Onsemi (NASDAQ:ON) Position Lessened by Covenant Partners LLC

Covenant Partners LLC cut its position in shares of Onsemi (NASDAQ:ON) by 7.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,020 shares of the semiconductor company’s stock after selling 394 shares during the period. Covenant Partners LLC’s holdings in Onsemi were worth $365,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ON. Mediolanum International Funds Ltd acquired a new position in Onsemi during the 1st quarter worth $2,447,000. Assenagon Asset Management S.A. boosted its stake in Onsemi by 690.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock valued at $6,945,000 after purchasing an additional 88,496 shares during the period. Norden Group LLC acquired a new stake in Onsemi in the 1st quarter valued at approximately $774,000. Axxcess Wealth Management LLC bought a new position in Onsemi in the 1st quarter worth approximately $808,000. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Onsemi by 42.9% during the first quarter. Meeder Asset Management Inc. now owns 26,029 shares of the semiconductor company’s stock worth $1,914,000 after buying an additional 7,820 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Onsemi Trading Up 1.7 %

ON traded up $1.17 during trading on Friday, reaching $71.25. 10,772,095 shares of the company’s stock were exchanged, compared to its average volume of 6,725,912. The company’s fifty day moving average price is $71.63 and its 200-day moving average price is $71.39. The firm has a market capitalization of $30.65 billion, a PE ratio of 14.54, a P/E/G ratio of 3.57 and a beta of 1.65. Onsemi has a fifty-two week low of $59.34 and a fifty-two week high of $86.77. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.95 and a current ratio of 3.01.

Onsemi (NASDAQ:ON) last released its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. Onsemi had a return on equity of 25.48% and a net margin of 24.84%. The firm’s revenue was down 17.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.33 earnings per share. As a group, equities analysts forecast that Onsemi will post 4.01 EPS for the current year.

Insider Buying and Selling at Onsemi

In other news, insider Simon Keeton sold 30,939 shares of Onsemi stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the transaction, the insider now owns 231,092 shares in the company, valued at $18,011,310.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Simon Keeton sold 30,939 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total value of $2,411,385.66. Following the sale, the insider now directly owns 231,092 shares of the company’s stock, valued at approximately $18,011,310.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hassane El-Khoury sold 1,500 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $70.80, for a total value of $106,200.00. Following the transaction, the chief executive officer now owns 840,620 shares of the company’s stock, valued at approximately $59,515,896. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,939 shares of company stock valued at $2,626,651. Corporate insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. TD Cowen boosted their target price on shares of Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Roth Mkm upped their price objective on shares of Onsemi from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Citigroup downgraded Onsemi from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $85.00 to $77.00 in a research report on Monday, July 15th. Susquehanna upped their price target on Onsemi from $85.00 to $95.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. Finally, KeyCorp reduced their price objective on Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Onsemi currently has a consensus rating of “Hold” and a consensus target price of $85.74.

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.