Boothbay Fund Management LLC Takes Position in Skyworks Solutions, Inc. (NASDAQ:SWKS)

Posted by Defense World Staff on Mar 5th, 2023

Skyworks Solutions logo Boothbay Fund Management LLC bought a new stake in shares of Skyworks Solutions, Inc. (NASDAQ:SWKS – Get Rating) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,636 shares of the semiconductor manufacturer’s stock, valued at approximately $225,000.

Several other large investors have also recently made changes to their positions in SWKS. Victory Capital Management Inc. increased its position in shares of Skyworks Solutions by 245.3% during the 3rd quarter. Victory Capital Management Inc. now owns 2,378,800 shares of the semiconductor manufacturer’s stock valued at $202,841,000 after purchasing an additional 1,689,850 shares during the last quarter. Woodline Partners LP bought a new position in shares of Skyworks Solutions during the 2nd quarter worth $88,532,000. London Co. of Virginia grew its stake in shares of Skyworks Solutions by 57.7% during the 2nd quarter. London Co. of Virginia now owns 1,788,067 shares of the semiconductor manufacturer’s stock worth $165,647,000 after acquiring an additional 654,164 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Skyworks Solutions by 697.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 458,134 shares of the semiconductor manufacturer’s stock worth $39,065,000 after acquiring an additional 400,655 shares during the period. Finally, Bank of Nova Scotia boosted its stake in Skyworks Solutions by 691.1% in the 2nd quarter. Bank of Nova Scotia now owns 355,595 shares of the semiconductor manufacturer’s stock worth $32,943,000 after purchasing an additional 310,646 shares during the period. 75.37% of the stock is owned by hedge funds and other institutional investors.

Skyworks Solutions Price Performance

Shares of Skyworks Solutions stock opened at $113.77 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.79 and a quick ratio of 1.75. The business’s 50 day simple moving average is $106.77 and its two-hundred day simple moving average is $97.97. The stock has a market capitalization of $18.09 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. Skyworks Solutions, Inc. has a one year low of $76.16 and a one year high of $141.26.

Skyworks Solutions (NASDAQ:SWKS – Get Rating) last announced its quarterly earnings results on Monday, February 6th. The semiconductor manufacturer reported $2.59 EPS for the quarter, hitting analysts’ consensus estimates of $2.59. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Skyworks Solutions had a return on equity of 28.65% and a net margin of 22.33%. The business’s quarterly revenue was down 12.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.90 EPS. Analysts forecast that Skyworks Solutions, Inc. will post 8.3 EPS for the current year.

Skyworks Solutions announced that its board has authorized a stock buyback plan on Monday, February 6th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 11.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Skyworks Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 21st. Shareholders of record on Tuesday, February 28th will be paid a $0.62 dividend. The ex-dividend date is Monday, February 27th. This represents a $2.48 dividend on an annualized basis and a yield of 2.18%. Skyworks Solutions’s dividend payout ratio (DPR) is currently 33.83%.

Insider Activity

In other news, SVP Reza Kasnavi sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $120.03, for a total transaction of $360,090.00. Following the transaction, the senior vice president now directly owns 16,994 shares of the company’s stock, valued at $2,039,789.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Reza Kasnavi sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $120.03, for a total transaction of $360,090.00. Following the transaction, the senior vice president now directly owns 16,994 shares of the company’s stock, valued at $2,039,789.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Karilee A. Durham sold 2,716 shares of the business’s stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $110.00, for a total value of $298,760.00. Following the transaction, the senior vice president now directly owns 13,428 shares in the company, valued at $1,477,080. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,216 shares of company stock valued at $1,010,950. Company insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

SWKS has been the subject of several analyst reports. KeyCorp raised their target price on Skyworks Solutions from $120.00 to $130.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 7th. Susquehanna raised their target price on Skyworks Solutions from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 7th. Raymond James restated a “market perform” rating on shares of Skyworks Solutions in a research note on Thursday. Morgan Stanley lifted their price target on Skyworks Solutions from $96.00 to $114.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 7th. Finally, Barclays upgraded Skyworks Solutions from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $95.00 to $125.00 in a research report on Monday, January 23rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $119.26.

Skyworks Solutions Profile

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Skyworks Solutions, Inc engages in the design, development, and manufacture of proprietary semiconductor products. Its products include amplifiers, attenuators, circulators, demodulators, detectors, diodes, directional couplers, front-end modules, hybrids, isolators, lighting and display solutions, mixers, modulators, optocouplers, optoisolators, phase shifters, synthesizers, power dividers and combiners, receivers, switches, and technical ceramics.