Rock Point Advisors LLC Acquires New Position in Onsemi (NASDAQ:ON)

Rock Point Advisors LLC bought a new position in shares of Onsemi (NASDAQ:ON) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 30,755 shares of the semiconductor company’s stock, valued at approximately $2,233,000.

Several other large investors have also recently modified their holdings of ON. Lazard Asset Management LLC lifted its holdings in 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 purchasing an additional 2,401 shares in the last quarter. Bayesian Capital Management LP bought a new position in Onsemi in the 1st quarter worth about $500,000. B. Riley Wealth Advisors Inc. raised its stake in Onsemi by 9.9% in the first quarter. B. Riley Wealth Advisors Inc. now owns 5,664 shares of the semiconductor company’s stock valued at $417,000 after purchasing an additional 512 shares in the last quarter. Tidal Investments LLC raised 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 valued at $3,066,000 after buying an additional 6,792 shares in the last quarter. Finally, Comerica Bank lifted its stake in Onsemi by 21.1% during the first quarter. Comerica Bank now owns 98,781 shares of the semiconductor company’s stock worth $7,265,000 after purchasing an additional 17,198 shares during the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Onsemi Trading Up 0.1 %

Onsemi stock traded up $0.07 during midday trading on Tuesday, reaching $72.46. 265,417 shares of the stock traded hands, compared to its average volume of 6,680,795. The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. Onsemi has a 12-month low of $59.34 and a 12-month high of $86.77. The firm has a market cap of $30.85 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 7.47 and a beta of 1.65. The company has a 50-day simple moving average of $70.25 and a two-hundred day simple moving average of $71.81.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates 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 business’s quarterly revenue was down 19.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.39 earnings per share. Research analysts expect that Onsemi will post 4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ON shares. BNP Paribas cut their price target on shares of Onsemi from $60.00 to $55.00 in a research report on Friday, October 25th. Loop Capital assumed coverage on shares of Onsemi in a research note on Monday, November 11th. They issued a “buy” rating and a $95.00 price target for the company. JPMorgan Chase & Co. lifted their price target on shares of Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Morgan Stanley increased their target price on Onsemi from $63.00 to $64.00 and gave the stock an “underweight” rating in a research note on Tuesday, October 29th. Finally, Truist Financial lowered their price objective on Onsemi from $97.00 to $89.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.87.

Insider Buying and Selling at Onsemi

In related news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $70.80, for a total value of $106,200.00. Following the completion of the sale, the chief executive officer now owns 840,620 shares in the company, valued at $59,515,896. This represents a 0.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is currently owned by insiders.

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.