Commonwealth Equity Services LLC Purchases 2,686 Shares of Vestis Co. (NYSE:VSTS)

Commonwealth Equity Services LLC lifted its position in shares of Vestis Co. (NYSE:VSTS) by 2.3% in the first quarter, HoldingsChannel.com reports. The fund owned 120,230 shares of the company’s stock after buying an additional 2,686 shares during the period. Commonwealth Equity Services LLC’s holdings in Vestis were worth $2,317,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sound Income Strategies LLC bought a new stake in shares of Vestis during the 4th quarter worth approximately $25,000. Parkside Financial Bank & Trust bought a new stake in shares of Vestis during the 4th quarter worth approximately $25,000. Daiwa Securities Group Inc. bought a new stake in shares of Vestis during the 4th quarter worth approximately $34,000. TFO Wealth Partners LLC bought a new stake in shares of Vestis during the 4th quarter worth approximately $42,000. Finally, Wahed Invest LLC bought a new stake in shares of Vestis during the 4th quarter worth approximately $42,000. Institutional investors own 97.40% of the company’s stock.

Vestis Stock Down 1.1 %

Shares of NYSE VSTS opened at $11.25 on Friday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.16 and a current ratio of 2.51. Vestis Co. has a 52-week low of $8.92 and a 52-week high of $22.37. The firm has a 50 day moving average price of $12.24 and a two-hundred day moving average price of $17.13.

Vestis (NYSE:VSTS) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.09). The business had revenue of $705.37 million for the quarter, compared to analysts’ expectations of $722.54 million. The firm’s revenue was up .9% compared to the same quarter last year. Analysts forecast that Vestis Co. will post 0.59 earnings per share for the current year.

Vestis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Shareholders of record on Friday, June 14th were given a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 1.24%. The ex-dividend date was Friday, June 14th.

Insider Buying and Selling at Vestis

In other news, Director James Phillip Holloman bought 20,200 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was acquired at an average price of $9.93 per share, with a total value of $200,586.00. Following the completion of the purchase, the director now directly owns 44,132 shares of the company’s stock, valued at $438,230.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Vestis news, Director James Phillip Holloman bought 20,200 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was acquired at an average price of $9.93 per share, with a total value of $200,586.00. Following the completion of the purchase, the director now directly owns 44,132 shares of the company’s stock, valued at approximately $438,230.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Corvex Management Lp bought 1,828,009 shares of the stock in a transaction on Monday, May 6th. The stock was acquired at an average price of $9.54 per share, with a total value of $17,439,205.86. Following the completion of the acquisition, the insider now owns 14,973,187 shares of the company’s stock, valued at approximately $142,844,203.98. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 2,830,779 shares of company stock worth $28,501,849.

Analysts Set New Price Targets

Several brokerages recently commented on VSTS. Stifel Nicolaus reissued a “hold” rating on shares of Vestis in a research note on Friday, May 3rd. Barclays dropped 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. Robert W. Baird dropped their price objective 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. William Blair began coverage on shares of Vestis in a research note on Friday, May 31st. They issued a “market perform” rating for the company. Finally, JPMorgan Chase & Co. downgraded shares of Vestis from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $22.00 to $11.00 in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $16.38.

Vestis 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.