Vestis Co. (NYSE:VSTS - Get Free Report) major shareholder Corvex Management Lp bought 622,346 shares of the firm's stock in a transaction on Wednesday, May 8th. The shares were purchased at an average cost of $10.43 per share, with a total value of $6,491,068.78. Following the completion of the transaction, the insider now owns 16,591,833 shares in the company, valued at $173,052,818.19. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.
Corvex Management Lp also recently made the following trade(s):
- On Monday, May 6th, Corvex Management Lp bought 1,828,009 shares of Vestis stock. The shares were acquired at an average price of $9.54 per share, for a total transaction of $17,439,205.86.
Vestis Stock Performance
VSTS opened at $10.55 on Thursday. 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 firm's 50-day moving average price is $17.83 and its 200-day moving average price is $18.60. Vestis Co. has a 52-week low of $8.92 and a 52-week high of $22.37.
Vestis (NYSE:VSTS - Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.09). The business had revenue of $705.37 million for the quarter, compared to analyst estimates of $722.54 million. The company's revenue for the quarter was up .9% on a year-over-year basis. Analysts predict that Vestis Co. will post 1.03 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders 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 dividend on an annualized basis and a yield of 1.33%.
Institutional Investors Weigh In On Vestis
A number of institutional investors and hedge funds have recently modified their holdings of VSTS. Parkside Financial Bank & Trust acquired a new position in Vestis during the fourth quarter valued at $25,000. Sound Income Strategies LLC acquired a new position in shares of Vestis in the 4th quarter valued at about $25,000. CI Investments Inc. purchased a new stake in shares of Vestis in the third quarter worth about $28,000. Daiwa Securities Group Inc. acquired a new stake in Vestis during the fourth quarter worth about $34,000. Finally, Wahed Invest LLC purchased a new position in Vestis during the fourth quarter valued at approximately $42,000. Institutional investors and hedge funds own 97.40% of the company's stock.
Analyst Upgrades and Downgrades
VSTS has been the subject of several research reports. Stifel Nicolaus reaffirmed a "hold" rating on shares of Vestis in a research report on Friday, May 3rd. Redburn Atlantic lowered Vestis from a "buy" rating to a "neutral" rating and set a $13.40 target price for the company. in a report on Tuesday. Robert W. Baird cut their price target on Vestis from $24.00 to $13.00 and set an "outperform" rating on the stock in a report on Friday, May 3rd. Wolfe Research initiated coverage on Vestis in a research report on Thursday, January 11th. They set an "outperform" rating and a $24.00 price objective on the stock. Finally, Barclays reduced their target price on shares of Vestis from $19.00 to $10.00 and set an "underweight" rating for the company in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $16.38.
Check Out Our Latest Stock Analysis on VSTS
About Vestis
(
Get Free Report)
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.
Further Reading
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