IVY Lane Capital Management LLC Makes New Investment in Vertex, Inc. $VERX

IVY Lane Capital Management LLC bought a new stake in Vertex, Inc. (NASDAQ:VERX) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 94,000 shares of the company’s stock, valued at approximately $2,330,000. Vertex makes up 2.6% of IVY Lane Capital Management LLC’s investment portfolio, making the stock its 9th biggest holding. IVY Lane Capital Management LLC owned 0.06% of Vertex as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of VERX. Royal Bank of Canada lifted its position in shares of Vertex by 36.3% during the 1st quarter. Royal Bank of Canada now owns 180,978 shares of the company’s stock worth $6,336,000 after buying an additional 48,181 shares during the last quarter. Advisors Asset Management Inc. grew its position 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Vertex by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,935 shares of the company’s stock valued at $2,869,000 after acquiring an additional 3,461 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in Vertex by 8.8% during the second quarter. State of New Jersey Common Pension Fund D now owns 48,232 shares of the company’s stock worth $1,704,000 after acquiring an additional 3,903 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Vertex by 6.5% in the second quarter. Teacher Retirement System of Texas now owns 10,310 shares of the company’s stock worth $364,000 after acquiring an additional 630 shares during the last quarter. Institutional investors own 70.32% of the company’s stock.

Insider Activity

In related news, Director Eric C. Andersen bought 40,000 shares of Vertex stock in a transaction that occurred on Friday, February 20th. The shares were acquired at an average cost of $12.91 per share, for a total transaction of $516,400.00. Following the completion of the acquisition, the director directly owned 150,341 shares of the company’s stock, valued at approximately $1,940,902.31. The trade was a 36.25% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jeffrey Westphal bought 150,000 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were purchased at an average cost of $12.53 per share, with a total value of $1,879,500.00. Following the transaction, the insider directly owned 397,740 shares in the company, valued at approximately $4,983,682.20. This trade represents a 60.55% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders bought 437,740 shares of company stock valued at $5,636,339. Insiders own 43.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on VERX shares. Citizens Jmp decreased their price target on shares of Vertex from $37.00 to $25.00 and set a “market outperform” rating on the stock in a report on Thursday, February 12th. Needham & Company LLC cut their target price on shares of Vertex from $30.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Vertex in a research note on Wednesday, January 21st. Jefferies Financial Group cut Vertex from a “buy” rating to a “hold” rating and set a $16.00 price target for the company. in a research note on Wednesday, February 11th. Finally, Robert W. Baird set a $25.00 price objective on Vertex in a report on Tuesday, November 4th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Vertex currently has an average rating of “Hold” and an average target price of $23.07.

Vertex Trading Down 2.4%

Shares of NASDAQ VERX opened at $14.48 on Monday. The firm has a 50 day moving average price of $17.38 and a two-hundred day moving average price of $21.02. The stock has a market cap of $2.31 billion, a P/E ratio of 362.09, a price-to-earnings-growth ratio of 1.72 and a beta of 0.64. Vertex, Inc. has a 52-week low of $11.86 and a 52-week high of $42.44. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.98 and a current ratio of 0.98.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. The company had revenue of $194.71 million for the quarter, compared to analysts’ expectations of $194.33 million. Vertex had a net margin of 0.96% and a return on equity of 24.70%. Vertex’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 earnings per share. As a group, equities analysts forecast that Vertex, Inc. will post 0.38 EPS for the current year.

Vertex announced that its board has authorized a stock buyback program on Monday, November 3rd that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to repurchase up to 4.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

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.