IVY Lane Capital Management LLC Buys New Shares in Vertex, Inc. $VERX

IVY Lane Capital Management LLC purchased a new stake in shares of Vertex, Inc. (NASDAQ:VERX) during the third quarter, Holdings Channel reports. The fund purchased 94,000 shares of the company’s stock, valued at approximately $2,330,000. Vertex comprises about 2.6% of IVY Lane Capital Management LLC’s holdings, making the stock its 9th biggest holding.

Other large investors have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in shares of Vertex in the 2nd quarter valued at about $54,000. Advisors Asset Management Inc. grew its stake in Vertex by 25.7% during the first quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock worth $68,000 after purchasing an additional 395 shares during the period. State of Wyoming increased its holdings in Vertex by 37.9% in the third quarter. State of Wyoming now owns 6,466 shares of the company’s stock worth $160,000 after purchasing an additional 1,777 shares in the last quarter. Osaic Holdings Inc. increased its holdings in Vertex by 108.8% in the second quarter. Osaic Holdings Inc. now owns 5,781 shares of the company’s stock worth $204,000 after purchasing an additional 3,012 shares in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its stake in Vertex by 17.0% in the second quarter. Ameritas Investment Partners Inc. now owns 6,643 shares of the company’s stock valued at $235,000 after buying an additional 965 shares during the period. 70.32% of the stock is currently owned by institutional investors and hedge funds.

Vertex Stock Performance

NASDAQ VERX opened at $14.48 on Monday. The company has a market cap of $2.31 billion, a P/E ratio of 362.09, a PEG ratio of 1.72 and a beta of 0.64. The company has a fifty day simple moving average of $17.38 and a 200 day simple moving average of $21.02. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.30. Vertex, Inc. has a 12-month low of $11.86 and a 12-month high of $42.44.

Vertex (NASDAQ:VERX) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.17. The firm had revenue of $194.71 million for the quarter, compared to analyst estimates of $194.33 million. Vertex had a net margin of 0.96% and a return on equity of 24.70%. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the firm earned $0.15 earnings per share. Sell-side analysts predict that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Vertex announced that its board has approved a share repurchase plan on Monday, November 3rd that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other Vertex news, insider Jeffrey Westphal purchased 247,740 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were acquired at an average price of $13.08 per share, with a total value of $3,240,439.20. Following the transaction, the insider owned 247,740 shares in the company, valued at $3,240,439.20. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric C. Andersen acquired 40,000 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were bought at an average cost of $12.91 per share, with a total value of $516,400.00. Following the completion of the acquisition, the director directly owned 150,341 shares in the company, valued at approximately $1,940,902.31. This represents a 36.25% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 437,740 shares of company stock worth $5,636,339. 43.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on VERX. BMO Capital Markets reduced their price objective on shares of Vertex from $22.00 to $16.00 and set a “market perform” rating for the company in a research report on Thursday, February 12th. Stifel Nicolaus set a $16.00 target price on shares of Vertex in a research note on Wednesday, February 11th. UBS Group set a $25.00 price target on shares of Vertex in a report on Thursday, February 12th. Morgan Stanley set a $20.00 price target on shares of Vertex in a research note on Thursday, February 12th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Vertex in a research report on Wednesday, January 21st. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $23.07.

Vertex Company 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.