Vestis Corporation $VSTS Shares Sold by QSM Asset Management Ltd

QSM Asset Management Ltd trimmed its holdings in Vestis Corporation (NYSE:VSTS) by 42.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 304,036 shares of the company’s stock after selling 228,823 shares during the period. Vestis accounts for approximately 1.0% of QSM Asset Management Ltd’s portfolio, making the stock its 20th largest position. QSM Asset Management Ltd owned about 0.23% of Vestis worth $1,345,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in VSTS. Nuveen LLC acquired a new position in Vestis in the 1st quarter valued at about $2,746,000. American Century Companies Inc. increased its holdings in shares of Vestis by 9.8% in the first quarter. American Century Companies Inc. now owns 250,836 shares of the company’s stock valued at $2,483,000 after purchasing an additional 22,400 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Vestis in the first quarter valued at approximately $137,000. Jump Financial LLC purchased a new stake in shares of Vestis during the first quarter worth approximately $398,000. Finally, Jane Street Group LLC lifted its holdings in shares of Vestis by 700.5% during the first quarter. Jane Street Group LLC now owns 1,982,027 shares of the company’s stock worth $19,622,000 after purchasing an additional 1,734,442 shares during the period. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Insider Activity

In other news, Director William Goetz acquired 6,746 shares of Vestis stock in a transaction that occurred on Monday, December 8th. The shares were acquired at an average price of $7.42 per share, with a total value of $50,055.32. Following the completion of the purchase, the director owned 29,877 shares of the company’s stock, valued at approximately $221,687.34. This represents a 29.16% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Douglas A. Pertz bought 15,000 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were purchased at an average price of $6.90 per share, for a total transaction of $103,500.00. Following the transaction, the director owned 322,010 shares of the company’s stock, valued at $2,221,869. The trade was a 4.89% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 1,205,810 shares of company stock valued at $8,138,302 over the last quarter. 13.60% of the stock is currently owned by company insiders.

Vestis Stock Performance

NYSE:VSTS opened at $6.74 on Friday. The company has a current ratio of 2.08, a quick ratio of 1.64 and a debt-to-equity ratio of 1.49. Vestis Corporation has a twelve month low of $3.98 and a twelve month high of $16.68. The company has a market capitalization of $888.80 million, a P/E ratio of -21.74 and a beta of 0.78. The firm has a 50-day moving average price of $6.02 and a two-hundred day moving average price of $5.52.

Vestis (NYSE:VSTS) last announced its earnings results on Monday, December 1st. The company reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. The firm had revenue of $712.01 million for the quarter, compared to analysts’ expectations of $690.65 million. Vestis had a positive return on equity of 2.62% and a negative net margin of 1.47%.Vestis’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 EPS. As a group, research analysts expect that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

VSTS has been the topic of several recent research reports. The Goldman Sachs Group boosted their price objective on shares of Vestis from $5.50 to $6.30 and gave the company a “neutral” rating in a research note on Tuesday, December 2nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Vestis in a report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price target on shares of Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 3rd. Finally, Robert W. Baird increased their price target on shares of Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Strong Sell” and an average target price of $5.95.

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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.