HITE Hedge Asset Management LLC Buys Shares of 60,508 Vertiv Holdings Co. $VRT

Key Points

• HITE Hedge Asset Management LLC acquired 60,508 shares of Vertiv Holdings Co. ($VRT), valued at approximately $4.37 million, in the 1st quarter.
• Vertiv recently reported earnings of $0.95 per share for the last quarter, exceeding analyst expectations, with revenue reaching $2.64 billion, marking a 35.1% year-over-year increase.
• The company increased its dividend from $0.01 to $0.0375 per share, representing a yield of 14.0%, with a payout ratio of 7.18%.

HITE Hedge Asset Management LLC bought a new stake in shares of Vertiv Holdings Co. (NYSE:VRT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 60,508 shares of the company's stock, valued at approximately $4,369,000.

Several other hedge funds have also bought and sold shares of the stock. Ibex Wealth Advisors lifted its holdings in shares of Vertiv by 10.5% in the 1st quarter. Ibex Wealth Advisors now owns 73,739 shares of the company's stock worth $5,324,000 after acquiring an additional 6,989 shares during the last quarter. Gallo Partners LP bought a new stake in shares of Vertiv in the 4th quarter worth approximately $1,826,000. Viking Fund Management LLC lifted its holdings in shares of Vertiv by 123.5% in the 1st quarter. Viking Fund Management LLC now owns 38,000 shares of the company's stock worth $2,744,000 after acquiring an additional 21,000 shares during the last quarter. FengHe Fund Management Pte. Ltd. bought a new stake in shares of Vertiv in the 1st quarter worth approximately $33,389,000. Finally, Outlook Wealth Advisors LLC bought a new stake in shares of Vertiv in the 1st quarter worth approximately $475,000. 89.92% of the stock is currently owned by institutional investors.

Insider Activity

In other Vertiv news, EVP Stephen Liang sold 43,683 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $115.83, for a total transaction of $5,059,801.89. Following the transaction, the executive vice president owned 9,551 shares in the company, valued at approximately $1,106,292.33. This represents a 82.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karsten Winther sold 41,654 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $134.21, for a total transaction of $5,590,383.34. Following the transaction, the insider owned 18,848 shares in the company, valued at $2,529,590.08. This represents a 68.85% decrease in their position. The disclosure for this sale can be found here. 5.01% of the stock is currently owned by corporate insiders.

Vertiv Stock Up 1.9%

NYSE:VRT opened at $135.60 on Tuesday. The company has a market capitalization of $51.78 billion, a PE ratio of 64.88, a P/E/G ratio of 1.17 and a beta of 1.77. The firm's 50-day moving average price is $128.59 and its 200-day moving average price is $105.22. Vertiv Holdings Co. has a 1-year low of $53.60 and a 1-year high of $155.84. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.74 and a quick ratio of 1.35.

Vertiv (NYSE:VRT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.12. The company had revenue of $2.64 billion for the quarter, compared to analysts' expectations of $2.36 billion. Vertiv had a net margin of 8.93% and a return on equity of 51.64%. Vertiv's revenue was up 35.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.67 EPS. On average, equities analysts predict that Vertiv Holdings Co. will post 3.59 EPS for the current fiscal year.

Vertiv Increases Dividend

The business also recently announced a dividend, which was paid on Thursday, June 26th. Shareholders of record on Tuesday, June 17th were paid a dividend of $0.0375 per share. The ex-dividend date was Monday, June 16th. This represents a yield of 14.0%. This is an increase from Vertiv's previous dividend of $0.01. Vertiv's dividend payout ratio (DPR) is currently 7.18%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on VRT. JPMorgan Chase & Co. boosted their price objective on shares of Vertiv from $127.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Bank of America boosted their price objective on shares of Vertiv from $140.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. KGI Securities initiated coverage on shares of Vertiv in a report on Thursday, April 24th. They set a "hold" rating for the company. Melius Research upgraded shares of Vertiv from a "hold" rating to a "strong-buy" rating and upped their price target for the company from $134.00 to $165.00 in a report on Tuesday, July 8th. Finally, Wall Street Zen upgraded shares of Vertiv from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 21st. Three investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $144.06.

Vertiv 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.

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