Weiss Asset Management LP Makes New $584,000 Investment in Vestis Corporation $VSTS

Weiss Asset Management LP bought a new stake in Vestis Corporation (NYSE:VSTS) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 74,278 shares of the company’s stock, valued at approximately $584,000.

Other hedge funds have also recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Vestis by 69.1% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,072,081 shares of the company’s stock valued at $8,427,000 after buying an additional 437,965 shares during the period. Militia Capital Management LLC acquired a new stake in shares of Vestis in the 1st quarter worth $225,000. Illinois Municipal Retirement Fund boosted its holdings in shares of Vestis by 9.2% in the first quarter. Illinois Municipal Retirement Fund now owns 60,225 shares of the company’s stock valued at $473,000 after acquiring an additional 5,065 shares in the last quarter. Bleakley Financial Group LLC boosted its holdings in shares of Vestis by 54.9% in the first quarter. Bleakley Financial Group LLC now owns 112,609 shares of the company’s stock valued at $885,000 after acquiring an additional 39,894 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Vestis by 1.9% during the first quarter. Principal Financial Group Inc. now owns 544,214 shares of the company’s stock worth $4,278,000 after acquiring an additional 9,901 shares during the period. 97.40% of the stock is owned by institutional investors and hedge funds.

Vestis Stock Down 1.7%

Vestis stock opened at $15.32 on Tuesday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.69 and a current ratio of 2.13. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -109.43 and a beta of 0.98. Vestis Corporation has a fifty-two week low of $3.98 and a fifty-two week high of $16.90. The stock’s fifty day moving average is $13.73 and its two-hundred day moving average is $10.09.

Vestis (NYSE:VSTS) last released its quarterly earnings results on Tuesday, May 12th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.07. The business had revenue of $659.44 million during the quarter, compared to the consensus estimate of $655.32 million. Vestis had a positive return on equity of 5.27% and a negative net margin of 0.63%.The business’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.05) EPS. Analysts predict that Vestis Corporation will post 0.52 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on VSTS shares. Stifel Nicolaus boosted their target price on shares of Vestis from $8.50 to $11.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Robert W. Baird raised their price objective on shares of Vestis from $10.00 to $14.00 and gave the company a “neutral” rating in a research note on Wednesday, May 13th. Barclays boosted their price objective on shares of Vestis from $6.00 to $9.00 and gave the stock an “underweight” rating in a report on Friday, May 15th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $7.50 target price on shares of Vestis in a report on Wednesday, May 13th. Finally, Zacks Research upgraded shares of Vestis from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $9.50.

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.