Norris Perne & French LLP MI Decreases Stock Holdings in Vertex, Inc. $VERX

Norris Perne & French LLP MI lowered its stake in shares of Vertex, Inc. (NASDAQ:VERX) by 18.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 206,136 shares of the company’s stock after selling 45,892 shares during the quarter. Norris Perne & French LLP MI owned about 0.13% of Vertex worth $5,110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its position in shares of Vertex by 31.0% during the second quarter. Fifth Third Bancorp now owns 1,467 shares of the company’s stock valued at $52,000 after buying an additional 347 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Vertex during the 2nd quarter worth approximately $54,000. Blue Trust Inc. lifted its position in Vertex by 44.4% during the second quarter. Blue Trust Inc. now owns 1,664 shares of the company’s stock valued at $59,000 after acquiring an additional 512 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Vertex by 25.7% in the first quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock valued at $68,000 after acquiring an additional 395 shares in the last quarter. Finally, State of Wyoming boosted its stake in Vertex by 16.1% in the first quarter. State of Wyoming now owns 4,669 shares of the company’s stock valued at $163,000 after acquiring an additional 649 shares in the last quarter. Hedge funds and other institutional investors own 70.32% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on VERX. Citigroup downgraded Vertex from a “market outperform” rating to a “hold” rating in a research report on Tuesday, November 4th. Stephens initiated coverage on Vertex in a research note on Friday, September 26th. They set an “overweight” rating and a $30.00 target price on the stock. Needham & Company LLC decreased their price target on Vertex from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, November 4th. UBS Group restated a “market outperform” rating on shares of Vertex in a research note on Tuesday, November 4th. Finally, Robert W. Baird set a $25.00 price objective on shares of Vertex in a report on Tuesday, November 4th. Twelve research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Vertex Stock Up 1.3%

Vertex stock opened at $20.31 on Monday. The business’s 50-day simple moving average is $20.82 and its two-hundred day simple moving average is $26.33. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $3.24 billion, a PE ratio of -58.03, a PEG ratio of 4.11 and a beta of 0.68. Vertex, Inc. has a fifty-two week low of $18.54 and a fifty-two week high of $60.71.

Vertex (NASDAQ:VERX) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.01. The firm had revenue of $192.11 million during the quarter, compared to analysts’ expectations of $191.62 million. Vertex had a positive return on equity of 26.84% and a negative net margin of 7.32%.The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period last year, the business posted $0.16 earnings per share. Equities analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current year.

Vertex declared that its Board of Directors has initiated a stock buyback program on Monday, November 3rd that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to reacquire up to 4.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Vertex Profile

Vertex Energy, Inc (NASDAQ: VERX) is a specialty refiner and marketer of transportation fuels and petrochemical feedstocks in the United States. The company collects and processes a variety of waste petroleum products, including used motor oil and industrial lubricants, which it converts into ultra-low-sulfur diesel, asphalt, and other refined products. By leveraging proprietary re-refining technologies and strategic feedstock sourcing, Vertex Energy aims to deliver cost-effective, lower-carbon fuel solutions to wholesale and retail customers across the country.

Headquartered in Houston, Texas, Vertex operates a network of refining and blending facilities in key regions, including the Central, Northeast and Mid-Atlantic markets.