Vestis Corporation $VSTS Stock Sold by Private Management Group Inc.

Private Management Group Inc. decreased its holdings in shares of Vestis Corporation (NYSE:VSTS) by 9.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 796,174 shares of the company’s stock after selling 84,490 shares during the period. Private Management Group Inc.’s holdings in Vestis were worth $10,637,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in VSTS. Philadelphia Investment Partners LLC acquired a new position in Vestis in the 2nd quarter valued at about $47,000. Public Employees Retirement System of Ohio purchased a new stake in Vestis during the 2nd quarter valued at approximately $145,000. Allen Capital Group LLC purchased a new stake in Vestis during the 1st quarter valued at approximately $94,000. Commonwealth Equity Services LLC lifted its position in Vestis by 12.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 12,937 shares of the company’s stock worth $173,000 after acquiring an additional 1,414 shares during the period. Finally, Sanders Morris Harris LLC acquired a new stake in Vestis during the 3rd quarter worth approximately $173,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Vestis Trading Down 0.9%

Shares of Vestis stock opened at $14.36 on Wednesday. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 30.81 and a beta of 0.83. Vestis Corporation has a 52-week low of $5.00 and a 52-week high of $16.90. The company’s 50-day simple moving average is $13.98 and its 200-day simple moving average is $11.69. The company has a quick ratio of 1.75, a current ratio of 2.17 and a debt-to-equity ratio of 1.38.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.08. Vestis had a negative net margin of 0.20% and a positive return on equity of 7.27%. The firm had revenue of $661.66 million during the quarter, compared to the consensus estimate of $668.94 million. As a group, equities research analysts anticipate that Vestis Corporation will post 0.62 earnings per share for the current year.

Insider Transactions at Vestis

In other Vestis news, CEO James Barber bought 84,500 shares of the company’s stock in a transaction on Wednesday, September 2nd. The shares were bought at an average price of $12.37 per share, for a total transaction of $1,045,265.00. Following the transaction, the chief executive officer owned 867,222 shares of the company’s stock, valued at approximately $10,727,536.14. This trade represents a 10.80% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 15.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays lifted their target price on Vestis from $9.00 to $11.00 and gave the company an “underweight” rating in a research note on Wednesday, August 12th. The Goldman Sachs Group upped their price target on Vestis from $8.20 to $9.30 and gave the stock a “sell” rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. increased their price target on Vestis from $11.00 to $13.00 and gave the stock an “underweight” rating in a report on Thursday, August 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Vestis in a research report on Wednesday, November 4th. Finally, Zacks Research cut shares of Vestis from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Vestis has an average rating of “Reduce” and an average price target of $12.66.

About Vestis

Vestis Corporation provides uniform rental and workplace supplies services to businesses and other organizations. Its offerings include workwear, uniforms, floor mats, towels, linens, restroom supplies, and first-aid and safety products. The company also manages services such as delivery, laundering, and replacement of reusable items, helping customers maintain their workwear and workplace supplies. Vestis serves customers in the United States and Canada. It became an independent, publicly traded company in 2023 after separating from Aramark, where its business had operated as the Uniform Services division.