Jacobs Levy Equity Management Inc. Takes $1.07 Million Position in Vestis Co. (NYSE:VSTS)

Jacobs Levy Equity Management Inc. acquired a new stake in Vestis Co. (NYSE:VSTS) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 55,488 shares of the company’s stock, valued at approximately $1,069,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. acquired a new position in shares of Vestis in the 4th quarter worth approximately $302,586,000. Capital International Investors bought a new stake in shares of Vestis during the 4th quarter worth about $125,586,000. Channing Capital Management LLC acquired a new position in shares of Vestis during the 4th quarter worth about $72,529,000. Wellington Management Group LLP acquired a new position in shares of Vestis during the 4th quarter worth about $56,431,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Vestis during the 4th quarter worth about $48,292,000. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on VSTS. The Goldman Sachs Group cut their price objective on Vestis from $20.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Redburn Atlantic cut Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price objective for the company. in a research report on Tuesday, May 7th. William Blair assumed coverage on Vestis in a report on Friday, May 31st. They issued a “market perform” rating for the company. Stifel Nicolaus reaffirmed a “hold” rating on shares of Vestis in a report on Friday, May 3rd. Finally, Robert W. Baird cut their price target on Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $16.38.

Vestis Stock Up 0.4 %

Shares of VSTS opened at $13.02 on Friday. The company has a current ratio of 2.51, a quick ratio of 2.16 and a debt-to-equity ratio of 1.69. The business’s fifty day moving average price is $12.14 and its two-hundred day moving average price is $16.03. Vestis Co. has a 52 week low of $8.92 and a 52 week high of $22.37.

Vestis (NYSE:VSTS) last posted its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $722.54 million. The business’s quarterly revenue was up .9% on a year-over-year basis. As a group, equities analysts forecast that Vestis Co. will post 0.59 EPS for the current year.

Vestis Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Friday, June 14th were paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend was Friday, June 14th.

Insider Buying and Selling

In other Vestis news, Director Tracy C. Jokinen acquired 8,395 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average price of $11.69 per share, with a total value of $98,137.55. Following the purchase, the director now owns 29,161 shares of the company’s stock, valued at approximately $340,892.09. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Corvex Management Lp purchased 1,828,009 shares of the company’s stock in a transaction on Monday, May 6th. The shares were purchased at an average price of $9.54 per share, with a total value of $17,439,205.86. Following the purchase, the insider now directly owns 14,973,187 shares of the company’s stock, valued at approximately $142,844,203.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Tracy C. Jokinen acquired 8,395 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was bought at an average price of $11.69 per share, with a total value of $98,137.55. Following the acquisition, the director now directly owns 29,161 shares in the company, valued at $340,892.09. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 2,810,579 shares of company stock valued at $28,301,263.

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.