Vertiv (NYSE:VRT) Updates Q2 2024 Earnings Guidance

Vertiv (NYSE:VRT) updated its second quarter 2024 earnings guidance on Wednesday. The company provided EPS guidance of 0.530-0.570 for the period, compared to the consensus EPS 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 Trading Up 7.2 %

Shares of NYSE:VRT traded up $5.72 during trading on Wednesday, reaching $84.89. 26,087,546 shares of the stock were exchanged, compared to its average volume of 7,859,743. The firm’s 50-day moving average price is $74.96 and its 200 day moving average price is $56.68. The firm has a market cap of $32.43 billion, a price-to-earnings ratio of 71.64, a price-to-earnings-growth ratio of 1.21 and a beta of 1.59. Vertiv has a 12-month low of $12.22 and a 12-month high of $94.39. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.35 and a current ratio of 1.74.

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

Vertiv Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date of this dividend was Monday, March 18th. Vertiv’s dividend payout ratio is presently 8.47%.

Wall Street Analyst Weigh In

Several brokerages recently commented on VRT. Bank of America raised their target price on Vertiv from $80.00 to $90.00 and gave the company a buy rating in a report on Monday, March 18th. Evercore ISI boosted their target price on shares of Vertiv from $80.00 to $90.00 and gave the stock an outperform rating in a research report on Friday, April 5th. JPMorgan Chase & Co. raised their price target on shares of Vertiv from $65.00 to $95.00 and gave the company an overweight rating in a report on Thursday, April 11th. Mizuho boosted their price objective on shares of Vertiv from $50.00 to $56.00 and gave the stock a neutral rating in a report on Thursday, February 22nd. Finally, Citigroup upped their price objective on shares of Vertiv from $69.00 to $102.00 and gave the company a buy rating in a research report on Monday, April 8th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $74.56.

Insider Transactions at Vertiv

In other Vertiv news, EVP Stephen Liang sold 306,196 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $70.24, for a total transaction of $21,507,207.04. Following the sale, the executive vice president now owns 51,841 shares in the company, valued at $3,641,311.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Vertiv news, EVP Stephen Liang sold 306,196 shares of the stock in a transaction on 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 sale, the executive vice president now directly owns 51,841 shares of the company’s stock, valued at $3,641,311.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Scott Cripps sold 56,594 shares of the firm’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 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.