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

Bessemer Group Inc. trimmed its stake in shares of Vertex, Inc. (NASDAQ:VERX) by 93.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VERX. DLD Asset Management LP bought a new stake in Vertex in the 2nd quarter worth approximately $300,348,000. Wasatch Advisors LP purchased a new position in shares of Vertex in the 2nd quarter worth $88,293,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Vertex by 231.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,567,902 shares of the company’s stock worth $88,448,000 after buying an additional 2,490,097 shares during the last quarter. Champlain Investment Partners LLC bought a new stake in shares of Vertex in the second quarter worth $60,381,000. Finally, Geneva Capital Management LLC increased its position in Vertex by 47.7% during the second quarter. Geneva Capital Management LLC now owns 3,017,735 shares of the company’s stock valued at $106,632,000 after acquiring an additional 974,530 shares during the last quarter. Institutional investors own 70.32% of the company’s stock.

Vertex Price Performance

NASDAQ VERX opened at $15.26 on Tuesday. Vertex, Inc. has a 12 month low of $14.78 and a 12 month high of $57.73. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of -43.60, a PEG ratio of 2.41 and a beta of 0.59. The company’s 50 day moving average is $19.25 and its two-hundred day moving average is $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 declared that its Board of Directors has authorized a stock repurchase program on Monday, November 3rd that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to buy up to 4.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on VERX. BMO Capital Markets dropped their target price on Vertex from $30.00 to $24.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 4th. Stifel Nicolaus lowered their price objective on shares of Vertex from $28.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, November 4th. UBS Group reissued a “market outperform” rating on shares of Vertex in a report on Tuesday, November 4th. Jefferies Financial Group set a $28.00 target price on shares of Vertex in a report on Monday, November 3rd. Finally, Piper Sandler downgraded shares of Vertex from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $32.00 to $20.00 in a research report on Monday, February 2nd. Eleven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Vertex presently has an average rating of “Moderate Buy” and a consensus price target of $31.60.

About Vertex

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.