Polar Asset Management Partners Inc. Reduces Stock Holdings in Vestis Co. (NYSE:VSTS)

Polar Asset Management Partners Inc. lessened its holdings in shares of Vestis Co. (NYSE:VSTS) by 49.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 133,000 shares of the company’s stock after selling 132,000 shares during the period. Polar Asset Management Partners Inc. owned approximately 0.10% of Vestis worth $2,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in VSTS. True Wealth Design LLC acquired a new position in Vestis in the fourth quarter valued at approximately $29,000. Spire Wealth Management purchased a new stake in Vestis during the fourth quarter worth $29,000. Smartleaf Asset Management LLC grew its position 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 buying an additional 2,123 shares during the period. Quantbot Technologies LP purchased a new position in Vestis in the fourth quarter valued at $93,000. Finally, Sterling Capital Management LLC raised its position in shares of Vestis by 45.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,882 shares of the company’s stock worth $120,000 after acquiring an additional 2,479 shares during the period. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Insiders Place Their Bets

In other Vestis news, Director Douglas A. Pertz purchased 70,000 shares of the firm’s stock in a transaction dated Thursday, May 8th. The shares were purchased at an average cost of $6.17 per share, with a total value of $431,900.00. Following the completion of the purchase, the director now owns 297,010 shares in the company, valued at approximately $1,832,551.70. This represents a 30.84% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, COO William J. Seward acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The shares were acquired at an average cost of $6.23 per share, with a total value of $62,300.00. Following the purchase, the chief operating officer now owns 130,862 shares in the company, valued at $815,270.26. This represents a 8.27% 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 Trading Up 3.8%

VSTS stock opened at $5.97 on Tuesday. Vestis Co. has a 12-month low of $5.20 and a 12-month high of $17.83. The business’s 50-day moving average is $8.00 and its 200 day moving average is $12.26. The company has a current ratio of 1.80, a quick ratio of 1.43 and a debt-to-equity ratio of 1.39. The stock has a market cap of $786.74 million, a price-to-earnings ratio of 74.63 and a beta of 1.61.

Vestis (NYSE:VSTS) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $690.81 million. The firm’s revenue was down 5.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Vestis Co. will post 0.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.