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 3.5 %

VRT opened at $93.49 on Friday. The firm has a 50-day simple moving average of $76.51 and a two-hundred day simple moving average of $57.47. Vertiv has a 52 week low of $13.73 and a 52 week high of $95.32. The company has a market capitalization of $35.71 billion, a PE ratio of 89.89, a price-to-earnings-growth ratio of 1.44 and a beta of 1.59. 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 released its quarterly earnings data on Wednesday, April 24th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.37 by $0.06. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.62 billion. Vertiv had a net margin of 5.79% and a return on equity of 42.43%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.24 EPS. Analysts forecast that Vertiv will post 2.35 earnings per share for the current fiscal year.

Vertiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 19th were given a dividend of $0.025 per share. 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 dividend payout ratio is 9.62%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Citigroup upped their target price on shares of Vertiv from $102.00 to $110.00 and gave the company a buy rating in a research report on Thursday. Mizuho upped their target price on shares of Vertiv from $56.00 to $95.00 and gave the company a neutral rating in a research report on Friday. Oppenheimer upped their target price on shares of Vertiv from $96.00 to $98.00 and gave the company an outperform rating in a research report on Thursday. Evercore ISI increased their price objective on shares of Vertiv from $90.00 to $95.00 and gave the stock an outperform rating in a research report on Thursday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Vertiv from $95.00 to $100.00 and gave the stock an overweight rating in a research report on Thursday. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Vertiv has a consensus rating of Moderate Buy and a consensus price target of $81.11.

Insider Transactions at Vertiv

In other news, EVP Stephen Liang sold 306,196 shares of the firm’s stock in a transaction that occurred 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 transaction, 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 SEC, which is accessible through this hyperlink. In other news, EVP Stephen Liang sold 306,196 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 51,841 shares in the company, valued at $3,641,311.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Scott Cripps sold 56,594 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were 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.