Verition Fund Management LLC Boosts Stock Holdings in Vestis Co. (NYSE:VSTS)

Verition Fund Management LLC raised its holdings in shares of Vestis Co. (NYSE:VSTS) by 70.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 119,378 shares of the company’s stock after purchasing an additional 49,302 shares during the period. Verition Fund Management LLC owned 0.09% of Vestis worth $1,779,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Captrust Financial Advisors purchased a new position in Vestis in the third quarter valued at about $201,000. Walleye Capital LLC purchased a new position in shares of Vestis in the 3rd quarter worth approximately $1,655,000. Boussard & Gavaudan Investment Management LLP purchased a new position in shares of Vestis in the 3rd quarter worth approximately $5,674,000. BBR Partners LLC grew its position in shares of Vestis by 333.3% in the 3rd quarter. BBR Partners LLC now owns 65,000 shares of the company’s stock worth $968,000 after buying an additional 50,000 shares during the last quarter. Finally, Forest Avenue Capital Management LP purchased a new position in shares of Vestis in the 3rd quarter worth approximately $19,486,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

Vestis Price Performance

Shares of NYSE VSTS opened at $16.32 on Friday. The business’s 50 day moving average price is $14.78 and its 200 day moving average price is $13.61. The firm has a market cap of $2.15 billion, a P/E ratio of 102.01 and a beta of 1.17. Vestis Co. has a 52 week low of $8.92 and a 52 week high of $22.37. The company has a quick ratio of 1.36, a current ratio of 1.73 and a debt-to-equity ratio of 1.40.

Vestis (NYSE:VSTS) last released its quarterly earnings data on Thursday, November 21st. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.02). The business had revenue of $684.28 million during the quarter, compared to analysts’ expectations of $693.54 million. Vestis had a net margin of 0.75% and a return on equity of 9.07%. The firm’s quarterly revenue was down 4.4% on a year-over-year basis. On average, sell-side analysts expect that Vestis Co. will post 0.66 earnings per share for the current year.

Vestis Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Friday, December 13th will be issued a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend is Friday, December 13th. Vestis’s payout ratio is 87.51%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. The Goldman Sachs Group boosted their price target on Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Finally, Barclays boosted their price target on Vestis from $10.00 to $13.00 and gave the stock an “underweight” rating in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Vestis currently has a consensus rating of “Hold” and a consensus price target of $16.91.

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.