CIBC Cuts Skyworks Solutions (SWKS) Price Target to $110.00

Skyworks Solutions (NASDAQ:SWKS) had its price target cut by CIBC from $120.00 to $110.00 in a research note issued to investors on Friday. They currently have an outperform rating on the semiconductor manufacturer’s stock.

A number of other equities research analysts have also recently issued reports on the stock. ValuEngine cut shares of Skyworks Solutions from a sell rating to a strong sell rating in a research report on Wednesday, September 12th. Morgan Stanley reduced their target price on shares of Skyworks Solutions from $87.00 to $80.00 and set an underweight rating for the company in a research report on Monday, August 6th. BidaskClub raised shares of Skyworks Solutions from a sell rating to a hold rating in a research report on Thursday, October 4th. Zacks Investment Research cut shares of Skyworks Solutions from a buy rating to a hold rating in a research report on Wednesday, September 19th. Finally, Needham & Company LLC reissued a buy rating and issued a $118.00 target price on shares of Skyworks Solutions in a research report on Tuesday, August 7th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and sixteen have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $107.79.

Shares of Skyworks Solutions stock traded down $6.74 during trading on Friday, reaching $76.66. The company’s stock had a trading volume of 8,436,241 shares, compared to its average volume of 1,960,861. The stock has a market cap of $14.79 billion, a PE ratio of 12.50, a PEG ratio of 0.82 and a beta of 0.64. Skyworks Solutions has a 52 week low of $75.15 and a 52 week high of $115.98.

Skyworks Solutions (NASDAQ:SWKS) last announced its earnings results on Thursday, November 8th. The semiconductor manufacturer reported $1.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.92 by $0.02. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Skyworks Solutions had a net margin of 23.78% and a return on equity of 30.31%. Skyworks Solutions’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.82 earnings per share. Equities analysts anticipate that Skyworks Solutions will post 7.34 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 18th. Investors of record on Tuesday, November 27th will be given a dividend of $0.38 per share. The ex-dividend date is Monday, November 26th. This represents a $1.52 annualized dividend and a yield of 1.98%. Skyworks Solutions’s dividend payout ratio is 22.93%.

In related news, Director David J. Aldrich sold 10,000 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $92.89, for a total transaction of $928,900.00. Following the completion of the sale, the director now owns 152,252 shares of the company’s stock, valued at $14,142,688.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David J. Aldrich sold 5,500 shares of the company’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $90.48, for a total transaction of $497,640.00. Following the sale, the director now directly owns 147,752 shares of the company’s stock, valued at approximately $13,368,600.96. The disclosure for this sale can be found here. Insiders have sold 34,500 shares of company stock valued at $3,126,050 in the last ninety days. 0.47% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Pittenger & Anderson Inc. increased its stake in shares of Skyworks Solutions by 6.8% in the second quarter. Pittenger & Anderson Inc. now owns 8,670 shares of the semiconductor manufacturer’s stock valued at $838,000 after buying an additional 550 shares during the period. Advisors Capital Management LLC increased its stake in shares of Skyworks Solutions by 1.4% in the third quarter. Advisors Capital Management LLC now owns 42,371 shares of the semiconductor manufacturer’s stock valued at $3,844,000 after buying an additional 584 shares during the period. Country Club Trust Company n.a. increased its stake in shares of Skyworks Solutions by 26.7% in the second quarter. Country Club Trust Company n.a. now owns 2,796 shares of the semiconductor manufacturer’s stock valued at $270,000 after buying an additional 589 shares during the period. Wetherby Asset Management Inc. increased its stake in shares of Skyworks Solutions by 17.8% in the second quarter. Wetherby Asset Management Inc. now owns 4,163 shares of the semiconductor manufacturer’s stock valued at $402,000 after buying an additional 630 shares during the period. Finally, HL Financial Services LLC increased its stake in shares of Skyworks Solutions by 3.5% in the second quarter. HL Financial Services LLC now owns 18,491 shares of the semiconductor manufacturer’s stock valued at $1,787,000 after buying an additional 632 shares during the period. 80.71% of the stock is owned by hedge funds and other institutional investors.

About Skyworks Solutions

Skyworks Solutions, Inc, together with its subsidiaries, designs, develops, manufactures, and markets proprietary semiconductor products, including intellectual property worldwide. Its product portfolio includes amplifiers, attenuators, circulators/isolators, DC/DC converters, demodulators, detectors, diodes, directional couplers, diversity receive modules, filters, front-end modules, hybrids, LED drivers, low noise amplifiers, mixers, modulators, optocouplers/optoisolators, phase shifters, phase locked loops, power dividers/combiners, receivers, switches, synthesizers, technical ceramics, voltage controlled oscillators/synthesizers, and voltage regulators.

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