Vertiv (NYSE:VRT) Updates 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 7.6 %

Shares of VRT stock traded up $6.46 on Thursday, reaching $91.03. The company had a trading volume of 9,795,384 shares, compared to its average volume of 7,911,748. The company has a current ratio of 1.74, a quick ratio of 1.35 and a debt-to-equity ratio of 1.45. The company has a 50-day moving average of $75.35 and a 200-day moving average of $56.87. Vertiv has a 12 month low of $13.06 and a 12 month high of $94.39. The stock has a market cap of $34.77 billion, a PE ratio of 75.42, a PEG ratio of 1.26 and a beta of 1.59.

Vertiv (NYSE:VRT) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.62 billion. Vertiv had a return on equity of 39.46% and a net margin of 6.71%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.24 EPS. On average, equities analysts forecast that Vertiv will post 2.36 earnings per share for the current year.

Vertiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 19th were issued a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 0.11%. The ex-dividend date of this dividend was Monday, March 18th. Vertiv’s payout ratio is presently 8.47%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on VRT. Oppenheimer increased their price target on Vertiv from $96.00 to $98.00 and gave the company an outperform rating in a research note on Thursday. Bank of America increased their price target on Vertiv from $80.00 to $90.00 and gave the company a buy rating in a research note on Monday, March 18th. Citigroup increased their price target on Vertiv from $69.00 to $102.00 and gave the company a buy rating in a research note on Monday, April 8th. Evercore ISI increased their price target on Vertiv from $90.00 to $95.00 and gave the company an outperform rating in a research note on Thursday. Finally, Mizuho increased their price objective on Vertiv from $50.00 to $56.00 and gave the stock a neutral rating in a research report on Thursday, February 22nd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $75.89.

Insider Transactions at Vertiv

In related news, 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 value of $4,004,591.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Stephen Liang sold 306,196 shares of Vertiv stock in a transaction dated 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 directly owns 51,841 shares of the company’s stock, valued at $3,641,311.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 value of $4,004,591.44. The disclosure for this sale can be found here. 5.62% of the stock is currently owned by insiders.

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.