Vestis Co. (NYSE:VSTS) Major Shareholder Corvex Management Lp Purchases 1,828,009 Shares

Vestis Co. (NYSE:VSTS) major shareholder Corvex Management Lp purchased 1,828,009 shares of Vestis stock in a transaction on Monday, May 6th. The shares were acquired at an average price of $9.54 per share, with a total value of $17,439,205.86. Following the transaction, the insider now directly owns 14,973,187 shares in the company, valued at approximately $142,844,203.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Corvex Management Lp also recently made the following trade(s):

• On Wednesday, May 8th, Corvex Management Lp bought 622,346 shares of Vestis stock. The stock was bought at an average price of $10.43 per share, with a total value of $6,491,068.78.

Vestis Stock Up 3.1 %

Shares of Vestis stock traded up $0.32 during trading on Wednesday, hitting $10.55. The stock had a trading volume of 4,014,338 shares, compared to its average volume of 2,360,555. The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.16 and a current ratio of 2.51. Vestis Co. has a 1 year low of $8.92 and a 1 year high of $22.37. The stock has a 50 day simple moving average of $17.83 and a 200 day simple moving average of $18.60.

Vestis (NYSE:VSTS) last announced its earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.09). The business had revenue of $705.37 million for the quarter, compared to the consensus estimate of $722.54 million. The business’s quarterly revenue was up .9% compared to the same quarter last year. On average, analysts predict that Vestis Co. will post 1.03 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were given a dividend of $0.035 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.14 dividend on an annualized basis and a yield of 1.33%.

Wall Street Analyst Weigh In

Several brokerages recently commented on VSTS. Wolfe Research began coverage on Vestis in a research report on Thursday, January 11th. They issued an “outperform” rating and a $24.00 target price for the company. Redburn Atlantic cut Vestis from a “buy” rating to a “neutral” rating and set a $13.40 target price for the company. in a research note on Tuesday. The Goldman Sachs Group dropped their price target on shares of Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday. JPMorgan Chase & Co. lowered shares of Vestis from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $22.00 to $11.00 in a research report on Friday, May 3rd. Finally, Stifel Nicolaus reiterated a “hold” rating on shares of Vestis in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Vestis presently has an average rating of “Hold” and a consensus target price of $16.38.

Hedge Funds Weigh In On Vestis

A number of large investors have recently made changes to their positions in VSTS. Sound Income Strategies LLC bought a new position in Vestis during the fourth quarter valued at about $25,000. Parkside Financial Bank & Trust bought a new position in shares of Vestis in the fourth quarter valued at approximately $25,000. CI Investments Inc. acquired a new stake in shares of Vestis in the third quarter worth $28,000. Daiwa Securities Group Inc. bought a new stake in shares of Vestis during the 4th quarter worth $34,000. Finally, TFO Wealth Partners LLC acquired a new position in Vestis in the 4th quarter valued at $42,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

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.