Stevens Capital Management LP Reduces Position in Onsemi (NASDAQ:ON)

Stevens Capital Management LP cut its holdings in shares of Onsemi (NASDAQ:ON) by 30.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,341 shares of the semiconductor company’s stock after selling 1,497 shares during the quarter. Stevens Capital Management LP’s holdings in Onsemi were worth $243,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of ON. Bridgewater Associates LP increased its position in shares of Onsemi by 8,367.5% during the third quarter. Bridgewater Associates LP now owns 1,123,041 shares of the semiconductor company’s stock valued at $81,544,000 after buying an additional 1,109,778 shares during the period. American Century Companies Inc. increased its position in shares of Onsemi by 451.3% in the second quarter. American Century Companies Inc. now owns 1,111,112 shares of the semiconductor company’s stock worth $76,167,000 after purchasing an additional 909,558 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Onsemi by 26.4% in 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 during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Onsemi by 18.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock worth $289,088,000 after purchasing an additional 665,633 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its position in shares of Onsemi by 66.4% in the second quarter. 1832 Asset Management L.P. now owns 1,440,450 shares of the semiconductor company’s stock worth $98,743,000 after purchasing an additional 574,900 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $70.80, for a total transaction of $106,200.00. Following the completion of the transaction, the chief executive officer now directly owns 840,620 shares in the company, valued at $59,515,896. This trade represents a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 4,500 shares of company stock worth $321,765 over the last three months. 0.31% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ON has been the topic of several research analyst reports. TD Cowen decreased their price objective on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. Wells Fargo & Company initiated coverage on shares of Onsemi in a research report on Friday, November 22nd. They issued an “overweight” rating and a $85.00 price objective on the stock. Mizuho set a $85.00 price objective on shares of Onsemi in a research report on Friday, October 18th. Needham & Company LLC reiterated a “buy” rating and set a $87.00 price target on shares of Onsemi in a research report on Tuesday, November 19th. Finally, Loop Capital initiated coverage on shares of Onsemi in a research report on Monday, November 11th. They set a “buy” rating and a $95.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $85.87.

Onsemi Stock Performance

Shares of Onsemi stock opened at $65.74 on Friday. The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $27.99 billion, a P/E ratio of 16.31, a P/E/G ratio of 7.49 and a beta of 1.63. The business has a fifty day simple moving average of $70.05 and a two-hundred day simple moving average of $71.65. Onsemi has a 12 month low of $59.34 and a 12 month high of $86.77.

Onsemi (NASDAQ:ON) last announced its quarterly earnings data on Monday, October 28th. The semiconductor company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.97 by $0.02. Onsemi had a return on equity of 22.38% and a net margin of 23.80%. The business had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the firm posted $1.39 earnings per share. The company’s revenue for the quarter was down 19.2% on a year-over-year basis. On average, equities analysts forecast that Onsemi will post 4 earnings per share for the current fiscal 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.