Reinhart Partners Inc. Boosts Stock Position in Switch, Inc. (NYSE:SWCH)

Reinhart Partners Inc. raised its stake in Switch, Inc. (NYSE:SWCHGet Rating) by 2.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,168,227 shares of the company’s stock after purchasing an additional 27,666 shares during the period. Switch accounts for approximately 1.7% of Reinhart Partners Inc.’s investment portfolio, making the stock its 17th largest holding. Reinhart Partners Inc. owned about 0.48% of Switch worth $36,005,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Total Clarity Wealth Management Inc. purchased a new position in Switch in the fourth quarter valued at about $43,000. Fieldpoint Private Securities LLC grew its stake in Switch by 298.1% in the fourth quarter. Fieldpoint Private Securities LLC now owns 1,652 shares of the company’s stock valued at $47,000 after purchasing an additional 1,237 shares during the last quarter. Exchange Traded Concepts LLC purchased a new position in Switch in the fourth quarter valued at about $64,000. Steward Partners Investment Advisory LLC grew its stake in Switch by 196.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,155 shares of the company’s stock valued at $90,000 after purchasing an additional 2,092 shares during the last quarter. Finally, Captrust Financial Advisors grew its stake in Switch by 8.6% in the third quarter. Captrust Financial Advisors now owns 5,677 shares of the company’s stock valued at $144,000 after purchasing an additional 450 shares during the last quarter. Institutional investors own 51.25% of the company’s stock.

Shares of Switch stock opened at $33.50 on Friday. Switch, Inc. has a 52 week low of $20.15 and a 52 week high of $33.84. The business’s fifty day simple moving average is $32.65 and its 200-day simple moving average is $29.30. The firm has a market cap of $8.19 billion, a PE ratio of 837.71 and a beta of 0.71. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 2.83.

Switch (NYSE:SWCHGet Rating) last posted its earnings results on Tuesday, May 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). Switch had a return on equity of 2.81% and a net margin of 1.05%. The firm had revenue of $164.60 million for the quarter, compared to analyst estimates of $163.82 million. During the same period in the previous year, the company posted $0.08 EPS. Switch’s revenue was up 25.7% on a year-over-year basis. As a group, equities analysts expect that Switch, Inc. will post 0.19 earnings per share for the current year.

The company also recently announced 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 a positive change from Switch’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, May 23rd. This represents a $0.21 annualized dividend and a yield of 0.63%. Switch’s dividend payout ratio is presently 525.13%.

In related news, Director Thomas A. Thomas sold 40,000 shares of the stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the transaction, the director now owns 3,118,397 shares of the company’s stock, valued at approximately $104,341,563.62. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In the last three months, insiders have sold 120,000 shares of company stock worth $3,893,600. 29.18% of the stock is owned by corporate insiders.

Several brokerages have weighed in on SWCH. Stifel Nicolaus downgraded Switch from a “buy” rating to a “hold” rating in a report on Thursday, May 12th. Credit Suisse Group downgraded Switch to a “neutral” rating in a report on Monday, May 16th. Jefferies Financial Group downgraded Switch from a “buy” rating to a “hold” rating in a report on Wednesday, May 11th. William Blair downgraded Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 11th. Finally, Raymond James downgraded Switch from a “strong-buy” rating to a “market perform” rating in a report on Monday, May 16th. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $30.48.

Switch 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.

Further Reading

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Institutional Ownership by Quarter for Switch (NYSE:SWCH)

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