Director Douglas A. Pertz of Vestis Corp (NYSE:VSTS), a leading company in the wholesale of miscellaneous nondurable goods, has made a significant purchase of company stock, according to a recent SEC filing. Over two separate transactions, Pertz acquired a total of 76,910 shares, investing approximately $913,761.
On May 24, 2024, Pertz bought 54,468 shares at a weighted average price of $11.9897, with individual prices ranging from $11.95 to $12.02. Following this transaction, he made another purchase on May 28, acquiring 22,442 shares at an average price of $11.6169, within a price range of $11.51 to $11.75.
These transactions have increased Pertz's direct ownership in Vestis Corp to 218,045.535 shares, reflecting his confidence in the company's future performance. The detailed information about the exact number of shares bought at each price point within the respective ranges can be provided upon request to the issuer, any security holder of the issuer, or the SEC staff.
Investors often monitor insider buying and selling as it can provide insights into the company's financial health and the beliefs of its key executives regarding the stock's future value. Pertz's recent purchases may be seen as a positive sign by the market, indicating potential growth or undervaluation of Vestis Corp's stock.
The filing was signed by Timothy Donovan, General Counsel of Vestis Corp, as Attorney-in-fact for Douglas Pertz, on May 29, 2024.
InvestingPro Insights
Amidst recent insider activity, Vestis Corp (NYSE:VSTS) has shown several notable financial metrics that could provide a broader context for investors. According to InvestingPro data, Vestis Corp currently has a market capitalization of $1.53 billion. The company's P/E ratio stands at a modest 9.8, suggesting it is trading at a low earnings multiple, which could be of interest to value investors. Additionally, the company's revenue for the last twelve months as of Q2 2024 was reported at $2.85 billion, with a growth rate of 3.1%, indicating a steady increase in its financial performance.
Two InvestingPro Tips highlight the recent performance and expectations for Vestis Corp. Despite a challenging market environment, analysts predict the company will be profitable this year. Moreover, Vestis Corp's liquid assets exceed its short-term obligations, which could be a sign of financial stability. However, investors should note that six analysts have revised their earnings downwards for the upcoming period, and the stock has experienced significant price volatility.
For investors looking to delve deeper into Vestis Corp's financials and stock performance, additional InvestingPro Tips are available, providing a comprehensive analysis of the company. With the use of coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a total of 13 InvestingPro Tips for Vestis Corp.
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