Barclays cut shares of Vestis from an “equal weight” rating to an “underweight” rating and lifted their price target for the stock from $17.00 to $19.00 in a research note on Wednesday, February 28th. Wolfe Research initiated coverage on shares of Vestis in a research note on Thursday, January 11th. They set an “outperform” rating and a $24.00 price target for the company. Finally, The Goldman Sachs Group initiated coverage on shares of Vestis in a research note on Thursday, January 25th. They set a “neutral” rating and a $22.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $22.56.

Vestis Price Performance

Shares of NYSE VSTS traded down $0.15 during trading hours on Wednesday, hitting $18.79. 239,741 shares of the stock were exchanged, compared to its average volume of 1,593,791. The company has a current ratio of 2.61, a quick ratio of 2.23 and a debt-to-equity ratio of 1.73. The firm has a fifty day moving average price of $18.84 and a 200-day moving average price of $18.65. Vestis Co. has a 12 month low of $13.83 and a 12 month high of $22.37.

Vestis (NYSE:VSTS) last posted its quarterly earnings data on Wednesday, February 7th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). The company had revenue of $717.90 million for the quarter, compared to analysts’ expectations of $724.72 million. Vestis’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, sell-side analysts predict that Vestis Co. will post 1.03 EPS for the current fiscal year.

Vestis Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were given a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 0.75%. The ex-dividend date was Thursday, March 14th.

Insiders Place Their Bets

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

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.