Switch Inc (NYSE:SWCH) declared a quarterly dividend on Thursday, May 9th, Wall Street Journal reports. Shareholders of record on Wednesday, May 22nd will be given a dividend of 0.0294 per share on Tuesday, June 4th. This represents a $0.12 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Tuesday, May 21st.
Switch has a payout ratio of 66.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Switch to earn $0.25 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 48.0%.
Switch stock opened at $12.29 on Monday. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 136.56, a price-to-earnings-growth ratio of 6.26 and a beta of 1.10. Switch has a 52 week low of $6.39 and a 52 week high of $14.37.
In other news, major shareholder Scott Russell Gragson sold 138,200 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $10.94, for a total transaction of $1,511,908.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Donald D. Snyder sold 300,000 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $10.42, for a total value of $3,126,000.00. The disclosure for this sale can be found here. Insiders have sold 554,350 shares of company stock worth $5,921,819 in the last ninety days. 28.39% of the stock is currently owned by insiders.
An institutional investor recently raised its position in Switch stock. Geode Capital Management LLC increased its position in shares of Switch Inc (NYSE:SWCH) by 2.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 358,217 shares of the company’s stock after acquiring an additional 9,507 shares during the quarter. Geode Capital Management LLC owned about 0.15% of Switch worth $2,507,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 19.17% of the company’s stock.
A number of research firms have commented on SWCH. Zacks Investment Research lowered Switch from a “buy” rating to a “hold” rating in a research note on Saturday, April 6th. JPMorgan Chase & Co. boosted their price objective on Switch from $10.00 to $12.00 in a research note on Friday, May 10th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $13.45.
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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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