Chartwell Investment Partners LLC purchased a new position in Switch, Inc. (NYSE:SWCH – Get Rating) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 48,223 shares of the company’s stock, valued at approximately $1,486,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. CIBC Asset Management Inc boosted its holdings in Switch by 4.0% in the 4th quarter. CIBC Asset Management Inc now owns 10,140 shares of the company’s stock worth $290,000 after acquiring an additional 388 shares during the period. Green Alpha Advisors LLC raised its position in shares of Switch by 0.4% in the 1st quarter. Green Alpha Advisors LLC now owns 120,931 shares of the company’s stock valued at $3,727,000 after purchasing an additional 484 shares in the last quarter. Natixis Advisors L.P. raised its position in shares of Switch by 5.7% in the 4th quarter. Natixis Advisors L.P. now owns 11,333 shares of the company’s stock valued at $325,000 after purchasing an additional 609 shares in the last quarter. Strs Ohio raised its position in shares of Switch by 1.5% in the 1st quarter. Strs Ohio now owns 58,463 shares of the company’s stock valued at $1,801,000 after purchasing an additional 850 shares in the last quarter. Finally, Arizona State Retirement System raised its position in shares of Switch by 3.6% in the 4th quarter. Arizona State Retirement System now owns 27,715 shares of the company’s stock valued at $794,000 after purchasing an additional 967 shares in the last quarter. Hedge funds and other institutional investors own 51.25% of the company’s stock.
In other news, Director Thomas A. Thomas sold 40,000 shares of the stock in a transaction on Monday, May 16th. The stock was sold at an average price of $33.46, for a total value of $1,338,400.00. Following the completion of the transaction, the director now owns 3,118,397 shares of the company’s stock, valued at $104,341,563.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 120,000 shares of company stock valued at $3,893,600. 14.00% of the stock is owned by company insiders.
A number of brokerages have issued reports on SWCH. Barclays lowered Switch from an “overweight” rating to an “equal weight” rating in a research report on Friday, May 13th. Cowen lowered Switch from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 11th. Stifel Nicolaus lowered Switch from a “buy” rating to a “hold” rating in a research report on Thursday, May 12th. William Blair lowered Switch from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 11th. Finally, Wells Fargo & Company lowered Switch from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $28.00 to $31.00 in a research report on Friday, March 25th. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $30.48.
Shares of SWCH opened at $33.72 on Monday. The company has a market cap of $8.25 billion, a P/E ratio of 843.21 and a beta of 0.68. The stock has a fifty day moving average price of $33.10 and a 200 day moving average price of $29.63. The company has a debt-to-equity ratio of 2.83, a current ratio of 0.52 and a quick ratio of 0.52. Switch, Inc. has a 12 month low of $20.15 and a 12 month high of $33.84.
Switch (NYSE:SWCH – Get Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $164.60 million for the quarter, compared to the consensus estimate of $163.82 million. Switch had a return on equity of 2.81% and a net margin of 1.05%. Switch’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.08 earnings per share. As a group, research analysts anticipate that Switch, Inc. will post 0.19 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 6th. Investors of record on Tuesday, May 24th were paid a dividend of $0.0525 per share. This is an increase from Switch’s previous quarterly dividend of $0.05. This represents a $0.21 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date was Monday, May 23rd. Switch’s dividend payout ratio is presently 525.13%.
Switch Company Profile (Get Rating)
Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services. It develops and operates data centers in Nevada, Michigan, and Georgia. The company serves technology and digital media companies, financial institutions, government agencies, and network and telecommunications providers, as well as cloud, IT, and software providers.
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