Vestis Corporation (NYSE:VSTS) Position Cut by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System trimmed its holdings in Vestis Corporation (NYSE:VSTS) by 17.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,541 shares of the company’s stock after selling 8,385 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Vestis were worth $391,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in VSTS. Alberta Investment Management Corp grew its holdings in Vestis by 65.2% in the 1st quarter. Alberta Investment Management Corp now owns 6,145,000 shares of the company’s stock worth $60,836,000 after buying an additional 2,426,167 shares in the last quarter. Millennium Management LLC boosted its stake in Vestis by 179.4% during the 4th quarter. Millennium Management LLC now owns 3,003,762 shares of the company’s stock valued at $45,777,000 after purchasing an additional 1,928,687 shares in the last quarter. Royce & Associates LP boosted its stake in Vestis by 196.2% during the 1st quarter. Royce & Associates LP now owns 2,842,936 shares of the company’s stock valued at $28,145,000 after purchasing an additional 1,883,106 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in Vestis during the 4th quarter valued at $25,805,000. Finally, First Trust Advisors LP bought a new position in Vestis during the 4th quarter valued at $22,936,000. 97.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Vestis

In related news, Director Keith A. Meister acquired 314,390 shares of Vestis stock in a transaction dated Wednesday, May 28th. The stock was acquired at an average cost of $6.03 per share, with a total value of $1,895,771.70. Following the purchase, the director directly owned 18,803,899 shares in the company, valued at $113,387,510.97. The trade was a 1.70% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders acquired 800,675 shares of company stock worth $4,777,432. Company insiders own 13.60% of the company’s stock.

Vestis Stock Performance

VSTS opened at $4.68 on Friday. The firm has a market cap of $617.01 million, a PE ratio of -20.35 and a beta of 0.96. The company has a quick ratio of 1.42, a current ratio of 1.84 and a debt-to-equity ratio of 1.45. The business has a fifty day simple moving average of $5.87 and a 200-day simple moving average of $8.26. Vestis Corporation has a fifty-two week low of $4.32 and a fifty-two week high of $17.83.

Vestis (NYSE:VSTS) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. The business had revenue of $673.80 million during the quarter, compared to analyst estimates of $673.65 million. Vestis had a positive return on equity of 3.76% and a negative net margin of 1.11%. The company’s revenue was down 3.5% compared to the same quarter last year. During the same period last year, the company posted $0.16 EPS. As a group, equities analysts predict that Vestis Corporation will post 0.7 EPS for the current fiscal year.

Analyst Ratings Changes

VSTS has been the subject of a number of research reports. Wall Street Zen raised Vestis from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. JPMorgan Chase & Co. decreased their price target on Vestis from $6.00 to $5.50 and set an “underweight” rating for the company in a research note on Thursday, August 7th. Finally, Barclays decreased their price target on Vestis from $10.00 to $5.00 and set an “underweight” rating for the company in a research note on Friday, May 9th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $9.13.

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.