Vertex, Inc. $VERX Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its stake in shares of Vertex, Inc. (NASDAQ:VERX) by 44.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 892,949 shares of the company’s stock after purchasing an additional 275,520 shares during the period. Principal Financial Group Inc.’s holdings in Vertex were worth $22,136,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Raymond James Financial Inc. purchased a new position in Vertex in the 2nd quarter worth about $54,000. Blue Trust Inc. boosted its holdings in shares of Vertex by 44.4% in the second quarter. Blue Trust Inc. now owns 1,664 shares of the company’s stock worth $59,000 after buying an additional 512 shares during the period. Advisors Asset Management Inc. increased its position in shares of Vertex by 25.7% in the first quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock worth $68,000 after acquiring an additional 395 shares in the last quarter. Osaic Holdings Inc. raised its holdings in shares of Vertex by 108.8% during the second quarter. Osaic Holdings Inc. now owns 5,781 shares of the company’s stock valued at $204,000 after acquiring an additional 3,012 shares during the period. Finally, Ameritas Investment Partners Inc. lifted its position in shares of Vertex by 17.0% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,643 shares of the company’s stock valued at $235,000 after acquiring an additional 965 shares in the last quarter. 70.32% of the stock is owned by hedge funds and other institutional investors.

Vertex Stock Performance

Shares of VERX stock opened at $15.73 on Friday. Vertex, Inc. has a fifty-two week low of $14.78 and a fifty-two week high of $58.66. The stock’s 50-day moving average is $19.33 and its two-hundred day moving average is $22.94. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $2.51 billion, a P/E ratio of -44.94, a PEG ratio of 2.41 and a beta of 0.59.

Vertex announced that its board has initiated a share buyback plan on Monday, November 3rd that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to purchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

VERX has been the topic of several research analyst reports. Robert W. Baird set a $25.00 price objective on shares of Vertex in a research report on Tuesday, November 4th. JMP Securities set a $37.00 price target on Vertex in a report on Tuesday, November 4th. Citizens Jmp dropped their price target 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. Citigroup downgraded Vertex from a “market outperform” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Jefferies Financial Group set a $28.00 target price on Vertex in a research note on Monday, November 3rd. Eleven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.