Bessemer Group Inc. Sells 543,811 Shares of Vertex, Inc. $VERX

Bessemer Group Inc. decreased its holdings in Vertex, Inc. (NASDAQ:VERX) by 93.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,991 shares of the company’s stock after selling 543,811 shares during the period. Bessemer Group Inc.’s holdings in Vertex were worth $917,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in VERX. State of Wyoming raised its stake in Vertex by 37.9% during the 3rd quarter. State of Wyoming now owns 6,466 shares of the company’s stock valued at $160,000 after purchasing an additional 1,777 shares during the period. Principal Financial Group Inc. raised its position in shares of Vertex by 44.6% during the third quarter. Principal Financial Group Inc. now owns 892,949 shares of the company’s stock valued at $22,136,000 after buying an additional 275,520 shares during the last quarter. Keybank National Association OH lifted its holdings in shares of Vertex by 49.5% in the third quarter. Keybank National Association OH now owns 11,762 shares of the company’s stock worth $292,000 after buying an additional 3,895 shares in the last quarter. AlphaQuest LLC boosted its position in shares of Vertex by 10.4% during the third quarter. AlphaQuest LLC now owns 10,732 shares of the company’s stock worth $266,000 after acquiring an additional 1,014 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Vertex by 8.6% during the third quarter. Arizona State Retirement System now owns 21,641 shares of the company’s stock worth $536,000 after acquiring an additional 1,720 shares during the last quarter. Hedge funds and other institutional investors own 70.32% of the company’s stock.

Wall Street Analysts Forecast Growth

VERX has been the topic of a number of research reports. Citigroup downgraded shares of Vertex from a “market outperform” rating to a “hold” rating in a report on Tuesday, November 4th. Needham & Company LLC reduced their target price on Vertex from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, November 4th. Citizens Jmp decreased their target price on Vertex from $50.00 to $37.00 and set a “market outperform” rating on the stock in a research report on Tuesday, November 4th. Weiss Ratings restated a “sell (d)” rating on shares of Vertex in a report on Wednesday, January 21st. Finally, BMO Capital Markets reduced their price objective on Vertex from $30.00 to $24.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 4th. Eleven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.60.

Vertex Trading Down 3.0%

VERX opened at $15.26 on Tuesday. The stock has a 50-day moving average of $19.25 and a 200 day moving average of $22.72. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.27. Vertex, Inc. has a 12 month low of $14.78 and a 12 month high of $57.73. The firm has a market cap of $2.43 billion, a P/E ratio of -43.60, a P/E/G ratio of 2.41 and a beta of 0.59.

Vertex announced that its board has authorized a stock buyback plan on Monday, November 3rd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board 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.