Victory Capital Management Inc. Takes $48.29 Million Position in Vestis Co. (NYSE:VSTS)

Victory Capital Management Inc. purchased a new position in shares of Vestis Co. (NYSE:VSTS) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,284,370 shares of the company’s stock, valued at approximately $48,292,000. Victory Capital Management Inc. owned about 1.74% of Vestis as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. New York State Common Retirement Fund bought a new position in shares of Vestis in the 4th quarter worth $22,818,000. Soros Fund Management LLC bought a new position in shares of Vestis in the 3rd quarter worth $14,714,000. Private Management Group Inc. bought a new position in shares of Vestis in the 4th quarter worth $13,493,000. California Public Employees Retirement System purchased a new stake in Vestis in the fourth quarter valued at about $4,523,000. Finally, Wolverine Asset Management LLC raised its stake in Vestis by 48.0% in the fourth quarter. Wolverine Asset Management LLC now owns 185,000 shares of the company’s stock valued at $3,911,000 after buying an additional 60,000 shares during the last quarter. 97.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Stifel Nicolaus reiterated a “hold” rating on shares of Vestis in a research note on Friday. JPMorgan Chase & Co. downgraded Vestis from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $22.00 to $11.00 in a report on Friday. The Goldman Sachs Group started coverage on shares of Vestis in a report on Thursday, January 25th. They issued a “neutral” rating and a $22.00 price target on the stock. Barclays reduced their price target on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a research report on Friday. Finally, Robert W. Baird cut their price objective on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $19.33.

Vestis Trading Down 7.4 %

Shares of VSTS opened at $9.41 on Monday. Vestis Co. has a 52 week low of $8.92 and a 52 week high of $22.37. 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 stock’s 50-day moving average price is $18.38 and its 200-day moving average price is $18.72.

Vestis (NYSE:VSTS) last issued its earnings results on Thursday, May 2nd. The company reported $0.13 EPS 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 analysts’ expectations of $722.54 million. The company’s quarterly revenue was up .9% on a year-over-year basis. As a group, equities analysts predict that Vestis Co. will post 1.03 EPS for the current year.

Vestis Dividend Announcement

The firm 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 was Thursday, March 14th. This represents a $0.14 dividend on an annualized basis and a yield of 1.49%.

Insiders Place Their Bets

In other Vestis news, CEO Kim Scott purchased 15,000 shares of the stock in a transaction on Friday, February 9th. The shares were bought at an average price of $19.14 per share, for a total transaction of $287,100.00. Following the completion of the transaction, the chief executive officer now owns 183,131 shares of the company’s stock, valued at approximately $3,505,127.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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.