Maryland State Retirement & Pension System Makes New $1.20 Million Investment in Vestis Co. (NYSE:VSTS)

Maryland State Retirement & Pension System bought a new stake in Vestis Co. (NYSE:VSTS) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 56,809 shares of the company’s stock, valued at approximately $1,201,000.

A number of other institutional investors and hedge funds have also modified their holdings of VSTS. Channing Capital Management LLC purchased a new position in Vestis in the 4th quarter valued at $72,529,000. Victory Capital Management Inc. acquired a new position in Vestis during the fourth quarter worth about $48,292,000. New York State Common Retirement Fund purchased a new stake in Vestis during the 4th quarter valued at about $22,818,000. Soros Fund Management LLC acquired a new stake in Vestis in the 3rd quarter valued at about $14,714,000. Finally, Private Management Group Inc. purchased a new position in Vestis in the 4th quarter worth approximately $13,493,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on VSTS. JPMorgan Chase & Co. downgraded Vestis from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $22.00 to $11.00 in a research report on Friday, May 3rd. Barclays cut their price objective on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a research report on Friday, May 3rd. Robert W. Baird dropped their price target on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Redburn Atlantic lowered shares of Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price target on the stock. in a research report on Tuesday. Finally, Stifel Nicolaus reissued a “hold” rating on shares of Vestis in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, Vestis presently has a consensus rating of “Hold” and an average price target of $16.38.

Insider Transactions at Vestis

In other Vestis news, major shareholder Corvex Management Lp purchased 1,828,009 shares of the company’s stock in a transaction on Monday, May 6th. The stock was acquired at an average price of $9.54 per share, for a total transaction of $17,439,205.86. Following the completion of the purchase, the insider now directly owns 14,973,187 shares in the company, valued at approximately $142,844,203.98. The purchase was disclosed in a filing with the SEC, which is available through this link. In other news, major shareholder Corvex Management Lp bought 1,828,009 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were purchased at an average cost of $9.54 per share, for a total transaction 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 acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James Phillip Holloman purchased 20,200 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was purchased at an average price of $9.93 per share, with a total value of $200,586.00. Following the purchase, the director now directly owns 44,132 shares of the company’s stock, valued at $438,230.76. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 2,485,555 shares of company stock valued at $24,417,961.

Vestis Trading Up 3.1 %

Vestis stock opened at $10.55 on Thursday. The company has a current ratio of 2.51, a quick ratio of 2.16 and a debt-to-equity ratio of 1.69. Vestis Co. has a fifty-two week low of $8.92 and a fifty-two week high of $22.37. The firm has a 50 day moving average price of $17.83 and a 200 day moving average price of $18.60.

Vestis (NYSE:VSTS) last released its quarterly 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 firm had revenue of $705.37 million during the quarter, compared to analyst estimates of $722.54 million. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. Analysts forecast that Vestis Co. will post 1.03 EPS for the current fiscal year.

Vestis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Friday, March 15th were given a dividend of $0.035 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.14 annualized dividend and a dividend yield of 1.33%.

Vestis Profile

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.