Onsemi (NASDAQ:ON) Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. cut its holdings in Onsemi (NASDAQ:ON) by 85.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,666 shares of the semiconductor company’s stock after selling 253,113 shares during the quarter. iA Global Asset Management Inc.’s holdings in Onsemi were worth $3,171,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ON. Dimensional Fund Advisors LP boosted its holdings in Onsemi by 18.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock worth $289,088,000 after buying an additional 665,633 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Onsemi by 26.4% during 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 raised its stake in Onsemi by 14.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock valued at $215,518,000 after purchasing an additional 380,471 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Onsemi by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,404,589 shares of the semiconductor company’s stock valued at $174,597,000 after purchasing an additional 31,889 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Onsemi by 19.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,009,180 shares of the semiconductor company’s stock worth $145,887,000 after purchasing an additional 326,734 shares during the last quarter. 97.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ON has been the subject of a number of recent research reports. TD Cowen reduced their target price on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, October 25th. KeyCorp decreased their target price on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Rosenblatt Securities restated a “neutral” rating and issued a $75.00 price target on shares of Onsemi in a research report on Tuesday, October 29th. Mizuho set a $85.00 price objective on Onsemi in a research report on Friday, October 18th. Finally, Morgan Stanley upped their target price on Onsemi from $63.00 to $64.00 and gave the company an “underweight” rating in a report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $85.87.

Insider Activity at Onsemi

In other news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total value of $109,065.00. Following the sale, the chief executive officer now directly owns 839,210 shares in the company, valued at approximately $61,018,959.10. This trade represents a 0.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 4,500 shares of company stock worth $321,765. Company insiders own 0.31% of the company’s stock.

Onsemi Stock Performance

NASDAQ ON opened at $66.52 on Friday. 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 company has a market cap of $28.32 billion, a P/E ratio of 16.51, a P/E/G ratio of 7.07 and a beta of 1.63. The stock has a 50-day moving average of $69.89 and a two-hundred day moving average of $71.59. Onsemi has a 1-year low of $59.34 and a 1-year high of $86.77.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share 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 firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.75 billion. During the same period in the prior year, the firm earned $1.39 EPS. The firm’s revenue for the quarter was down 19.2% on a year-over-year basis. As a group, analysts anticipate that Onsemi will post 4 EPS 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.