Comerica Bank Sells 1,887 Shares of Vestis Co. (NYSE:VSTS)

Comerica Bank reduced its holdings in Vestis Co. (NYSE:VSTS) by 3.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 53,021 shares of the company’s stock after selling 1,887 shares during the quarter. Comerica Bank’s holdings in Vestis were worth $808,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of Vestis by 47.4% during the fourth quarter. AQR Capital Management LLC now owns 3,125,669 shares of the company’s stock valued at $47,635,000 after buying an additional 1,004,497 shares during the period. Northern Trust Corp boosted its position in Vestis by 3.7% during the 4th quarter. Northern Trust Corp now owns 1,067,696 shares of the company’s stock valued at $16,272,000 after acquiring an additional 38,056 shares in the last quarter. III Capital Management grew its holdings in shares of Vestis by 7.0% during the 4th quarter. III Capital Management now owns 275,928 shares of the company’s stock worth $4,205,000 after acquiring an additional 17,964 shares during the period. Quarry LP grew its holdings in shares of Vestis by 98.5% during the 4th quarter. Quarry LP now owns 257,892 shares of the company’s stock worth $3,930,000 after acquiring an additional 128,004 shares during the period. Finally, Oxford Asset Management LLP bought a new position in shares of Vestis in the 4th quarter worth approximately $571,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Vestis

In other Vestis news, COO William J. Seward bought 10,000 shares of the business’s stock in a transaction on Thursday, May 8th. The shares were acquired at an average cost of $6.23 per share, for a total transaction of $62,300.00. Following the purchase, the chief operating officer now owns 130,862 shares in the company, valued at approximately $815,270.26. This trade represents a 8.27% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Douglas A. Pertz bought 70,000 shares of Vestis stock in a transaction on Thursday, May 8th. The stock was acquired at an average cost of $6.17 per share, with a total value of $431,900.00. Following the acquisition, the director now owns 297,010 shares in the company, valued at approximately $1,832,551.70. This represents a 30.84% increase in their position. The disclosure for this purchase can be found here. 13.60% of the stock is currently owned by insiders.

Vestis Stock Performance

Vestis stock opened at $6.41 on Wednesday. Vestis Co. has a twelve month low of $5.20 and a twelve month high of $17.83. The company has a quick ratio of 1.43, a current ratio of 1.80 and a debt-to-equity ratio of 1.39. The company has a market capitalization of $844.73 million, a P/E ratio of 80.14 and a beta of 1.61. The stock’s 50 day moving average is $8.89 and its 200 day moving average is $12.76.

Vestis (NYSE:VSTS) last released its earnings results on Tuesday, May 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.20). The company had revenue of $665.25 million during the quarter, compared to analysts’ expectations of $690.81 million. Vestis had a return on equity of 7.91% and a net margin of 0.34%. Vestis’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, equities research analysts predict that Vestis Co. will post 0.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

VSTS has been the topic of several research reports. The Goldman Sachs Group dropped their price target on Vestis from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Robert W. Baird dropped their target price on shares of Vestis from $17.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, March 20th. Finally, Barclays decreased their price target on shares of Vestis from $10.00 to $5.00 and set an “underweight” rating for the company in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $11.75.

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.