Vertiv (NYSE:VRT) Updates FY24 Earnings Guidance

Vertiv (NYSE:VRT) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $2.29-2.35 for the period, compared to the consensus EPS 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 Stock Up 6.8 %

NYSE:VRT traded up $5.36 on Wednesday, reaching $84.53. The stock had a trading volume of 28,768,103 shares, compared to its average volume of 7,897,745. 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 $74.96 and a 200 day moving average of $56.68. The stock has a market cap of $32.29 billion, a P/E 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.

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

Vertiv Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Vertiv from $65.00 to $95.00 and gave the stock an overweight rating in a research report on Thursday, April 11th. Mizuho increased their price target on shares of Vertiv from $50.00 to $56.00 and gave the stock a neutral rating in a research report on Thursday, February 22nd. Evercore ISI increased their price target 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. Oppenheimer assumed coverage on shares of Vertiv in a research report on Friday, April 5th. They set an outperform rating and a $96.00 price target on the stock. Finally, Citigroup increased their price target on shares of Vertiv from $69.00 to $102.00 and gave the stock a buy rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $74.56.

Insiders Place Their Bets

In other Vertiv 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 value 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Vertiv 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 value 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 document filed with the Securities & Exchange Commission, 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. 5.62% of the stock is currently owned by corporate 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.