Bayesian Capital Management LP Buys Shares of 59,772 Vestis Co. (NYSE:VSTS)

Bayesian Capital Management LP bought a new position in Vestis Co. (NYSE:VSTS) in the 1st quarter, HoldingsChannel reports. The fund bought 59,772 shares of the company’s stock, valued at approximately $1,152,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Parkside Financial Bank & Trust purchased a new position in Vestis during the 4th quarter valued at about $25,000. Daiwa Securities Group Inc. acquired a new stake in shares of Vestis during the fourth quarter worth approximately $34,000. Wahed Invest LLC purchased a new position in Vestis during the fourth quarter valued at approximately $42,000. TFO Wealth Partners LLC acquired a new position in Vestis in the 4th quarter valued at approximately $42,000. Finally, PNC Financial Services Group Inc. purchased a new stake in Vestis in the 4th quarter worth approximately $65,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Insider Activity

In other Vestis news, major shareholder Corvex Management Lp acquired 1,828,009 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was 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 owns 14,973,187 shares of the company’s stock, valued at $142,844,203.98. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Douglas A. Pertz purchased 54,468 shares of Vestis stock in a transaction on Friday, May 24th. The stock was purchased at an average cost of $11.99 per share, with a total value of $653,071.32. Following the acquisition, the director now directly owns 195,604 shares in the company, valued at $2,345,291.96. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Corvex Management Lp acquired 1,828,009 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were bought at an average price of $9.54 per share, for a total transaction of $17,439,205.86. Following the acquisition, the insider now owns 14,973,187 shares in the company, valued at approximately $142,844,203.98. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 2,830,779 shares of company stock valued at $28,501,849.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on VSTS shares. Barclays dropped their price target on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a research note on Friday, May 3rd. Stifel Nicolaus reissued a “hold” rating on shares of Vestis in a research note on Friday, May 3rd. William Blair initiated coverage on Vestis in a report on Friday, May 31st. They issued a “market perform” rating on the stock. Redburn Atlantic cut shares of 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, May 7th. Finally, JPMorgan Chase & Co. downgraded shares of Vestis from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $22.00 to $11.00 in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.38.

Vestis Stock Down 0.3 %

VSTS opened at $12.72 on Wednesday. Vestis Co. has a twelve month low of $8.92 and a twelve month high of $22.37. The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.16 and a current ratio of 2.51. The business has a 50 day moving average price of $12.11 and a 200 day moving average price of $16.07.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The firm had revenue of $705.37 million for the quarter, compared to analyst estimates of $722.54 million. The firm’s revenue was up .9% compared to the same quarter last year. Research analysts forecast that Vestis Co. will post 0.59 EPS for the current year.

Vestis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Shareholders of record on Friday, June 14th were issued a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend was Friday, June 14th.

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.