Allspring Global Investments Holdings LLC Buys 96,836 Shares of Vestis Co. (NYSE:VSTS)

Allspring Global Investments Holdings LLC grew its stake in Vestis Co. (NYSE:VSTS) by 2,290.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,064 shares of the company’s stock after purchasing an additional 96,836 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.08% of Vestis worth $1,948,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of VSTS. Nordea Investment Management AB bought a new position in Vestis during the fourth quarter worth about $3,909,000. Sound Income Strategies LLC bought a new position in Vestis in the 4th quarter valued at about $25,000. Sanders Morris Harris LLC bought a new position in Vestis in the 4th quarter valued at about $217,000. SG Americas Securities LLC bought a new position in Vestis in the 4th quarter valued at about $223,000. Finally, Rosenberg Matthew Hamilton bought a new position in Vestis in the 4th quarter valued at about $55,000. 97.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on VSTS shares. Robert W. Baird decreased their target price on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. The Goldman Sachs Group dropped their price target on shares of Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. 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 report on Tuesday, May 7th. JPMorgan Chase & Co. downgraded shares of Vestis from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $22.00 to $11.00 in a research report on Friday, May 3rd. Finally, Barclays dropped their price target on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Vestis currently has an average rating of “Hold” and a consensus price target of $16.38.

Insiders Place Their Bets

In related news, major shareholder Corvex Management Lp purchased 1,828,009 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were bought at an average cost of $9.54 per share, with a total value of $17,439,205.86. Following the acquisition, the insider now owns 14,973,187 shares of the company’s stock, valued at $142,844,203.98. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Corvex Management Lp purchased 1,828,009 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were bought at an average cost of $9.54 per share, with a total value of $17,439,205.86. Following the acquisition, the insider now owns 14,973,187 shares of the company’s stock, valued at $142,844,203.98. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas A. Pertz purchased 22,442 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average cost of $11.62 per share, for a total transaction of $260,776.04. Following the completion of the acquisition, the director now directly owns 218,046 shares in the company, valued at approximately $2,533,694.52. The disclosure for this purchase can be found here. Insiders have bought 2,830,779 shares of company stock valued at $28,501,849 in the last three months.

Vestis Price Performance

Shares of NYSE:VSTS traded down $0.08 during mid-day trading on Tuesday, hitting $11.57. The company had a trading volume of 186,193 shares, compared to its average volume of 2,268,431. The firm has a fifty day moving average price of $12.84 and a 200 day moving average price of $17.32. 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 one year low of $8.92 and a one year high of $22.37.

Vestis (NYSE:VSTS) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The business had revenue of $705.37 million for the quarter, compared to analyst estimates of $722.54 million. Vestis’s revenue for the quarter was up .9% on a year-over-year basis. Sell-side 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 will be paid on Tuesday, July 2nd. Shareholders of record on Friday, June 14th will be paid a dividend of $0.035 per share. The ex-dividend date is Friday, June 14th. This represents a $0.14 dividend on an annualized basis and a yield of 1.21%.

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.