Lazard Asset Management LLC Sells 13,992,423 Shares of Vertex, Inc. $VERX

Lazard Asset Management LLC decreased its position in Vertex, Inc. (NASDAQ:VERX) by 99.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,577 shares of the company’s stock after selling 13,992,423 shares during the period. Lazard Asset Management LLC’s holdings in Vertex were worth $459,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Royal Bank of Canada grew its holdings in 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 acquiring an additional 48,181 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Vertex by 25.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock valued at $68,000 after purchasing an additional 395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Vertex by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,935 shares of the company’s stock valued at $2,869,000 after purchasing an additional 3,461 shares during the period. Prudential Financial Inc. boosted its position in shares of Vertex by 92.1% during the 2nd quarter. Prudential Financial Inc. now owns 8,105 shares of the company’s stock valued at $286,000 after purchasing an additional 3,885 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Vertex by 10,910.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 13,543 shares of the company’s stock valued at $479,000 after purchasing an additional 13,420 shares in the last quarter. Institutional investors own 70.32% of the company’s stock.

Vertex Stock Down 1.9%

Shares of NASDAQ:VERX opened at $11.57 on Friday. The business’s 50 day moving average is $12.37 and its 200 day moving average is $13.31. Vertex, Inc. has a 12-month low of $10.21 and a 12-month high of $28.86. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 578.79 and a beta of 0.83. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.40.

Vertex (NASDAQ:VERX) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. Vertex had a return on equity of 29.00% and a net margin of 0.45%.The business had revenue of $203.97 million during the quarter, compared to analyst estimates of $202.21 million. During the same period in the prior year, the firm posted $0.15 EPS. Vertex’s quarterly revenue was up 10.5% compared to the same quarter last year. On average, sell-side analysts forecast that Vertex, Inc. will post 0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on VERX shares. TD Cowen began coverage on Vertex in a research note on Monday, June 29th. They issued a “buy” rating and a $14.00 price target on the stock. Citigroup raised their price objective on shares of Vertex from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. The Goldman Sachs Group reiterated a “buy” rating and issued a $21.00 price objective on shares of Vertex in a research note on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating on shares of Vertex in a research report on Monday, June 8th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $15.00 target price (down from $19.00) on shares of Vertex in a research note on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.53.

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.