FMR Reports A 12.6% Passive Stake In Skyworks, Filing Shows, Days After Qorvo Deal Closed
The Fidelity parent holds 19,006,368.57 shares as of September 30, and says it has no aim to influence control.
FMR LLC holds 12.6% of Skyworks' common stock, or 19,006,368.57 shares, according to a Schedule 13G passive ownership filing made Wednesday. The event date is September 30, and the filing lands days after Skyworks completed its combination with Qorvo.
What the filing says
FMR, based at 245 Summer Street in Boston, is listed as the first reporting person, with a holding-company designation. It reports sole voting power over 17,845,531.04 shares and no shared voting power.
Abigail P. Johnson is named as a second reporting person on the same 19,006,368.57 shares, or 12.6%. Her row shows no sole and no shared voting power.
The filing certifies the shares were acquired and are held in the ordinary course of business, not to change or influence control of Skyworks. It adds that other people may have the right to receive dividends or sale proceeds from the stock, but no single one holds more than five percent of the total.
The deal behind the stake
Skyworks completed its combination with Qorvo, which it said should deliver $500 million or more in annual cost savings within 24 to 36 months. Legacy Skyworks shareholders own 63% of the combined company on a fully diluted basis, per Skyworks' announcement.
Analysts are split. B. Riley raised its price target to $107, while BofA kept an Underperform rating and said the benefits appear priced in after a 31% rise over three months.
In Wednesday trading, as of 12:06 p.m. ET, Skyworks shares were at $84.03, up 1.50% from the prior close of $82.79, for a market value of $12.5 billion.
What to watch
Skyworks said it will give financial guidance for the combined company on its fiscal fourth-quarter earnings call on Nov. 3.
The next hard numbers on the combined company arrive with that Nov. 3 call.
Sources
- SCHEDULE 13G — FMR LLC re: SKYWORKS SOLUTIONS INC (SWKS) — SEC EDGAR
- Skyworks Solutions (SWKS) Stock Gets Fair Value Bump As Qorvo Deal Views Split Analysts — Yahoo Finance
- B. Riley Securities Upgrades Skyworks Solutio... — benzinga.com
- Skyworks Completes Combination with Qorvo — Yahoo Finance
- SWKS - Skyworks Solutions Inc Analysis | Morningstar — morningstar.com
- Does Skyworks’ Russell Index Exit Recast the Mobile Concentration Narrative for Skyworks Solutions (SWKS)? — Yahoo Finance
