Vertiv (NYSE:VRT) Releases FY24 Earnings Guidance

Vertiv (NYSE:VRT) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.29-2.35 for the period, compared to the consensus estimate of $2.30. The company issued revenue guidance of $7.54-7.69 billion, compared to the consensus revenue estimate of $7.63 billion. Vertiv also updated its FY 2024 guidance to 2.290-2.350 EPS.

Vertiv Trading Up 4.0 %

VRT stock opened at $79.15 on Wednesday. The firm has a fifty day moving average price of $74.96 and a 200 day moving average price of $56.68. Vertiv has a fifty-two week low of $12.20 and a fifty-two week high of $88.69. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.35 and a current ratio of 1.74. The firm has a market cap of $30.23 billion, a PE ratio of 67.08, a price-to-earnings-growth ratio of 1.21 and a beta of 1.59.

Vertiv (NYSE:VRT) last posted its quarterly earnings data on Wednesday, February 21st. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.53 by $0.03. The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.88 billion. Vertiv had a net margin of 6.71% and a return on equity of 39.46%. Vertiv’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.28 earnings per share. Sell-side analysts anticipate that Vertiv will post 2.36 earnings per share for the current fiscal year.

Vertiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 19th were paid a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 0.13%. The ex-dividend date of this dividend was Monday, March 18th. Vertiv’s payout ratio is 8.47%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Oppenheimer assumed coverage on shares of Vertiv in a research note on Friday, April 5th. They set an outperform rating and a $96.00 price objective for the company. Mizuho lifted their target price on Vertiv from $50.00 to $56.00 and gave the stock a neutral rating in a research report on Thursday, February 22nd. JPMorgan Chase & Co. lifted their target price on Vertiv from $65.00 to $95.00 and gave the stock an overweight rating in a research report on Thursday, April 11th. Evercore ISI lifted their target price on Vertiv from $80.00 to $90.00 and gave the stock an outperform rating in a research report on Friday, April 5th. Finally, Bank of America lifted their target price on Vertiv from $80.00 to $90.00 and gave the stock a buy rating in a research report on Monday, March 18th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Vertiv has a consensus rating of Moderate Buy and an average target price of $74.56.

Insiders Place Their Bets

In other Vertiv news, EVP Stephen Liang sold 306,196 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $70.24, for a total transaction of $21,507,207.04. Following the completion of the sale, the executive vice president now directly owns 51,841 shares of the company’s stock, valued at $3,641,311.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Stephen Liang sold 306,196 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $70.24, for a total transaction of $21,507,207.04. Following the transaction, the executive vice president now owns 51,841 shares in the company, valued at $3,641,311.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Scott Cripps sold 56,594 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $70.76, for a total transaction of $4,004,591.44. The disclosure for this sale can be found here. 5.62% of the stock is currently owned by corporate insiders.

Vertiv Company Profile

Vertiv Holdings Co, together with its subsidiaries, designs, manufactures, and services critical digital infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.