Pictet Asset Management Holding SA Sells 708,473 Shares of Onsemi (NASDAQ:ON)

Pictet Asset Management Holding SA trimmed its position in Onsemi (NASDAQ:ON) by 12.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 5,091,235 shares of the semiconductor company’s stock after selling 708,473 shares during the period. Pictet Asset Management Holding SA owned about 1.20% of Onsemi worth $321,002,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new position in Onsemi during the fourth quarter valued at approximately $41,000. Safe Harbor Fiduciary LLC acquired a new stake in Onsemi in the 3rd quarter valued at $43,000. Synergy Asset Management LLC acquired a new stake in shares of Onsemi in the fourth quarter valued at about $51,000. Plato Investment Management Ltd acquired a new position in shares of Onsemi during the 4th quarter worth approximately $51,000. Finally, Rakuten Securities Inc. raised its position in Onsemi by 434.6% during the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company’s stock worth $54,000 after acquiring an additional 691 shares in the last quarter. Institutional investors own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ON shares. Benchmark dropped their price objective on Onsemi from $90.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th. B. Riley cut their target price on Onsemi from $90.00 to $73.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. The Goldman Sachs Group cut their target price on Onsemi from $77.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Susquehanna cut their target price on shares of Onsemi from $70.00 to $60.00 and set a “positive” rating on the stock in a research report on Tuesday, February 11th. Finally, Wells Fargo & Company cut their price target on shares of Onsemi from $80.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, February 11th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Onsemi currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.

Onsemi Stock Down 2.8 %

Onsemi stock opened at $43.76 on Friday. Onsemi has a 1-year low of $41.59 and a 1-year high of $80.08. The firm has a market capitalization of $18.44 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 16.74 and a beta of 1.59. The company has a current ratio of 5.06, a quick ratio of 3.38 and a debt-to-equity ratio of 0.38. The firm’s fifty day moving average price is $49.20 and its two-hundred day moving average price is $61.45.

Onsemi (NASDAQ:ON) last posted its quarterly earnings data on Monday, February 10th. The semiconductor company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.03). Onsemi had a return on equity of 20.10% and a net margin of 22.21%. On average, equities research analysts predict that Onsemi will post 2.6 earnings per share for the current fiscal year.

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.