State of Michigan Retirement System Grows Stake in Equinix Inc (NASDAQ:EQIX)
State of Michigan Retirement System increased its holdings in shares of Equinix Inc (NASDAQ:EQIX) by 15.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,590 shares of the financial services provider’s stock after purchasing an additional 3,052 shares during the quarter. State of Michigan Retirement System’s holdings in Equinix were worth $15,865,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in EQIX. Atwood & Palmer Inc. purchased a new stake in shares of Equinix during the first quarter worth about $25,000. Stonebridge Financial Planning Group LLC purchased a new stake in shares of Equinix during the first quarter worth about $28,000. Nvwm LLC purchased a new stake in shares of Equinix during the first quarter worth about $32,000. Retirement Network purchased a new position in Equinix during the 1st quarter valued at approximately $40,000. Finally, CENTRAL TRUST Co grew its holdings in Equinix by 2,166.7% during the 1st quarter. CENTRAL TRUST Co now owns 68 shares of the financial services provider’s stock valued at $43,000 after buying an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 93.48% of the company’s stock.
Shares of EQIX stock traded up $7.53 on Friday, reaching $785.48. 334,613 shares of the company’s stock were exchanged, compared to its average volume of 322,238. Equinix Inc has a 52 week low of $477.87 and a 52 week high of $787.70. The company has a current ratio of 1.55, a quick ratio of 1.26 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $67.50 billion, a PE ratio of 136.13, a P/E/G ratio of 2.45 and a beta of 0.41. The company’s fifty day simple moving average is $714.15 and its 200 day simple moving average is $653.86.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, August 19th will be given a dividend of $2.66 per share. This represents a $10.64 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date is Tuesday, August 18th. Equinix’s dividend payout ratio (DPR) is presently 46.65%.
Several research firms have weighed in on EQIX. Stifel Nicolaus raised their price target on Equinix from $795.00 to $875.00 and gave the company a “buy” rating in a report on Thursday. JPMorgan Chase & Co. raised their price target on Equinix from $725.00 to $861.00 and gave the company an “overweight” rating in a report on Thursday. Royal Bank of Canada raised their price target on Equinix from $688.00 to $706.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. BidaskClub upgraded Equinix from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, BMO Capital Markets raised their price target on Equinix from $707.00 to $745.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Equinix has a consensus rating of “Buy” and a consensus target price of $765.16.
In other Equinix news, insider Brandi Galvin Morandi sold 1,363 shares of Equinix stock in a transaction on Monday, May 11th. The stock was sold at an average price of $672.47, for a total transaction of $916,576.61. Following the completion of the sale, the insider now directly owns 19,626 shares of the company’s stock, valued at approximately $13,197,896.22. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Sara Baack sold 250 shares of Equinix stock in a transaction on Monday, June 1st. The shares were sold at an average price of $699.87, for a total value of $174,967.50. Following the sale, the insider now directly owns 10,679 shares of the company’s stock, valued at $7,473,911.73. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,041 shares of company stock valued at $3,437,707. 0.51% of the stock is currently owned by corporate insiders.
Equinix Company Profile
Equinix, Inc (Nasdaq: EQIX) connects the world's leading businesses to their customers, employees and partners inside the most-interconnected data centers. In 52 markets across five continents, Equinix is where companies come together to realize new opportunities and accelerate their business, IT and cloud strategies.
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