Skyworks Solutions (SWKS) Updates Q3 2019 Earnings Guidance

Skyworks Solutions (NASDAQ:SWKS) issued an update on its third quarter 2019 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.50-1.50 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.50. The company issued revenue guidance of $815-835 million, compared to the consensus revenue estimate of $827.85 million.Skyworks Solutions also updated its Q3 guidance to $1.50 EPS.

SWKS stock traded down $3.19 during mid-day trading on Friday, reaching $87.60. The company had a trading volume of 5,917,430 shares, compared to its average volume of 1,978,657. The company has a market capitalization of $15.15 billion, a P/E ratio of 13.21, a P/E/G ratio of 1.34 and a beta of 0.70. Skyworks Solutions has a 12 month low of $60.12 and a 12 month high of $104.20.

Skyworks Solutions (NASDAQ:SWKS) last issued its earnings results on Thursday, May 2nd. The semiconductor manufacturer reported $1.47 EPS for the quarter, topping the Zacks’ consensus estimate of $1.43 by $0.04. The business had revenue of $810.40 million for the quarter, compared to the consensus estimate of $809.52 million. Skyworks Solutions had a net margin of 29.91% and a return on equity of 29.30%. The company’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.64 EPS. As a group, analysts expect that Skyworks Solutions will post 6.01 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 11th. Shareholders of record on Tuesday, May 21st will be paid a $0.38 dividend. The ex-dividend date is Monday, May 20th. This represents a $1.52 dividend on an annualized basis and a yield of 1.74%. Skyworks Solutions’s dividend payout ratio is currently 22.93%.

Skyworks Solutions declared that its Board of Directors has approved a share buyback program on Tuesday, February 5th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 15.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

A number of equities analysts have commented on SWKS shares. B. Riley upgraded shares of Skyworks Solutions from a neutral rating to a buy rating and upped their target price for the stock from $80.00 to $90.00 in a research note on Monday, January 28th. CIBC restated a market perform rating on shares of Skyworks Solutions in a research note on Monday, January 7th. Goldman Sachs Group upgraded shares of Skyworks Solutions from a neutral rating to a buy rating and set a $96.00 target price on the stock in a research note on Wednesday, February 6th. Canaccord Genuity restated a buy rating and issued a $84.00 target price (down from $96.00) on shares of Skyworks Solutions in a research note on Wednesday, January 9th. Finally, Craig Hallum restated a buy rating and issued a $90.00 target price (down from $105.00) on shares of Skyworks Solutions in a research note on Wednesday, January 9th. Two analysts have rated the stock with a sell rating, eighteen have given a hold rating and twelve have assigned a buy rating to the company. Skyworks Solutions currently has an average rating of Hold and an average price target of $93.31.

In other news, Director David J. Aldrich sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, February 8th. The shares were sold at an average price of $81.05, for a total value of $243,150.00. Following the completion of the sale, the director now owns 203,922 shares of the company’s stock, valued at approximately $16,527,878.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Peter L. Gammel sold 1,881 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $93.53, for a total transaction of $175,929.93. Following the sale, the chief technology officer now directly owns 9,240 shares of the company’s stock, valued at approximately $864,217.20. The disclosure for this sale can be found here. Insiders sold a total of 111,980 shares of company stock valued at $9,795,661 in the last ninety days. Corporate insiders own 0.64% of the company’s stock.

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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, antenna tuners, 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 locked loops, phase shifters, power dividers/combiners, receivers, switches, synthesizers, technical ceramics, voltage controlled oscillators/synthesizers, and voltage regulators.

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