1832 Asset Management L.P. Purchases 445,550 Shares of Onsemi (NASDAQ:ON)

1832 Asset Management L.P. boosted its position in shares of Onsemi (NASDAQ:ON) by 106.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 865,550 shares of the semiconductor company’s stock after purchasing an additional 445,550 shares during the period. 1832 Asset Management L.P. owned about 0.20% of Onsemi worth $63,661,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC purchased a new stake in Onsemi in the 4th quarter valued at about $32,000. MeadowBrook Investment Advisors LLC purchased a new stake in Onsemi in the 4th quarter valued at about $33,000. Private Wealth Management Group LLC purchased a new stake in Onsemi in the 4th quarter valued at about $33,000. Westside Investment Management Inc. boosted its position in Onsemi by 5,500.0% in the 1st quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 550 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new stake in Onsemi in the 1st quarter valued at about $45,000. 97.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ON shares. Benchmark decreased their target price on shares of Onsemi from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. TD Cowen cut their price target 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. Needham & Company LLC restated a “buy” rating and set a $92.00 price target on shares of Onsemi in a research note on Thursday, June 13th. B. Riley reiterated a “buy” rating and issued a $103.00 price objective (down previously from $115.00) on shares of Onsemi in a research note on Tuesday, April 30th. Finally, KeyCorp cut their price objective on shares of Onsemi from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 9th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $88.36.

Onsemi Price Performance

Shares of NASDAQ:ON traded up $2.63 during midday trading on Friday, hitting $70.17. The company’s stock had a trading volume of 7,765,453 shares, compared to its average volume of 5,793,002. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35. The company has a market cap of $30.19 billion, a P/E ratio of 14.32, a price-to-earnings-growth ratio of 2.93 and a beta of 1.69. The business’s 50 day simple moving average is $72.55 and its 200 day simple moving average is $73.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.87.

Onsemi (NASDAQ:ON) last announced its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period last year, the business earned $1.19 earnings per share. On average, analysts forecast that Onsemi will post 4.02 EPS for the current year.

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.