Neo Ivy Capital Management Invests $3.36 Million in Vestis Co. (NYSE:VSTS)

Neo Ivy Capital Management acquired a new position in shares of Vestis Co. (NYSE:VSTS) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 220,791 shares of the company’s stock, valued at approximately $3,364,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Spire Wealth Management acquired a new stake in Vestis during the 4th quarter valued at $29,000. True Wealth Design LLC bought a new stake in Vestis in the fourth quarter worth $29,000. Smartleaf Asset Management LLC boosted its holdings in Vestis by 548.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,510 shares of the company’s stock valued at $38,000 after acquiring an additional 2,123 shares during the period. Quantbot Technologies LP bought a new stake in Vestis during the fourth quarter valued at about $93,000. Finally, Sterling Capital Management LLC boosted its holdings in Vestis by 45.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,882 shares of the company’s stock valued at $120,000 after acquiring an additional 2,479 shares during the period. 97.40% of the stock is currently owned by institutional investors and hedge funds.

Vestis Stock Performance

NYSE VSTS opened at $5.75 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.80 and a debt-to-equity ratio of 1.39. The company has a market capitalization of $757.75 million, a P/E ratio of 71.88 and a beta of 1.61. Vestis Co. has a 12-month low of $5.20 and a 12-month high of $17.83. The firm has a 50-day moving average price of $8.19 and a two-hundred day moving average price of $12.39.

Vestis (NYSE:VSTS) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.20). Vestis had a return on equity of 7.91% and a net margin of 0.34%. The firm had revenue of $665.25 million for the quarter, compared to analyst estimates of $690.81 million. The company’s revenue was down 5.7% compared to the same quarter last year. Analysts anticipate that Vestis Co. will post 0.7 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of Vestis from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Robert W. Baird dropped their price target on shares of Vestis from $17.00 to $13.00 and set a “neutral” rating for the company in a research report on Thursday, March 20th. Finally, Barclays dropped their price target on shares of Vestis from $10.00 to $5.00 and set an “underweight” rating for the company in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $11.75.

Insider Buying and Selling

In other Vestis news, COO William J. Seward acquired 10,000 shares of the stock in a transaction dated Thursday, May 8th. The stock was purchased at an average cost of $6.23 per share, for a total transaction of $62,300.00. Following the acquisition, the chief operating officer now owns 130,862 shares in the company, valued at $815,270.26. The trade was a 8.27% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Douglas A. Pertz acquired 70,000 shares of the stock in a transaction dated Thursday, May 8th. The stock was acquired at an average price of $6.17 per share, with a total value of $431,900.00. Following the completion of the acquisition, the director now owns 297,010 shares in the company, valued at approximately $1,832,551.70. The trade was a 30.84% increase in their position. The disclosure for this purchase can be found here. 13.60% of the stock is currently owned by corporate insiders.

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.