Vertiv (NYSE:VRT) Updates Q2 2024 Earnings Guidance

Vertiv (NYSE:VRT) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.530-0.570 for the period, compared to the consensus earnings per share estimate of 0.550. The company issued revenue guidance of $1.9 billion-$2.0 billion, compared to the consensus revenue estimate of $1.9 billion. Vertiv also updated its FY 2024 guidance to 2.290-2.350 EPS.

Vertiv Stock Up 4.0 %

Shares of VRT opened at $79.15 on Wednesday. The company has a market cap of $30.23 billion, a PE ratio of 67.08, a P/E/G ratio of 1.21 and a beta of 1.59. The business has a fifty day moving average of $74.96 and a 200 day moving average of $56.68. Vertiv has a 52-week low of $12.20 and a 52-week high of $88.69. The company has a quick ratio of 1.35, a current ratio of 1.74 and a debt-to-equity ratio of 1.45.

Vertiv (NYSE:VRT) last issued its earnings results on Wednesday, February 21st. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.03. The firm 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%. The business’s revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.28 earnings per share. On average, sell-side analysts expect that Vertiv will post 2.36 EPS for the current year.

Vertiv Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Oppenheimer began coverage on Vertiv in a research report on Friday, April 5th. They set an outperform rating and a $96.00 target price for the company. Bank of America upped their target price on Vertiv from $80.00 to $90.00 and gave the stock a buy rating in a report on Monday, March 18th. Mizuho upped their target price on Vertiv from $50.00 to $56.00 and gave the stock a neutral rating in a report on Thursday, February 22nd. Evercore ISI upped their target price on Vertiv from $80.00 to $90.00 and gave the stock an outperform rating in a report on Friday, April 5th. Finally, Citigroup upped their target price on Vertiv from $69.00 to $102.00 and gave the stock a buy rating in a report on Monday, April 8th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $74.56.

Insider Transactions at Vertiv

In other news, CAO Scott Cripps sold 56,594 shares of the business’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $70.76, for a total value of $4,004,591.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Scott Cripps sold 56,594 shares of the company’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $70.76, for a total transaction of $4,004,591.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 value of $21,507,207.04. Following the transaction, the executive vice president now directly owns 51,841 shares in the company, valued at $3,641,311.84. The disclosure for this sale can be found here. Corporate insiders own 5.62% of the company’s stock.

About Vertiv

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.