Vestis Co. (NYSE:VSTS – Get Free Report) major shareholder Corvex Management Lp bought 1,828,009 shares of Vestis stock in a transaction on Monday, May 6th. The shares were purchased at an average cost of $9.54 per share, for a total transaction of $17,439,205.86. Following the acquisition, the insider now owns 14,973,187 shares in the company, valued at $142,844,203.98. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Corvex Management Lp also recently made the following trade(s):
- On Wednesday, May 8th, Corvex Management Lp purchased 622,346 shares of Vestis stock. The shares were purchased at an average cost of $10.43 per share, for a total transaction of $6,491,068.78.
Vestis Trading Up 9.8 %
Shares of Vestis stock opened at $11.60 on Friday. The company has a quick ratio of 2.16, a current ratio of 2.51 and a debt-to-equity ratio of 1.69. Vestis Co. has a 1-year low of $8.92 and a 1-year high of $22.37. The business’s fifty day moving average price is $17.69 and its two-hundred day moving average price is $18.55.
Vestis Dividend Announcement
The company also recently declared 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. This represents a $0.14 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date was Thursday, March 14th.
Analyst Upgrades and Downgrades
Several research firms have weighed in on VSTS. JPMorgan Chase & Co. lowered shares of Vestis from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $22.00 to $11.00 in a research note on Friday, May 3rd. Wolfe Research started coverage on shares of Vestis in a research report on Thursday, January 11th. They set an “outperform” rating and a $24.00 price objective for the company. Stifel Nicolaus reissued a “hold” rating on shares of Vestis in a report on Friday, May 3rd. Barclays decreased their target price on Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a research note on Friday, May 3rd. Finally, The Goldman Sachs Group cut their price target on Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday. One investment 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 MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $16.38.
Read Our Latest Stock Analysis on Vestis
Institutional Trading of Vestis
Several institutional investors have recently modified their holdings of the company. Parkside Financial Bank & Trust bought a new stake in Vestis in the fourth quarter worth about $25,000. Sound Income Strategies LLC acquired a new stake in Vestis during the fourth quarter valued at approximately $25,000. CI Investments Inc. bought a new stake in Vestis during the third quarter worth approximately $28,000. Daiwa Securities Group Inc. acquired a new position in Vestis in the fourth quarter worth approximately $34,000. Finally, Wahed Invest LLC bought a new position in shares of Vestis in the fourth quarter valued at $42,000. Institutional investors and hedge funds own 97.40% of the company’s stock.
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.
Featured Stories
- Five stocks we like better than Vestis
- What is a Special Dividend?
- Roblox: The Bottom Just Fell Out of the Metaverse
- What Does a Stock Split Mean?
- Airbnb Stock Plummets After Earnings, But is It a Buy?
- What is the Dow Jones Industrial Average (DJIA)?
- Uber’s Earnings Drop Is Investors Opportunity
Receive News & Ratings for Vestis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vestis and related companies with MarketBeat.com's FREE daily email newsletter.