Maryland State Retirement & Pension System Acquires 628 Shares of Onsemi (NASDAQ:ON)

Maryland State Retirement & Pension System boosted its holdings in shares of Onsemi (NASDAQ:ON) by 1.9% during the 4th quarter, Holdings Channel reports. The firm owned 33,552 shares of the semiconductor company’s stock after buying an additional 628 shares during the period. Maryland State Retirement & Pension System’s holdings in Onsemi were worth $2,803,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Invesco Ltd. increased its stake in Onsemi by 26.0% in the 3rd quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock worth $540,306,000 after acquiring an additional 1,200,723 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Onsemi by 55.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock valued at $195,124,000 after buying an additional 828,944 shares during the period. Ameriprise Financial Inc. lifted its position in Onsemi by 23.7% in the third quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock worth $397,108,000 after buying an additional 817,237 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Onsemi by 20.3% in the fourth quarter. Van ECK Associates Corp now owns 2,040,468 shares of the semiconductor company’s stock valued at $170,441,000 after acquiring an additional 344,970 shares during the period. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in shares of Onsemi during the 3rd quarter worth about $28,927,000. Institutional investors own 97.70% of the company’s stock.

Onsemi Stock Performance

Onsemi stock traded down $1.06 during mid-day trading on Wednesday, hitting $69.73. The company had a trading volume of 641,737 shares, compared to its average volume of 7,447,329. The company has a current ratio of 2.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $30.00 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 3.18 and a beta of 1.78. The company’s fifty day moving average is $72.07 and its 200-day moving average is $74.32. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35.

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

Analyst Upgrades and Downgrades

ON has been the topic of a number of recent analyst reports. B. Riley reiterated a “buy” rating and issued a $103.00 target price (down previously from $115.00) on shares of Onsemi in a research note on Tuesday, April 30th. Truist Financial reduced their target price on shares of Onsemi from $89.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Mizuho dropped their price objective on Onsemi from $92.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $92.00 target price on shares of Onsemi in a research report on Tuesday, April 30th. Finally, TD Cowen lowered their target price on Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $90.24.

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.