Swedbank AB Trims Stake in Onsemi (NASDAQ:ON)

Swedbank AB lowered its position in shares of Onsemi (NASDAQ:ON) by 24.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 681,108 shares of the semiconductor company’s stock after selling 225,902 shares during the quarter. Swedbank AB’s holdings in Onsemi were worth $49,455,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the business. Lazard Asset Management LLC lifted its stake in shares of Onsemi by 4.6% during the first quarter. Lazard Asset Management LLC now owns 54,993 shares of the semiconductor company’s stock worth $4,043,000 after purchasing an additional 2,401 shares in the last quarter. Caxton Associates LP bought a new position in Onsemi during the 1st quarter worth $1,330,000. Bayesian Capital Management LP acquired a new stake in Onsemi in the first quarter worth $500,000. B. Riley Wealth Advisors Inc. lifted its stake in Onsemi by 9.9% in the first quarter. B. Riley Wealth Advisors Inc. now owns 5,664 shares of the semiconductor company’s stock valued at $417,000 after buying an additional 512 shares during the last quarter. Finally, Tidal Investments LLC grew its position in shares of Onsemi by 19.5% during the first quarter. Tidal Investments LLC now owns 41,640 shares of the semiconductor company’s stock worth $3,066,000 after acquiring an additional 6,792 shares during the last quarter. 97.70% of the stock is owned by institutional investors and hedge funds.

Onsemi Price Performance

Shares of ON stock opened at $69.62 on Monday. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. The company has a market cap of $29.64 billion, a P/E ratio of 17.28, a P/E/G ratio of 7.47 and a beta of 1.65. Onsemi has a twelve month low of $59.34 and a twelve month high of $86.77. The business has a fifty day simple moving average of $70.21 and a 200 day simple moving average of $71.80.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.02. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The business had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the business earned $1.39 EPS. The firm’s quarterly revenue was down 19.2% on a year-over-year basis. On average, sell-side analysts forecast that Onsemi will post 4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total value of $109,065.00. Following the transaction, the chief executive officer now directly owns 839,210 shares of the company’s stock, valued at $61,018,959.10. The trade was a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on ON shares. JPMorgan Chase & Co. raised their price target on shares of Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Needham & Company LLC restated a “buy” rating and set a $87.00 price objective on shares of Onsemi in a research note on Tuesday, November 19th. Benchmark reissued a “buy” rating and set a $90.00 target price on shares of Onsemi in a research note on Tuesday, October 29th. Morgan Stanley increased their price target on Onsemi from $63.00 to $64.00 and gave the company an “underweight” rating in a research note on Tuesday, October 29th. Finally, BNP Paribas cut their target price on shares of Onsemi from $60.00 to $55.00 in a research note on Friday, October 25th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $85.87.

Onsemi Company Profile

onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.