Vestis (NYSE:VSTS) Director Keith Meister Acquires 800,222 Shares of Stock

Vestis Corporation (NYSE:VSTS) Director Keith Meister purchased 800,222 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The stock was purchased at an average price of $6.81 per share, with a total value of $5,449,511.82. Following the purchase, the director directly owned 19,604,121 shares of the company’s stock, valued at $133,504,064.01. The trade was a 4.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Vestis Price Performance

Vestis stock opened at $6.94 on Thursday. The company has a current ratio of 2.08, a quick ratio of 1.64 and a debt-to-equity ratio of 1.49. The company has a fifty day simple moving average of $5.77 and a 200-day simple moving average of $5.49. The stock has a market cap of $914.50 million, a P/E ratio of -22.37 and a beta of 0.78. Vestis Corporation has a 12-month low of $3.98 and a 12-month high of $16.68.

Vestis (NYSE:VSTS) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.03. The company had revenue of $712.01 million for the quarter, compared to analysts’ expectations of $690.65 million. Vestis had a positive return on equity of 2.62% and a negative net margin of 1.47%.Vestis’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period last year, the firm earned $0.11 earnings per share. Equities analysts expect that Vestis Corporation will post 0.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Vestis by 1.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,582,601 shares of the company’s stock worth $25,568,000 after buying an additional 43,719 shares during the period. Invesco Ltd. lifted its position in Vestis by 15.6% during the 1st quarter. Invesco Ltd. now owns 701,596 shares of the company’s stock worth $6,946,000 after acquiring an additional 94,695 shares during the period. Nuveen LLC purchased a new position in shares of Vestis in the 1st quarter valued at approximately $2,746,000. Public Sector Pension Investment Board increased its holdings in shares of Vestis by 27.5% in the first quarter. Public Sector Pension Investment Board now owns 363,484 shares of the company’s stock valued at $3,598,000 after purchasing an additional 78,446 shares during the period. Finally, HighTower Advisors LLC raised its stake in shares of Vestis by 6.8% during the first quarter. HighTower Advisors LLC now owns 395,919 shares of the company’s stock worth $3,920,000 after purchasing an additional 25,106 shares during the last quarter. 97.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

VSTS has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Vestis in a report on Wednesday, October 8th. Robert W. Baird increased their target price on shares of Vestis from $5.00 to $6.50 and gave the company a “neutral” rating in a research report on Tuesday, December 2nd. The Goldman Sachs Group upped their price objective on shares of Vestis from $5.50 to $6.30 and gave the company a “neutral” rating in a research note on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 3rd. Two investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Vestis currently has an average rating of “Strong Sell” and a consensus price target 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.