Redwood Investment Management LLC Has $2.36 Million Stock Holdings in Vestis Co. (NYSE:VSTS)

Redwood Investment Management LLC trimmed its position in Vestis Co. (NYSE:VSTS) by 21.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 155,043 shares of the company’s stock after selling 41,787 shares during the period. Redwood Investment Management LLC’s holdings in Vestis were worth $2,363,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new stake in shares of Vestis during the fourth quarter valued at approximately $210,766,000. AQR Capital Management LLC grew its position in Vestis by 47.4% in the 4th quarter. AQR Capital Management LLC now owns 3,125,669 shares of the company’s stock valued at $47,635,000 after purchasing an additional 1,004,497 shares during the period. Dimensional Fund Advisors LP increased its stake in Vestis by 46.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,095,278 shares of the company’s stock valued at $47,172,000 after purchasing an additional 980,303 shares in the last quarter. Millennium Management LLC increased its stake in Vestis by 179.4% during the 4th quarter. Millennium Management LLC now owns 3,003,762 shares of the company’s stock valued at $45,777,000 after purchasing an additional 1,928,687 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Vestis by 2.3% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,691,476 shares of the company’s stock valued at $41,018,000 after buying an additional 59,824 shares in the last quarter. 97.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Vestis

In other news, Director Douglas A. Pertz acquired 70,000 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The shares were acquired at an average price of $6.17 per share, for a total transaction 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 trade represents a 30.84% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO William J. Seward bought 10,000 shares of the firm’s stock in a transaction on Thursday, May 8th. The stock was purchased at an average cost of $6.23 per share, with a total value of $62,300.00. Following the completion of the transaction, the chief operating officer now directly owns 130,862 shares of the company’s stock, valued at approximately $815,270.26. The trade was a 8.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 13.60% of the company’s stock.

Vestis Stock Down 5.0%

VSTS opened at $6.10 on Thursday. Vestis Co. has a fifty-two week low of $5.20 and a fifty-two week high of $17.83. The firm has a market capitalization of $803.88 million, a P/E ratio of 76.26 and a beta of 1.61. The company’s 50-day moving average is $8.78 and its 200 day moving average is $12.72. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.80 and a quick ratio of 1.43.

Vestis (NYSE:VSTS) last announced its earnings results on Tuesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.20). The business had revenue of $665.25 million during the quarter, compared to analysts’ expectations of $690.81 million. Vestis had a return on equity of 7.91% and a net margin of 0.34%. The business’s revenue was down 5.7% on a year-over-year basis. Research analysts expect that Vestis Co. will post 0.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Barclays decreased their target price 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. The Goldman Sachs Group decreased their price objective on Vestis from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Monday, March 17th. Finally, Robert W. Baird dropped their target price on Vestis from $17.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, March 20th. 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, Vestis currently has an average rating of “Hold” and an average price target of $11.75.

About Vestis

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.