Intech Investment Management LLC Cuts Position in Onsemi (NASDAQ:ON)

Intech Investment Management LLC lessened its position in shares of Onsemi (NASDAQ:ON) by 86.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,177 shares of the semiconductor company’s stock after selling 114,245 shares during the period. Intech Investment Management LLC’s holdings in Onsemi were worth $1,320,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ON. Lazard Asset Management LLC boosted its position in shares of Onsemi by 4.6% during the 1st quarter. Lazard Asset Management LLC now owns 54,993 shares of the semiconductor company’s stock worth $4,043,000 after acquiring an additional 2,401 shares in the last quarter. Bayesian Capital Management LP purchased a new position in Onsemi in the first quarter valued at approximately $500,000. B. Riley Wealth Advisors Inc. raised its holdings in Onsemi by 9.9% during the first quarter. B. Riley Wealth Advisors Inc. now owns 5,664 shares of the semiconductor company’s stock worth $417,000 after purchasing an additional 512 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Onsemi by 19.5% during the 1st quarter. Tidal Investments LLC now owns 41,640 shares of the semiconductor company’s stock worth $3,066,000 after buying an additional 6,792 shares during the last quarter. Finally, Comerica Bank boosted its holdings in shares of Onsemi by 21.1% in the 1st quarter. Comerica Bank now owns 98,781 shares of the semiconductor company’s stock valued at $7,265,000 after buying an additional 17,198 shares in the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ON has been the topic of several research analyst reports. Truist Financial cut their price target on shares of Onsemi from $97.00 to $89.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Roth Mkm boosted their target price on Onsemi from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. TD Cowen decreased their target price on Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, October 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $87.00 price target on shares of Onsemi in a research report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Onsemi from $85.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.87.

Insider Buying and Selling at Onsemi

In other news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $70.80, for a total value of $106,200.00. Following the completion of the transaction, the chief executive officer now owns 840,620 shares in the company, valued at $59,515,896. This trade represents a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders sold 4,500 shares of company stock valued at $321,765. Corporate insiders own 0.31% of the company’s stock.

Onsemi Stock Down 2.2 %

ON opened at $70.82 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.07 and a quick ratio of 2.02. Onsemi has a 12 month low of $59.34 and a 12 month high of $86.77. The stock has a market capitalization of $30.16 billion, a P/E ratio of 17.57, a P/E/G ratio of 7.47 and a beta of 1.65. The business has a 50 day simple moving average of $70.25 and a 200-day simple moving average of $71.81.

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