Olstein Capital Management L.P. Makes New Investment in Onsemi (NASDAQ:ON)

Olstein Capital Management L.P. acquired a new stake in Onsemi (NASDAQ:ON) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 76,000 shares of the semiconductor company’s stock, valued at approximately $4,792,000.

Several other large investors also recently modified their holdings of ON. Bridgewater Associates LP raised its position in Onsemi by 8,367.5% in the 3rd quarter. Bridgewater Associates LP now owns 1,123,041 shares of the semiconductor company’s stock valued at $81,544,000 after buying an additional 1,109,778 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Onsemi by 26.4% in the third quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock worth $237,559,000 after purchasing an additional 729,081 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Onsemi by 14.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock worth $215,518,000 after purchasing an additional 380,471 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Onsemi by 19.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,009,180 shares of the semiconductor company’s stock valued at $145,887,000 after purchasing an additional 326,734 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Onsemi by 3.0% during the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock worth $767,646,000 after purchasing an additional 309,445 shares in the last quarter. 97.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ON. StockNews.com raised Onsemi from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Benchmark restated a “buy” rating and issued a $90.00 target price on shares of Onsemi in a research note on Tuesday, October 29th. KeyCorp lowered their target price on shares of Onsemi from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, January 14th. B. Riley reduced their price objective on shares of Onsemi from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Friday. Finally, Wells Fargo & Company reduced their price objective on Onsemi from $85.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Onsemi currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.70.

Onsemi Trading Down 3.1 %

Onsemi stock opened at $54.50 on Friday. Onsemi has a 12-month low of $53.10 and a 12-month high of $85.16. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.07 and a quick ratio of 2.02. The stock has a market capitalization of $23.21 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 10.62 and a beta of 1.64. The firm has a 50 day simple moving average of $64.00 and a 200-day simple moving average of $69.14.

Onsemi (NASDAQ:ON) last posted its quarterly earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.02. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.75 billion. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The firm’s quarterly revenue was down 19.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.39 earnings per share. As a group, equities research analysts expect that Onsemi will post 4 EPS for the current fiscal year.

Insider Buying and Selling at Onsemi

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $71.00, for a total transaction of $106,500.00. Following the transaction, the chief executive officer now owns 837,710 shares in the company, valued at $59,477,410. This trade represents a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.31% of the company’s stock.

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.