Corvex Management Lp Buys 622,346 Shares of Vestis Co. (NYSE:VSTS) Stock

Vestis Co. (NYSE:VSTS) major shareholder Corvex Management Lp acquired 622,346 shares of the firm’s stock in a transaction that occurred 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 acquisition, the insider now owns 16,591,833 shares in the company, valued at approximately $173,052,818.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% 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 purchased at an average cost of $9.54 per share, with a total value of $17,439,205.86.

Vestis Stock Up 9.8 %

NYSE VSTS opened at $11.60 on Friday. Vestis Co. has a 1-year low of $8.92 and a 1-year high of $22.37. 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 stock’s 50 day moving average is $17.69 and its two-hundred day moving average is $18.55.

Vestis (NYSE:VSTS) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The business had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The company’s revenue was up .9% compared to the same quarter last year. As a group, equities analysts expect that Vestis Co. will post 1.03 EPS for the current year.

Vestis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were paid a dividend of $0.035 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.14 annualized dividend and a yield of 1.21%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Strs Ohio acquired a new position in Vestis in the third quarter worth $359,000. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Vestis in the 3rd quarter valued at about $1,318,000. Wolverine Asset Management LLC bought a new position in shares of Vestis in the third quarter worth about $2,412,000. CI Investments Inc. acquired a new position in shares of Vestis during the third quarter worth approximately $28,000. Finally, Soros Fund Management LLC bought a new stake in shares of Vestis during the third quarter valued at approximately $14,714,000. 97.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Vestis Company 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.