Magnetar Financial LLC Buys New Stake in Onsemi (NASDAQ:ON)

Magnetar Financial LLC purchased a new position in Onsemi (NASDAQ:ON) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 41,089 shares of the semiconductor company’s stock, valued at approximately $3,022,000.

Other institutional investors have also recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Onsemi in the 4th quarter worth about $32,000. MeadowBrook Investment Advisors LLC bought a new position in shares of Onsemi during the 4th quarter valued at approximately $33,000. Private Wealth Management Group LLC purchased a new position in Onsemi during the fourth quarter worth $33,000. Westside Investment Management Inc. boosted its stake in Onsemi by 5,500.0% during the first quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock worth $41,000 after buying an additional 550 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Onsemi in the first quarter valued at $45,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Insider Buying and Selling at Onsemi

In other Onsemi news, CFO Trent Thad sold 38,000 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total value of $2,756,900.00. Following the completion of the transaction, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at $24,074,193.95. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CFO Trent Thad sold 38,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total value of $2,756,900.00. Following the sale, the chief financial officer now directly owns 331,829 shares in the company, valued at approximately $24,074,193.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Paul Anthony Mascarenas sold 911 shares of the stock in a transaction 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 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. 0.31% of the stock is owned by corporate insiders.

Onsemi Stock Up 3.9 %

Shares of ON stock traded up $2.63 on Friday, reaching $70.17. 7,765,453 shares of the stock were exchanged, compared to its average volume of 5,793,002. The business’s 50 day moving average price is $72.55 and its 200 day moving average price is $73.18. The company has a market capitalization of $30.19 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 3.05 and a beta of 1.69. Onsemi has a twelve month low of $59.34 and a twelve month 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 posted its quarterly earnings data on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the prior year, the company earned $1.19 earnings per share. The company’s revenue was down 4.9% compared to the same quarter last year. As a group, sell-side analysts expect that Onsemi will post 4.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. The Goldman Sachs Group decreased their target price on Onsemi from $91.00 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. B. Riley reiterated a “buy” rating and issued a $103.00 price target (down from $115.00) on shares of Onsemi in a report on Tuesday, April 30th. Stifel Nicolaus reduced their target price on shares of Onsemi from $82.00 to $72.00 and set a “hold” rating for the company in a report on Thursday, April 18th. TD Cowen lowered their price target on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. Finally, Truist Financial reduced their price objective on shares of Onsemi from $89.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $88.36.

Onsemi 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.