Vaughan Nelson Investment Management L.P. grew its stake in Switch, Inc. (NYSE:SWCH) by 35.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,508,513 shares of the company’s stock after acquiring an additional 396,295 shares during the quarter. Vaughan Nelson Investment Management L.P. owned about 0.63% of Switch worth $23,548,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of SWCH. Neuberger Berman Group LLC increased its holdings in Switch by 1,057.9% during the 2nd quarter. Neuberger Berman Group LLC now owns 6,232,904 shares of the company’s stock worth $111,070,000 after purchasing an additional 5,694,601 shares in the last quarter. First Trust Advisors LP increased its position in shares of Switch by 909.2% during the second quarter. First Trust Advisors LP now owns 2,241,622 shares of the company’s stock worth $39,946,000 after acquiring an additional 2,019,502 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Switch by 40.4% during the third quarter. Wells Fargo & Company MN now owns 4,502,679 shares of the company’s stock worth $70,286,000 after acquiring an additional 1,296,578 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Switch by 95.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,356,332 shares of the company’s stock worth $24,170,000 after acquiring an additional 661,419 shares during the last quarter. Finally, American Assets Capital Advisers LLC lifted its position in Switch by 20.3% in the 3rd quarter. American Assets Capital Advisers LLC now owns 2,506,637 shares of the company’s stock valued at $39,128,000 after acquiring an additional 423,233 shares in the last quarter. 34.40% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently commented on SWCH. Raymond James increased their price objective on Switch from $22.00 to $24.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 7th. Zacks Investment Research downgraded shares of Switch from a “hold” rating to a “sell” rating in a report on Wednesday, September 23rd. TheStreet upgraded shares of Switch from a “d” rating to a “c” rating in a research note on Friday, November 6th. Citigroup lifted their target price on Switch from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Credit Suisse Group cut their price target on Switch from $23.00 to $21.00 and set an “outperform” rating for the company in a report on Friday, October 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $20.83.
NYSE SWCH opened at $15.17 on Tuesday. Switch, Inc. has a 1 year low of $10.30 and a 1 year high of $19.99. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $3.65 billion, a PE ratio of 151.72 and a beta of 0.62. The company has a fifty day moving average of $15.45 and a 200 day moving average of $16.97.
Switch (NYSE:SWCH) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.01. The business had revenue of $128.79 million during the quarter, compared to analysts’ expectations of $129.14 million. Switch had a return on equity of 2.72% and a net margin of 2.03%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.04 EPS. Research analysts expect that Switch, Inc. will post 0.19 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Tuesday, November 17th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date is Monday, November 16th. Switch’s dividend payout ratio (DPR) is 133.33%.
In related news, insider Melissa Young sold 22,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $16.74, for a total transaction of $368,280.00. Following the completion of the sale, the insider now owns 120,907 shares in the company, valued at $2,023,983.18. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Teresa A. Borden sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $15.05, for a total value of $2,257,500.00. Following the completion of the transaction, the insider now directly owns 707,471 shares of the company’s stock, valued at $10,647,438.55. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 545,600 shares of company stock worth $8,457,196. Insiders own 30.52% of the company’s stock.
Switch Company Profile
Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services primarily to technology and digital media companies in the United States. It develops and operates data centers in Nevada and Michigan. The company also serves cloud and managed service providers, financial institutions, IT and software providers, government agencies, network and telecommunications providers, and others that conduct critical business on the internet.
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