Swiss National Bank Lowers Stock Position in Onsemi (NASDAQ:ON)

Swiss National Bank lowered its position in Onsemi (NASDAQ:ON) by 2.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,349,400 shares of the semiconductor company’s stock after selling 39,800 shares during the period. Swiss National Bank owned about 0.31% of Onsemi worth $112,715,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ON. First Trust Direct Indexing L.P. grew its stake in Onsemi by 2.7% in the 4th quarter. First Trust Direct Indexing L.P. now owns 11,071 shares of the semiconductor company’s stock valued at $925,000 after acquiring an additional 294 shares during the period. MONECO Advisors LLC raised its position in shares of Onsemi by 4.1% during the 4th quarter. MONECO Advisors LLC now owns 15,154 shares of the semiconductor company’s stock worth $1,266,000 after purchasing an additional 594 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Onsemi by 20.3% in the 4th quarter. Van ECK Associates Corp now owns 2,040,468 shares of the semiconductor company’s stock valued at $170,441,000 after purchasing an additional 344,970 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in Onsemi by 1.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 247,184 shares of the semiconductor company’s stock worth $20,647,000 after acquiring an additional 4,339 shares during the last quarter. Finally, Syon Capital LLC grew its position in shares of Onsemi by 6.0% in the fourth quarter. Syon Capital LLC now owns 4,045 shares of the semiconductor company’s stock valued at $338,000 after purchasing an additional 229 shares in the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on ON. Wells Fargo & Company decreased their price objective on Onsemi from $110.00 to $95.00 and set an “overweight” rating on the stock in a report on Tuesday, April 23rd. Rosenblatt Securities lowered their target price on shares of Onsemi from $75.00 to $70.00 and set a “neutral” rating for the company in a research note on Tuesday. The Goldman Sachs Group lowered their price objective on shares of Onsemi from $91.00 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. Evercore ISI assumed coverage on Onsemi in a research note on Tuesday, April 16th. They set an “outperform” rating and a $104.00 price target on the stock. Finally, KeyCorp dropped their price objective on Onsemi from $100.00 to $90.00 and set an “overweight” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $90.24.

Onsemi Price Performance

Shares of ON opened at $70.37 on Friday. The company has a current ratio of 2.87, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average is $72.35 and its two-hundred day moving average is $74.77. Onsemi has a twelve month low of $59.34 and a twelve month high of $111.35. The firm has a market capitalization of $30.28 billion, a PE ratio of 14.36, a P/E/G ratio of 3.16 and a beta of 1.78.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.04 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company’s quarterly revenue was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 earnings per share. Research analysts anticipate that Onsemi will post 3.86 earnings per share for the current year.

Onsemi 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.