Skyworks Solutions, Inc. $SWKS Shares Sold by Letko Brosseau & Associates Inc.

Key Points

• Letko Brosseau & Associates cut its Skyworks Solutions holdings by 18.9% in the third quarter, selling 233,600 shares; it retained 1,001,337 shares valued at about $85.6 million.
• Analyst sentiment is mostly cautious: the consensus rating is Hold, with a $77.94 average price target, while recent firms lowered targets or issued sell and underperform ratings.
• Skyworks modestly beat quarterly estimates, reporting $1.28 in adjusted earnings per share and $1.05 billion in revenue; its shares opened at $90.03, up 2.7%.

Letko Brosseau & Associates Inc. trimmed its holdings in shares of Skyworks Solutions, Inc. (NASDAQ:SWKS - Free Report) by 18.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,001,337 shares of the semiconductor manufacturer's stock after selling 233,600 shares during the period. Letko Brosseau & Associates Inc. owned about 0.67% of Skyworks Solutions worth $85,594,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Skyworks Solutions in the 2nd quarter valued at about $1,393,584,000. Pzena Investment Management LLC purchased a new stake in shares of Skyworks Solutions in the 2nd quarter worth approximately $1,082,972,000. Bank of America Corp DE bought a new position in shares of Skyworks Solutions during the second quarter valued at approximately $180,898,000. Bank of New York Mellon Corp bought a new position in shares of Skyworks Solutions during the second quarter valued at approximately $143,597,000. Finally, First Trust Advisors LP boosted its stake in shares of Skyworks Solutions by 51.7% during the first quarter. First Trust Advisors LP now owns 2,218,826 shares of the semiconductor manufacturer's stock valued at $118,818,000 after purchasing an additional 756,280 shares in the last quarter. 85.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on SWKS. Citigroup cut their price objective on shares of Skyworks Solutions from $90.00 to $79.00 and set a "neutral" rating on the stock in a report on Wednesday, November 4th. Mizuho set a $58.00 target price on Skyworks Solutions in a report on Wednesday, November 4th. TD Cowen dropped their target price on Skyworks Solutions from $75.00 to $65.00 and set a "hold" rating on the stock in a research report on Wednesday, July 29th. The Goldman Sachs Group started coverage on Skyworks Solutions in a report on Wednesday, November 4th. They issued a "sell" rating and a $78.00 price target on the stock. Finally, Bank of America reduced their price target on Skyworks Solutions from $78.00 to $72.00 and set an "underperform" rating for the company in a research report on Wednesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, sixteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $77.94.

Skyworks Solutions Stock Up 2.7%

NASDAQ:SWKS opened at $90.03 on Friday. Skyworks Solutions, Inc. has a fifty-two week low of $51.93 and a fifty-two week high of $93.24. The stock has a market capitalization of $13.55 billion, a P/E ratio of 78.97, a P/E/G ratio of 1.49 and a beta of 1.51. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.48 and a current ratio of 5.01. The company's 50-day simple moving average is $83.57 and its 200-day simple moving average is $68.71.

Skyworks Solutions (NASDAQ:SWKS - Get Free Report) last issued its quarterly earnings data on Tuesday, November 3rd. The semiconductor manufacturer reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.01. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.04 billion. Skyworks Solutions had a net margin of 4.35% and a return on equity of 9.70%. On average, equities analysts anticipate that Skyworks Solutions, Inc. will post 4.02 earnings per share for the current fiscal year.

Skyworks Solutions Company Profile

Skyworks Solutions, Inc. designs and manufactures semiconductor products that connect people, devices and networks. Its portfolio includes radio-frequency (RF) components and other analog and mixed-signal solutions used to transmit, receive and process signals. The company's products include amplifiers, filters, switches and integrated RF modules, as well as connectivity solutions. They are used in smartphones and other mobile devices, automotive systems, broadband equipment, wireless infrastructure and Internet of Things applications.

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