Essex Financial Services Inc. Buys New Stake in Skyworks Solutions, Inc. (NASDAQ:SWKS)

Essex Financial Services Inc. acquired a new stake in shares of Skyworks Solutions, Inc. (NASDAQ:SWKS) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,572 shares of the semiconductor manufacturer’s stock, valued at approximately $381,000.

A number of other institutional investors and hedge funds have also modified their holdings of SWKS. International Assets Investment Management LLC increased its holdings in shares of Skyworks Solutions by 10,450.2% during the 4th quarter. International Assets Investment Management LLC now owns 84,507 shares of the semiconductor manufacturer’s stock worth $9,500,000 after buying an additional 83,706 shares during the last quarter. First Trust Direct Indexing L.P. raised its holdings in Skyworks Solutions by 15.1% in the 4th quarter. First Trust Direct Indexing L.P. now owns 3,467 shares of the semiconductor manufacturer’s stock valued at $390,000 after buying an additional 454 shares during the period. TCG Advisory Services LLC acquired a new position in Skyworks Solutions in the fourth quarter valued at about $307,000. National Bank of Canada FI lifted its position in Skyworks Solutions by 7.8% in the fourth quarter. National Bank of Canada FI now owns 154,165 shares of the semiconductor manufacturer’s stock valued at $16,818,000 after buying an additional 11,095 shares during the last quarter. Finally, Connecticut Wealth Management LLC acquired a new stake in Skyworks Solutions in the 4th quarter valued at approximately $224,000. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Rosenblatt Securities increased their target price on Skyworks Solutions from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. B. Riley upgraded Skyworks Solutions from a “neutral” rating to a “buy” rating and lifted their target price for the company from $96.00 to $130.00 in a report on Thursday, June 20th. JPMorgan Chase & Co. upped their price target on Skyworks Solutions from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Piper Sandler reiterated a “neutral” rating and set a $115.00 price target (up previously from $95.00) on shares of Skyworks Solutions in a report on Wednesday, July 31st. Finally, Wolfe Research downgraded Skyworks Solutions from an “outperform” rating to a “peer perform” rating in a report on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $113.94.

Skyworks Solutions Trading Up 1.8 %

Shares of Skyworks Solutions stock opened at $109.59 on Tuesday. Skyworks Solutions, Inc. has a 1 year low of $85.06 and a 1 year high of $120.86. The company has a debt-to-equity ratio of 0.16, a current ratio of 5.75 and a quick ratio of 4.29. The business has a 50 day moving average price of $108.80 and a 200 day moving average price of $103.40. The company has a market capitalization of $17.58 billion, a P/E ratio of 20.60, a P/E/G ratio of 5.14 and a beta of 1.23.

Skyworks Solutions (NASDAQ:SWKS) last announced its quarterly earnings data on Tuesday, July 30th. The semiconductor manufacturer reported $1.21 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.21. The business had revenue of $905.50 million for the quarter, compared to the consensus estimate of $900.41 million. Skyworks Solutions had a net margin of 17.85% and a return on equity of 15.41%. The company’s quarterly revenue was down 15.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.50 earnings per share. Sell-side analysts anticipate that Skyworks Solutions, Inc. will post 5.21 EPS for the current fiscal year.

Skyworks Solutions Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Tuesday, August 20th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.55%. This is an increase from Skyworks Solutions’s previous quarterly dividend of $0.68. The ex-dividend date is Tuesday, August 20th. Skyworks Solutions’s payout ratio is presently 52.63%.

Insider Activity at Skyworks Solutions

In related news, SVP Reza Kasnavi sold 1,843 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $107.47, for a total value of $198,067.21. Following the transaction, the senior vice president now directly owns 17,455 shares of the company’s stock, valued at approximately $1,875,888.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Skyworks Solutions news, VP Philip Matthew Carter sold 452 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $120.00, for a total value of $54,240.00. Following the completion of the transaction, the vice president now directly owns 9,112 shares of the company’s stock, valued at approximately $1,093,440. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Reza Kasnavi sold 1,843 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $107.47, for a total value of $198,067.21. Following the sale, the senior vice president now owns 17,455 shares of the company’s stock, valued at approximately $1,875,888.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,747 shares of company stock worth $302,027. 0.34% of the stock is owned by company insiders.

About Skyworks Solutions

Skyworks Solutions, Inc, together with its subsidiaries, designs, develops, manufactures, and markets proprietary semiconductor products in the United States, China, South Korea, Taiwan, Europe, the Middle East, Africa, and the rest of Asia-Pacific. Its product portfolio includes amplifiers, antenna tuners, attenuators, automotive tuners and digital radios, DC/DC converters, demodulators, detectors, diodes, wireless analog system on chip products, directional couplers, diversity receive modules, filters, front-end modules, hybrids, light emitting diode drivers, low noise amplifiers, mixers, modulators, optocouplers/optoisolators, phase locked loops, phase shifters, power dividers/combiners, power over ethernet, power isolators, receivers, switches, synthesizers, timing devices, voltage controlled oscillators/synthesizers, and voltage regulators.