Vertiv (NYSE:VRT) Issues FY 2024 Earnings Guidance

Vertiv (NYSE:VRT) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 2.290-2.350 for the period, compared to the consensus EPS estimate of 2.300. The company issued revenue guidance of $7.5 billion-$7.7 billion, compared to the consensus revenue estimate of $7.6 billion. Vertiv also updated its FY24 guidance to $2.29-2.35 EPS.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on Vertiv from $65.00 to $95.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Bank of America upped their price target on shares of Vertiv from $80.00 to $90.00 and gave the company a buy rating in a research report on Monday, March 18th. Oppenheimer initiated coverage on shares of Vertiv in a report on Friday, April 5th. They issued an outperform rating and a $96.00 price objective on the stock. Citigroup boosted their target price 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. Finally, 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. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $74.56.

Vertiv Price Performance

NYSE:VRT traded up $5.72 during trading hours on Wednesday, hitting $84.89. 26,087,546 shares of the stock traded hands, compared to its average volume of 7,859,743. The stock has a 50 day moving average price of $74.96 and a 200 day moving average price of $56.68. The company has a quick ratio of 1.35, a current ratio of 1.74 and a debt-to-equity ratio of 1.45. The company 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 1 year low of $12.22 and a 1 year high of $94.39.

Vertiv (NYSE:VRT) last released its earnings results 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. Vertiv had a net margin of 6.71% and a return on equity of 39.46%. The company had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the previous year, the company earned $0.28 EPS. Vertiv’s revenue for the quarter was up 12.7% on a year-over-year basis. Sell-side analysts forecast that Vertiv will post 2.36 EPS for the current fiscal year.

Vertiv Announces Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 0.12%. The ex-dividend date of this dividend was Monday, March 18th. Vertiv’s dividend payout ratio is currently 8.47%.

Insider Buying and Selling

In other news, CAO Scott Cripps sold 56,594 shares of Vertiv 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Stephen Liang sold 306,196 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was 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 directly owns 51,841 shares in the company, valued at $3,641,311.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Scott Cripps sold 56,594 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were 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 owned by insiders.

Vertiv Company Profile

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.