Azzad Asset Management Inc. ADV Takes Position in Onsemi (NASDAQ:ON)

Azzad Asset Management Inc. ADV bought a new stake in Onsemi (NASDAQ:ON) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 14,521 shares of the semiconductor company’s stock, valued at approximately $1,068,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Apollon Wealth Management LLC lifted its holdings in shares of Onsemi by 26.4% in the 4th quarter. Apollon Wealth Management LLC now owns 7,089 shares of the semiconductor company’s stock valued at $592,000 after buying an additional 1,482 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Onsemi by 7,749.6% in the 4th quarter. International Assets Investment Management LLC now owns 83,363 shares of the semiconductor company’s stock valued at $6,963,000 after purchasing an additional 82,301 shares during the period. The Manufacturers Life Insurance Company grew its position in Onsemi by 8.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 456,999 shares of the semiconductor company’s stock valued at $38,188,000 after buying an additional 35,362 shares during the period. Harvest Fund Management Co. Ltd boosted its stake in shares of Onsemi by 7.1% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 9,610 shares of the semiconductor company’s stock worth $798,000 after acquiring an additional 637 shares in the last quarter. Finally, State of Michigan Retirement System raised its holdings in Onsemi by 3.6% in the 4th quarter. State of Michigan Retirement System now owns 140,536 shares of the semiconductor company’s stock worth $11,739,000 after purchasing an additional 4,900 shares during the period. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Onsemi Stock Up 1.4 %

Shares of NASDAQ ON traded up $1.05 during mid-day trading on Wednesday, reaching $73.97. The company had a trading volume of 1,211,995 shares, compared to its average volume of 6,812,476. The firm has a 50 day simple moving average of $71.30 and a two-hundred day simple moving average of $74.11. The stock has a market cap of $31.82 billion, a P/E ratio of 14.88, a PEG ratio of 3.12 and a beta of 1.69. Onsemi has a 52-week low of $59.34 and a 52-week high of $111.35. The company has a current ratio of 2.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period last year, the firm posted $1.19 earnings per share. The company’s revenue for the quarter was down 4.9% compared to the same quarter last year. Sell-side analysts predict that Onsemi will post 3.83 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Paul Anthony Mascarenas sold 911 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $74.46, for a total transaction of $67,833.06. Following the completion of the transaction, the director now directly owns 48,929 shares of the company’s stock, valued at $3,643,253.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Onsemi news, CFO Trent Thad sold 38,000 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the transaction, the chief financial officer now directly owns 331,829 shares in the company, valued at $24,074,193.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul Anthony Mascarenas sold 911 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $74.46, for a total value of $67,833.06. Following the completion of the sale, the director now owns 48,929 shares in the company, valued at approximately $3,643,253.34. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. B. Riley reissued a “buy” rating and set a $103.00 target price (down previously from $115.00) on shares of Onsemi in a research note on Tuesday, April 30th. Susquehanna decreased their price objective on Onsemi from $90.00 to $85.00 and set a “positive” rating on the stock in a report on Tuesday, April 30th. Mizuho reduced their target price on shares of Onsemi from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. TD Cowen decreased their target price on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Finally, The Goldman Sachs Group reduced their price objective on Onsemi from $91.00 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Onsemi currently has an average rating of “Moderate Buy” and a consensus price target of $90.28.

About Onsemi

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.