Bayesian Capital Management LP Takes Position in Vestis Co. (NYSE:VSTS)

Bayesian Capital Management LP purchased a new position in shares of Vestis Co. (NYSE:VSTS) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 59,772 shares of the company’s stock, valued at approximately $1,152,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Parkside Financial Bank & Trust purchased a new stake in shares of Vestis during the fourth quarter worth approximately $25,000. Daiwa Securities Group Inc. acquired a new stake in shares of Vestis in the 4th quarter worth $34,000. TFO Wealth Partners LLC purchased a new stake in shares of Vestis in the fourth quarter valued at about $42,000. Wahed Invest LLC purchased a new position in Vestis during the fourth quarter worth about $42,000. Finally, PNC Financial Services Group Inc. acquired a new stake in Vestis in the fourth quarter valued at about $65,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Vestis

In other news, Director James Phillip Holloman bought 20,200 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were acquired at an average cost of $9.93 per share, with a total value of $200,586.00. Following the transaction, the director now owns 44,132 shares of the company’s stock, valued at approximately $438,230.76. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Vestis news, Director James Phillip Holloman purchased 20,200 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average price of $9.93 per share, for a total transaction of $200,586.00. Following the completion of the acquisition, the director now owns 44,132 shares of the company’s stock, valued at approximately $438,230.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Corvex Management Lp acquired 1,828,009 shares of the firm’s 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 completion of the purchase, the insider now owns 14,973,187 shares of the company’s stock, valued at $142,844,203.98. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,830,779 shares of company stock worth $28,501,849 in the last quarter.

Vestis Stock Down 0.3 %

Vestis stock opened at $12.72 on Wednesday. Vestis Co. has a 12-month low of $8.92 and a 12-month high of $22.37. The firm’s 50-day moving average is $12.11 and its two-hundred day moving average is $16.07. The company has a quick ratio of 2.16, a current ratio of 2.51 and a debt-to-equity ratio of 1.69.

Vestis (NYSE:VSTS) last released its earnings results on Thursday, May 2nd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.09). The company had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities analysts anticipate that Vestis Co. will post 0.59 EPS for the current fiscal year.

Vestis Announces Dividend

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

Analyst Ratings Changes

Several analysts have recently commented on the company. Stifel Nicolaus reissued a “hold” rating on shares of Vestis in a report on Friday, May 3rd. Robert W. Baird decreased their target price on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. William Blair assumed coverage on shares of Vestis in a research note on Friday, May 31st. They set 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 price objective for the company. in a research note on Tuesday, May 7th. Finally, The Goldman Sachs Group lowered their target price on shares of Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Vestis currently has an average rating of “Hold” and an average target price of $16.38.

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.