Jacobs Levy Equity Management Inc. Boosts Position in Vestis Co. (NYSE:VSTS)

Jacobs Levy Equity Management Inc. increased its position in shares of Vestis Co. (NYSE:VSTS - Free Report) by 111.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,631,652 shares of the company's stock after purchasing an additional 1,384,413 shares during the period. Jacobs Levy Equity Management Inc. owned 2.00% of Vestis worth $39,212,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LMR Partners LLP increased its position in Vestis by 726.8% during the third quarter. LMR Partners LLP now owns 160,528 shares of the company's stock worth $2,392,000 after purchasing an additional 141,113 shares during the last quarter. Private Management Group Inc. increased its position in shares of Vestis by 9.2% during the second quarter. Private Management Group Inc. now owns 692,394 shares of the company's stock valued at $8,468,000 after acquiring an additional 58,538 shares during the last quarter. Royce & Associates LP increased its position in shares of Vestis by 10.7% during the third quarter. Royce & Associates LP now owns 689,389 shares of the company's stock valued at $10,272,000 after acquiring an additional 66,621 shares during the last quarter. Comerica Bank increased its position in shares of Vestis by 39.8% during the first quarter. Comerica Bank now owns 168,552 shares of the company's stock valued at $3,248,000 after acquiring an additional 47,996 shares during the last quarter. Finally, Seven Eight Capital LP acquired a new stake in shares of Vestis during the second quarter valued at about $1,627,000. 97.40% of the stock is currently owned by institutional investors and hedge funds.

Vestis Price Performance

Shares of Vestis stock traded down $0.33 during trading on Wednesday, reaching $16.06. The company's stock had a trading volume of 402,502 shares, compared to its average volume of 2,127,401. 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 Co. has a 12-month low of $8.92 and a 12-month high of $22.37. The company has a market capitalization of $2.11 billion, a P/E ratio of 102.47 and a beta of 1.17. The business has a 50 day moving average price of $14.72 and a 200-day moving average price of $13.54.

Vestis (NYSE:VSTS - Get Free Report) last posted its quarterly earnings results on Thursday, November 21st. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). Vestis had a net margin of 0.75% and a return on equity of 9.07%. The business had revenue of $684.28 million during the quarter, compared to analysts' expectations of $693.54 million. The business's revenue was down 4.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Vestis Co. will post 0.66 EPS for the current year.

Vestis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Friday, December 13th will be given a dividend of $0.035 per share. The ex-dividend date is Friday, December 13th. This represents a $0.14 dividend on an annualized basis and a yield of 0.87%. Vestis's payout ratio is 87.50%.

Wall Street Analysts Forecast Growth

VSTS has been the subject of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on shares of Vestis from $13.60 to $15.00 and gave the company a "neutral" rating in a research report on Friday, November 22nd. Robert W. Baird cut Vestis from an "outperform" rating to a "neutral" rating and set a $13.00 target price for the company. in a research note on Thursday, August 8th. Baird R W lowered Vestis from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. increased their price target on Vestis from $15.00 to $16.00 and gave the company a "neutral" rating in a research report on Friday, November 22nd. Finally, Barclays increased their price target on Vestis from $10.00 to $13.00 and gave the company an "underweight" rating in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $16.91.

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.