PNC Financial Services Group Inc. cut its holdings in shares of Skyworks Solutions, Inc. (NASDAQ:SWKS – Free Report) by 17.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,756 shares of the semiconductor manufacturer’s stock after selling 13,130 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Skyworks Solutions were worth $3,414,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quest 10 Wealth Builders Inc. grew its stake in shares of Skyworks Solutions by 488.6% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 412 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 342 shares in the last quarter. CYBER HORNET ETFs LLC acquired a new stake in shares of Skyworks Solutions in the second quarter valued at $32,000. MUFG Securities EMEA plc purchased a new position in Skyworks Solutions in the second quarter valued at $33,000. Fideuram Asset Management Ireland dac purchased a new position in Skyworks Solutions in the fourth quarter valued at $29,000. Finally, Sound Income Strategies LLC grew its stake in Skyworks Solutions by 137.1% during the 4th quarter. Sound Income Strategies LLC now owns 486 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 281 shares in the last quarter. Hedge funds and other institutional investors own 85.43% of the company’s stock.
Skyworks Solutions Stock Performance
Shares of SWKS opened at $64.68 on Wednesday. The stock has a 50 day moving average price of $69.21 and a 200 day moving average price of $62.83. The company has a quick ratio of 1.70, a current ratio of 2.38 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $9.73 billion, a price-to-earnings ratio of 26.84 and a beta of 1.50. Skyworks Solutions, Inc. has a 52-week low of $51.93 and a 52-week high of $90.90.
Skyworks Solutions Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, May 26th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, May 26th. Skyworks Solutions’s dividend payout ratio (DPR) is 117.84%.
Analysts Set New Price Targets
Several brokerages have weighed in on SWKS. BNP Paribas Exane upped their price target on Skyworks Solutions from $60.00 to $70.00 in a report on Wednesday, May 6th. UBS Group lifted their price objective on Skyworks Solutions from $63.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Benchmark reissued a “hold” rating on shares of Skyworks Solutions in a research report on Monday. Stifel Nicolaus upped their target price on shares of Skyworks Solutions from $65.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Finally, TD Cowen raised their target price on shares of Skyworks Solutions from $65.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Skyworks Solutions presently has a consensus rating of “Hold” and a consensus target price of $77.47.
Check Out Our Latest Report on Skyworks Solutions
Key Stories Impacting Skyworks Solutions
Here are the key news stories impacting Skyworks Solutions this week:
- Positive Sentiment: Skyworks reported fiscal Q3 non-GAAP EPS of $1.08, beating the $1.03 consensus estimate, while revenue of approximately $935 million also exceeded expectations. However, EPS declined from $1.33 a year earlier and revenue fell roughly 3% year over year. Skyworks Solutions Q3 earnings and revenues beat estimates
- Positive Sentiment: Management issued fiscal Q4 EPS guidance of $1.27, above the $1.23 analyst consensus, and forecast revenue of $1.0 billion to $1.1 billion. The company also cited continued momentum in automotive and data-center markets. Skyworks fiscal third-quarter results and Qorvo combination update
- Positive Sentiment: Skyworks announced a new $2 billion share-repurchase authorization and a capital-allocation framework for the combined company, which could support shareholder returns. Skyworks capital allocation announcement
- Neutral Sentiment: Skyworks and Qorvo announced the expected executive leadership team for their pending combination, signaling preparation for integration. Regulatory approvals are still in progress, so completion and execution risks remain. Skyworks and Qorvo expected leadership team
- Negative Sentiment: The company expects to raise approximately $2 billion in acquisition debt financing. Investors may view the additional leverage and integration costs as risks, despite Skyworks’ currently low debt-to-equity ratio. Its declining year-over-year revenue and EPS also indicate that near-term operating growth remains uneven.
About Skyworks Solutions
Skyworks Solutions, Inc is a leading semiconductor company that designs and manufactures analog and mixed-signal semiconductors for use in radio frequency (RF) and mobile communications markets. The company’s portfolio includes power amplifiers, front-end modules, switches, filters, low-noise amplifiers, and other components that enable wireless connectivity in smartphones, tablets, wearables, automotive telematics, and broadband infrastructure. With a focus on energy efficiency and integration, Skyworks serves a broad range of customers in the mobile, Internet of Things (IoT), automotive, connected home, and industrial end markets.
Headquartered in Irvine, California, Skyworks operates a network of design, development, and manufacturing facilities across North America, Europe, and the Asia-Pacific region.
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