Onsemi (NASDAQ:ON) is Malaga Cove Capital LLC’s Largest Position

Malaga Cove Capital LLC trimmed its holdings in shares of Onsemi (NASDAQ:ON) by 0.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 238,213 shares of the semiconductor company’s stock after selling 802 shares during the quarter. Onsemi accounts for approximately 8.4% of Malaga Cove Capital LLC’s holdings, making the stock its biggest holding. Malaga Cove Capital LLC owned approximately 0.06% of Onsemi worth $19,898,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ON. Commonwealth Equity Services LLC increased its position in Onsemi by 9.5% during the third quarter. Commonwealth Equity Services LLC now owns 54,676 shares of the semiconductor company’s stock valued at $5,082,000 after acquiring an additional 4,741 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Onsemi by 7.0% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 48,903 shares of the semiconductor company’s stock valued at $4,546,000 after acquiring an additional 3,200 shares during the period. Xponance Inc. grew its position in Onsemi by 1.8% in the 3rd quarter. Xponance Inc. now owns 51,584 shares of the semiconductor company’s stock valued at $4,795,000 after acquiring an additional 921 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Onsemi by 2.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 144,706 shares of the semiconductor company’s stock worth $13,450,000 after purchasing an additional 2,979 shares during the period. Finally, Stratos Wealth Partners LTD. lifted its position in shares of Onsemi by 11.6% during the third quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the semiconductor company’s stock worth $516,000 after purchasing an additional 576 shares during the last quarter. Institutional investors own 97.70% of the company’s stock.

Analyst Ratings Changes

ON has been the topic of a number of recent research reports. TD Cowen cut their price target on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Rosenblatt Securities dropped their price objective on Onsemi from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 30th. Needham & Company LLC reiterated a “buy” rating and issued a $92.00 target price on shares of Onsemi in a report on Tuesday, April 30th. KeyCorp lowered their price target on shares of Onsemi from $100.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. Finally, StockNews.com raised shares of Onsemi from a “sell” rating to a “hold” rating in a research report on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Onsemi currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.24.

Onsemi Stock Performance

NASDAQ:ON traded up $0.36 during mid-day trading on Friday, hitting $70.37. The company’s stock had a trading volume of 6,516,692 shares, compared to its average volume of 7,968,687. The business’s fifty day moving average is $72.35 and its two-hundred day moving average is $74.65. The stock has a market cap of $30.28 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 3.18 and a beta of 1.78. Onsemi has a 1 year low of $59.34 and a 1 year high of $111.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.87 and a quick ratio of 1.74.

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