Vestis (NYSE:VSTS) CEO James Barber Acquires 81,633 Shares

Vestis Corporation (NYSE:VSTS) CEO James Barber purchased 81,633 shares of Vestis stock in a transaction dated Wednesday, December 3rd. The shares were purchased at an average cost of $6.34 per share, for a total transaction of $517,553.22. Following the completion of the transaction, the chief executive officer owned 560,102 shares of the company’s stock, valued at approximately $3,551,046.68. This represents a 17.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Vestis Trading Up 6.4%

Shares of VSTS stock traded up $0.42 on Friday, hitting $6.98. The stock had a trading volume of 3,488,561 shares, compared to its average volume of 2,355,393. The company has a current ratio of 2.08, a quick ratio of 1.42 and a debt-to-equity ratio of 1.49. Vestis Corporation has a twelve month low of $3.98 and a twelve month high of $17.83. The company has a fifty day moving average price of $5.34 and a two-hundred day moving average price of $5.42. The firm has a market cap of $920.45 million, a P/E ratio of -22.52 and a beta of 0.78.

Vestis (NYSE:VSTS) last posted its earnings results on Monday, December 1st. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.13). Vestis had a positive return on equity of 2.62% and a negative net margin of 1.47%.The business had revenue of $712.01 million for the quarter, compared to the consensus estimate of $690.65 million. During the same quarter in the prior year, the firm posted $0.11 earnings per share. The business’s revenue was up 4.1% on a year-over-year basis. As a group, analysts forecast that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vestis

A number of large investors have recently bought and sold shares of VSTS. EverSource Wealth Advisors LLC raised its holdings in shares of Vestis by 471.9% in the second quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock valued at $31,000 after purchasing an additional 4,502 shares during the last quarter. Osaic Holdings Inc. boosted its holdings in Vestis by 703.2% during the second quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock worth $33,000 after purchasing an additional 5,028 shares during the last quarter. Simplicity Wealth LLC acquired a new position in Vestis during the third quarter worth $46,000. Sanders Morris Harris LLC bought a new position in Vestis in the third quarter valued at $47,000. Finally, PNC Financial Services Group Inc. increased its stake in Vestis by 331.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 9,427 shares of the company’s stock valued at $54,000 after buying an additional 7,242 shares during the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.

Wall Street Analysts Forecast Growth

VSTS has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Vestis in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Vestis from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Robert W. Baird lifted their price target on shares of Vestis from $5.00 to $6.50 and gave the company a “neutral” rating in a research note on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday. Finally, The Goldman Sachs Group raised their price objective on shares of Vestis from $5.50 to $6.30 and gave the stock a “neutral” rating in a report on Tuesday. Two research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Strong Sell” and an average target price of $5.95.

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.