Vertiv (NYSE:VRT) Releases Q3 2024 Earnings Guidance

Vertiv (NYSE:VRT) issued an update on its third quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.650-0.690 for the period, compared to the consensus earnings per share estimate of 0.630. The company issued revenue guidance of $1.9 billion-$2.0 billion, compared to the consensus revenue estimate of $2.0 billion. Vertiv also updated its FY 2024 guidance to 2.470-2.530 EPS.

Vertiv Stock Down 12.5 %

Shares of Vertiv stock traded down $11.35 during trading on Wednesday, reaching $79.65. The company’s stock had a trading volume of 17,261,830 shares, compared to its average volume of 8,530,738. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 2.09. The company has a market cap of $29.82 billion, a price-to-earnings ratio of 76.76, a P/E/G ratio of 1.27 and a beta of 1.58. Vertiv has a 1-year low of $25.09 and a 1-year high of $109.27. The company has a 50-day simple moving average of $93.23 and a two-hundred day simple moving average of $79.59.

Vertiv (NYSE:VRT) last posted its quarterly earnings data 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 analysts’ expectations of $1.62 billion. Vertiv had a return on equity of 44.95% and a net margin of 5.79%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 EPS. As a group, equities analysts forecast that Vertiv will post 2.44 earnings per share for the current year.

Vertiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Monday, June 17th were given a $0.025 dividend. The ex-dividend date was Monday, June 17th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.13%. Vertiv’s payout ratio is 9.62%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on VRT shares. Evercore ISI raised their price objective on Vertiv from $95.00 to $105.00 and gave the stock an outperform rating in a research report on Friday, June 14th. The Goldman Sachs Group lifted their price target on Vertiv from $103.00 to $116.00 and gave the stock a buy rating in a research report on Friday, May 17th. Mizuho lifted their price target on Vertiv from $56.00 to $95.00 and gave the stock a neutral rating in a research report on Friday, April 26th. JPMorgan Chase & Co. lifted their price target on Vertiv from $95.00 to $100.00 and gave the stock an overweight rating in a research report on Thursday, April 25th. Finally, Oppenheimer lifted their price target on Vertiv from $96.00 to $98.00 and gave the stock an outperform rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $92.11.

Insider Activity

In other news, Director Doherty Philip O’ sold 2,511,295 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $93.64, for a total value of $235,157,663.80. Following the completion of the transaction, the director now owns 9,324,181 shares of the company’s stock, valued at approximately $873,116,308.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Anders Karlborg sold 46,206 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $93.75, for a total value of $4,331,812.50. Following the completion of the transaction, the executive vice president now owns 23,003 shares of the company’s stock, valued at approximately $2,156,531.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Doherty Philip O’ sold 2,511,295 shares of Vertiv stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $93.64, for a total value of $235,157,663.80. Following the completion of the transaction, the director now owns 9,324,181 shares of the company’s stock, valued at approximately $873,116,308.84. The disclosure for this sale can be found here. Insiders sold a total of 4,162,739 shares of company stock valued at $400,713,362 in the last quarter. 5.01% of the stock is currently owned by company 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.