Switch Inc (SWCH) Expected to Post Earnings of $0.04 Per Share
Wall Street brokerages predict that Switch Inc (NYSE:SWCH) will report earnings of $0.04 per share for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Switch’s earnings, with estimates ranging from $0.03 to $0.05. Switch posted earnings per share of $0.02 in the same quarter last year, which would indicate a positive year-over-year growth rate of 100%. The company is expected to report its next quarterly earnings results after the market closes on Wednesday, May 8th.
According to Zacks, analysts expect that Switch will report full year earnings of $0.17 per share for the current fiscal year, with EPS estimates ranging from $0.12 to $0.21. For the next financial year, analysts forecast that the firm will report earnings of $0.17 per share, with EPS estimates ranging from $0.13 to $0.20. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Switch.
Switch (NYSE:SWCH) last posted its earnings results on Tuesday, March 12th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. The company had revenue of $103.21 million for the quarter, compared to analysts’ expectations of $104.36 million. Switch had a return on equity of 0.56% and a net margin of 1.00%.
In other news, Director Donald D. Snyder sold 300,000 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $10.42, for a total transaction of $3,126,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.64% of the company’s stock.
Several hedge funds have recently modified their holdings of SWCH. Alliancebernstein L.P. grew its position in shares of Switch by 7.0% during the 3rd quarter. Alliancebernstein L.P. now owns 89,371 shares of the company’s stock valued at $965,000 after acquiring an additional 5,810 shares during the period. Baird Financial Group Inc. grew its position in shares of Switch by 82.1% during the 3rd quarter. Baird Financial Group Inc. now owns 28,950 shares of the company’s stock valued at $308,000 after acquiring an additional 13,055 shares during the period. Jane Street Group LLC grew its position in shares of Switch by 97.2% during the 3rd quarter. Jane Street Group LLC now owns 57,608 shares of the company’s stock valued at $622,000 after acquiring an additional 28,398 shares during the period. Point72 Asset Management L.P. grew its position in shares of Switch by 53.4% during the 3rd quarter. Point72 Asset Management L.P. now owns 383,601 shares of the company’s stock valued at $4,143,000 after acquiring an additional 133,601 shares during the period. Finally, Teachers Advisors LLC grew its position in shares of Switch by 20.7% during the 3rd quarter. Teachers Advisors LLC now owns 41,947 shares of the company’s stock valued at $453,000 after acquiring an additional 7,182 shares during the period. 18.97% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE SWCH traded down $0.14 during trading hours on Tuesday, hitting $10.64. The company’s stock had a trading volume of 477,528 shares, compared to its average volume of 1,219,591. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a market capitalization of $2.66 billion, a PE ratio of 118.22, a PEG ratio of 5.32 and a beta of 1.05. Switch has a 12 month low of $6.39 and a 12 month high of $16.04.
The business also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 25th were given a $0.0294 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Friday, March 22nd. This is an increase from Switch’s previous quarterly dividend of $0.01. Switch’s payout ratio is 133.33%.
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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