Edgestream Partners L.P. Invests $2.23 Million in Onsemi (NASDAQ:ON)

Edgestream Partners L.P. purchased a new stake in shares of Onsemi (NASDAQ:ON) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 30,695 shares of the semiconductor company’s stock, valued at approximately $2,229,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Natixis Advisors LLC increased its position in shares of Onsemi by 1.4% during the 3rd quarter. Natixis Advisors LLC now owns 1,352,005 shares of the semiconductor company’s stock valued at $98,169,000 after purchasing an additional 18,450 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Onsemi by 690.2% in the second quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock worth $6,945,000 after acquiring an additional 88,496 shares during the period. Deltec Asset Management LLC purchased a new position in Onsemi in the second quarter valued at about $1,212,000. Brighton Jones LLC grew its position in shares of Onsemi by 116.6% during the 3rd quarter. Brighton Jones LLC now owns 25,859 shares of the semiconductor company’s stock valued at $1,878,000 after acquiring an additional 13,923 shares during the period. Finally, Swiss National Bank increased its stake in shares of Onsemi by 0.9% during the 3rd quarter. Swiss National Bank now owns 1,277,000 shares of the semiconductor company’s stock worth $92,723,000 after purchasing an additional 11,700 shares during the last quarter. 97.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. BNP Paribas decreased their price objective on Onsemi from $60.00 to $55.00 in a report on Friday, October 25th. Benchmark reiterated a “buy” rating and issued a $90.00 target price on shares of Onsemi in a research note on Tuesday, October 29th. Truist Financial cut their price objective on shares of Onsemi from $97.00 to $89.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Morgan Stanley boosted their target price on shares of Onsemi from $63.00 to $64.00 and gave the company an “underweight” rating in a report on Tuesday, October 29th. Finally, KeyCorp cut their price target on Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $85.87.

Insider Buying and Selling

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the business’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 sale, the chief executive officer now directly owns 840,620 shares of the company’s stock, valued at approximately $59,515,896. The trade was a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 4,500 shares of company stock worth $321,765 in the last three months. 0.31% of the stock is owned by corporate insiders.

Onsemi Stock Performance

Shares of ON stock opened at $73.95 on Tuesday. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. The stock has a fifty day moving average of $70.20 and a 200 day moving average of $71.75. The firm has a market capitalization of $31.49 billion, a price-to-earnings ratio of 17.65, a PEG ratio of 7.63 and a beta of 1.65. Onsemi has a 52 week low of $59.34 and a 52 week high of $86.77.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data 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 business had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same period last year, the business posted $1.39 earnings per share. Onsemi’s quarterly revenue was down 19.2% compared to the same quarter last year. As a group, research analysts expect that Onsemi will post 4 earnings per share for the current 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.