Vertiv (NYSE:VRT) Updates Q2 2024 Earnings Guidance

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

Wall Street Analyst Weigh In

Several research firms have recently commented on VRT. Citigroup increased their price objective on Vertiv from $69.00 to $102.00 and gave the company a buy rating in a report on Monday, April 8th. Evercore ISI increased their price target on shares of Vertiv from $80.00 to $90.00 and gave the company an outperform rating in a research note on Friday, April 5th. Bank of America boosted their price objective on shares of Vertiv from $80.00 to $90.00 and gave the stock a buy rating in a research note on Monday, March 18th. Oppenheimer began coverage on Vertiv in a report on Friday, April 5th. They set an outperform rating and a $96.00 price target for the company. Finally, Mizuho upped their price objective on Vertiv from $50.00 to $56.00 and gave the company a neutral rating in a research note 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 company currently has an average rating of Moderate Buy and an average target price of $74.56.

Vertiv Stock Performance

NYSE VRT traded up $5.72 on Wednesday, reaching $84.89. The stock had a trading volume of 26,087,546 shares, compared to its average volume of 7,859,743. Vertiv has a 1-year low of $12.22 and a 1-year high of $94.39. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.74 and a quick ratio of 1.35. The company has a market cap of $32.43 billion, a P/E ratio of 71.64, a price-to-earnings-growth ratio of 1.21 and a beta of 1.59. The firm has a fifty day moving average of $74.96 and a two-hundred day moving average of $56.68.

Vertiv (NYSE:VRT) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. The business had revenue of $1.87 billion for 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 revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period last year, the firm earned $0.28 earnings per share. On average, equities research analysts anticipate that Vertiv will post 2.36 EPS for the current year.

Vertiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 19th were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date was Monday, March 18th. Vertiv’s dividend payout ratio is currently 8.47%.

Insiders Place Their Bets

In other news, EVP Stephen Liang sold 306,196 shares of the stock in a transaction 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 directly owns 51,841 shares of the company’s stock, valued at approximately $3,641,311.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Vertiv news, CAO Scott Cripps sold 56,594 shares of the company’s stock in a transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stephen Liang sold 306,196 shares of Vertiv stock in a transaction on 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 completion of the transaction, the executive vice president now owns 51,841 shares in the company, valued at approximately $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.