XTX Topco Reduces Skyworks Solutions Stake by Over 36%

XTX Topco Ltd has significantly reduced its stake in Skyworks Solutions, Inc. (NASDAQ: SWKS), cutting its holdings by 36.3% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm sold 6,300 shares, leaving it with 11,072 shares valued at approximately $825,000.

This divestment comes amid a broader trend as other institutional investors have also made notable changes to their positions in Skyworks Solutions. For instance, Pzena Investment Management LLC increased its holdings by 57.3% during the same period, acquiring an additional 4,444,747 shares to reach a total of 12,207,643 shares, valued at around $909.7 million.

Invesco Ltd. also expanded its stake by 31.0% in the first quarter, bringing its total to 4,141,659 shares worth $267.7 million. Meanwhile, Kingstone Capital Partners Texas LLC entered a new position in the second quarter valued at about $67.8 million. AQR Capital Management LLC boosted its stake by 89.3% in the first quarter, resulting in ownership of 1,197,742 shares valued at approximately $76.4 million. Additionally, Charles Schwab Investment Management Inc. increased its holdings by 8.0%, now owning 5,507,074 shares valued at $355.9 million. Overall, institutional investors now control 85.43% of Skyworks Solutions’ stock.

Stock Performance and Dividend Announcement

As of the latest trading session, Skyworks Solutions stock opened at $65.83. The company has experienced significant fluctuations over the past year, with a fifty-two week low of $47.93 and a high of $95.46. Financial metrics indicate a healthy balance sheet, with a debt-to-equity ratio of 0.09, a quick ratio of 1.80, and a current ratio of 2.39. The market capitalization stands at $9.79 billion, with a price-to-earnings ratio of 26.33 and a beta of 1.21.

The company has also declared a quarterly dividend of $0.71, set to be paid on December 9, 2023. Shareholders of record by November 18, 2023 will be eligible for this dividend, which translates to an annualized payout of $2.84 and a yield of 4.3%. The current payout ratio is noted at 92.51%.

Insider Transactions and Analyst Ratings

Recent activity among company executives includes the sale of shares by key insiders. Executive Vice President Reza Kasnavi sold 7,332 shares on November 19, 2023, at an average price of $62.26, totaling approximately $456,490.32. This transaction reduced his ownership to 26,087 shares, valued at around $1.6 million. Similarly, Senior Vice President Robert John Terry sold 4,945 shares on the same day, fetching about $307,974.60, which decreased his holdings to 19,824 shares valued at approximately $1.2 million.

Analyst sentiment regarding Skyworks Solutions is varied, with several equity analysts recently updating their ratings. Morgan Stanley raised its price target from $65.00 to $89.00 while maintaining an “equal weight” rating as of October 29, 2023. On the other hand, UBS Group lowered its target from $85.00 to $80.00, assigning a “neutral” rating as of November 5, 2023.

Overall, one analyst has given a “strong buy” rating, two have rated the stock as a buy, seventeen have issued a hold recommendation, and two have rated it as a sell. According to MarketBeat.com, the consensus rating for Skyworks Solutions is “hold,” with an average price target of $83.18.

Skyworks Solutions, Inc., based in the United States, designs, develops, manufactures, and markets proprietary semiconductor products. Its extensive portfolio includes amplifiers, antenna tuners, automotive tuners, and various components essential for electronic devices across multiple regions, including North America, Asia, and Europe.