Lord Abbett & CO. LLC Takes Position in Vestis Co. (NYSE:VSTS)

Lord Abbett & CO. LLC acquired a new stake in Vestis Co. (NYSE:VSTS) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 382,152 shares of the company’s stock, valued at approximately $7,364,000. Lord Abbett & CO. LLC owned 0.29% of Vestis as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in VSTS. Nordea Investment Management AB acquired a new position in shares of Vestis during the fourth quarter worth about $3,909,000. DAVENPORT & Co LLC bought a new stake in Vestis in the first quarter valued at about $21,712,000. Hsbc Holdings PLC bought a new stake in Vestis in the fourth quarter valued at about $4,646,000. Madison Avenue Partners LP grew its holdings in shares of Vestis by 1,124.5% during the fourth quarter. Madison Avenue Partners LP now owns 1,346,980 shares of the company’s stock valued at $28,475,000 after purchasing an additional 1,236,980 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Vestis by 2,290.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 101,064 shares of the company’s stock valued at $1,948,000 after purchasing an additional 96,836 shares during the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on VSTS shares. Stifel Nicolaus reiterated a “hold” rating on shares of Vestis in a research report on Friday, May 3rd. Redburn Atlantic downgraded shares of Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price target on the stock. in a research note on Tuesday, May 7th. Robert W. Baird decreased their price objective on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. JPMorgan Chase & Co. cut shares of Vestis from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $22.00 to $11.00 in a report on Friday, May 3rd. Finally, William Blair initiated coverage on shares of Vestis in a report on Friday, May 31st. They set a “market perform” rating for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $16.38.

Vestis Stock Performance

Shares of NYSE VSTS traded up $0.55 during midday trading on Friday, reaching $12.51. 1,772,954 shares of the stock were exchanged, compared to its average volume of 2,276,957. Vestis Co. has a 12 month low of $8.92 and a 12 month high of $22.37. The business has a 50-day simple moving average of $12.09 and a two-hundred day simple moving average of $16.59. The company has a current ratio of 2.51, a quick ratio of 2.16 and a debt-to-equity ratio of 1.69.

Vestis (NYSE:VSTS) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.09). The company had revenue of $705.37 million for the quarter, compared to analyst estimates of $722.54 million. The company’s revenue was up .9% compared to the same quarter last year. On average, analysts anticipate that Vestis Co. will post 0.59 earnings per share for the current fiscal 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 paid a $0.035 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.14 annualized dividend and a yield of 1.12%.

Insider Buying and Selling at Vestis

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

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.