Vestis Corporation $VSTS is Corvex Management LP’s 9th Largest Position

Corvex Management LP lifted its holdings in shares of Vestis Corporation (NYSE:VSTS) by 5.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 19,813,963 shares of the company’s stock after acquiring an additional 1,010,064 shares during the quarter. Vestis accounts for about 4.0% of Corvex Management LP’s investment portfolio, making the stock its 9th largest holding. Corvex Management LP owned approximately 0.15% of Vestis worth $132,159,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of VSTS. Nisa Investment Advisors LLC lifted its stake in Vestis by 147.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 5,175 shares of the company’s stock worth $35,000 after acquiring an additional 3,082 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Vestis by 176.1% during the 4th quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company’s stock worth $35,000 after acquiring an additional 3,312 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Vestis during the 4th quarter worth about $36,000. EverSource Wealth Advisors LLC lifted its stake in Vestis by 471.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock worth $31,000 after acquiring an additional 4,502 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its stake in Vestis by 703.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock worth $33,000 after acquiring an additional 5,028 shares in the last quarter. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

Vestis Price Performance

VSTS stock opened at $12.79 on Thursday. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.13 and a quick ratio of 1.69. The firm has a market capitalization of $1.69 billion, a P/E ratio of -91.36 and a beta of 1.08. The business’s 50-day moving average is $11.03 and its two-hundred day moving average is $8.55. Vestis Corporation has a 1 year low of $3.98 and a 1 year high of $13.52.

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

Analysts Set New Price Targets

VSTS has been the topic of several research reports. Robert W. Baird increased their target price on Vestis from $10.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Barclays increased their target price on Vestis from $6.00 to $9.00 and gave the stock an “underweight” rating in a research note on Friday, May 15th. William Blair raised Vestis from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 12th. Weiss Ratings lowered Vestis from a “sell (d)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $7.50 target price on shares of Vestis in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Vestis has an average rating of “Reduce” and an average target price of $9.50.

Vestis Company 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.