Private Management Group Inc. Takes Position in Vestis Co. (NYSE:VSTS)

Private Management Group Inc. acquired a new stake in shares of Vestis Co. (NYSE:VSTS) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 638,254 shares of the company’s stock, valued at approximately $13,493,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in VSTS. Strs Ohio purchased a new stake in shares of Vestis during the 3rd quarter valued at $359,000. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Vestis in the 3rd quarter valued at $1,318,000. Wolverine Asset Management LLC acquired a new position in shares of Vestis in the 3rd quarter valued at $2,412,000. CI Investments Inc. acquired a new position in shares of Vestis in the 3rd quarter valued at $28,000. Finally, Soros Fund Management LLC acquired a new position in shares of Vestis in the 3rd quarter valued at $14,714,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Vestis Stock Up 0.9 %

VSTS traded up $0.16 during midday trading on Tuesday, hitting $18.95. 753,590 shares of the company were exchanged, compared to its average volume of 1,609,372. The company’s 50 day simple moving average is $18.84 and its 200 day simple moving average is $18.65. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.61 and a quick ratio of 2.23. Vestis Co. has a 1-year low of $13.83 and a 1-year high of $22.37.

Vestis (NYSE:VSTS) last announced its quarterly earnings results on Wednesday, February 7th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). The business had revenue of $717.90 million during the quarter, compared to the consensus estimate of $724.72 million. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. Equities research analysts expect that Vestis Co. will post 1.03 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Friday, March 15th were paid a $0.035 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.14 annualized dividend and a dividend yield of 0.74%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on VSTS. Barclays downgraded Vestis from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $17.00 to $19.00 in a research report on Wednesday, February 28th. The Goldman Sachs Group began coverage on Vestis in a research report on Thursday, January 25th. They issued a “neutral” rating and a $22.00 target price on the stock. Finally, 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 on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.56.

Insider Activity at Vestis

In other Vestis news, CEO Kim Scott bought 15,000 shares of Vestis stock in a transaction dated Friday, February 9th. The stock was acquired at an average cost of $19.14 per share, with a total value of $287,100.00. Following the purchase, the chief executive officer now directly owns 183,131 shares in the company, valued at approximately $3,505,127.34. The acquisition was disclosed in a filing with the SEC, which is available at this link.

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.