Vestis (NYSE:VSTS) Shares Gap Up Following Insider Buying Activity

Vestis Co. (NYSE:VSTS)’s share price gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $9.91, but opened at $10.33. Vestis shares last traded at $10.55, with a volume of 1,433,312 shares.

Specifically, CEO Kim Scott acquired 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average price of $19.14 per share, for a total transaction of $287,100.00. Following the transaction, the chief executive officer now owns 183,131 shares in the company, valued at approximately $3,505,127.34. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Kim Scott acquired 15,000 shares of Vestis stock in a transaction that occurred on Friday, February 9th. The shares were acquired at an average price of $19.14 per share, with a total value of $287,100.00. Following the completion of the purchase, 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 filing with the SEC, which can be accessed through this link. Also, major shareholder Corvex Management Lp bought 1,828,009 shares of the stock in a transaction on Monday, May 6th. The stock was purchased at an average cost of $9.54 per share, with a total value 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 disclosure for this purchase can be found here. Insiders have purchased 2,485,555 shares of company stock worth $24,417,961 over the last three months.

Wall Street Analyst Weigh In

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

Vestis Stock Up 3.1 %

The company has a quick ratio of 2.16, a current ratio of 2.51 and a debt-to-equity ratio of 1.69. The firm’s 50-day moving average price is $17.83 and its 200-day moving average price is $18.60.

Vestis (NYSE:VSTS) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.09). The business had revenue of $705.37 million during the quarter, compared to the consensus estimate of $722.54 million. The business’s revenue for the quarter was up .9% compared to the same quarter last year. Research analysts anticipate that Vestis Co. will post 1.03 EPS for the current fiscal year.

Vestis Announces Dividend

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

Hedge Funds Weigh In On Vestis

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sound Income Strategies LLC acquired a new position in shares of Vestis during the fourth quarter worth $25,000. Parkside Financial Bank & Trust acquired a new position in Vestis in the 4th quarter worth $25,000. CI Investments Inc. purchased a new position in Vestis in the 3rd quarter valued at about $28,000. Daiwa Securities Group Inc. acquired a new stake in shares of Vestis during the fourth quarter valued at about $34,000. Finally, TFO Wealth Partners LLC purchased a new stake in shares of Vestis during the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

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.