Balentine LLC Cuts Stake in Onsemi (NASDAQ:ON)

Balentine LLC cut its stake in shares of Onsemi (NASDAQ:ON) by 32.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,821 shares of the semiconductor company’s stock after selling 2,339 shares during the quarter. Balentine LLC’s holdings in Onsemi were worth $403,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Invesco Ltd. raised its stake in shares of Onsemi by 26.0% in the third quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock worth $540,306,000 after purchasing an additional 1,200,723 shares during the last quarter. Norges Bank bought a new stake in Onsemi in the 4th quarter worth about $418,102,000. Ameriprise Financial Inc. raised its position in Onsemi by 23.7% in the 3rd 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. Northern Trust Corp lifted its stake in Onsemi by 4.3% during the 3rd quarter. Northern Trust Corp now owns 4,117,862 shares of the semiconductor company’s stock valued at $382,755,000 after acquiring an additional 171,432 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Onsemi by 25.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,218,131 shares of the semiconductor company’s stock worth $268,835,000 after acquiring an additional 645,969 shares during the period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

ON has been the topic of a number of research analyst reports. Stifel Nicolaus lowered their price objective on shares of Onsemi from $82.00 to $72.00 and set a “hold” rating on the stock in a research report on Thursday, April 18th. Benchmark dropped their price target on Onsemi from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. BNP Paribas reaffirmed an “underperform” rating and issued a $55.00 price objective on shares of Onsemi in a report on Friday, April 19th. Mizuho dropped their target price on Onsemi from $92.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Finally, Wells Fargo & Company reduced their price target on shares of Onsemi from $110.00 to $95.00 and set an “overweight” rating for the company in a research report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Onsemi has a consensus rating of “Moderate Buy” and an average target price of $90.28.

Onsemi Price Performance

ON stock opened at $74.01 on Wednesday. Onsemi has a one year low of $59.34 and a one year high of $111.35. The company’s fifty day moving average price is $70.64 and its 200-day moving average price is $74.20. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.87. The company has a market capitalization of $31.84 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 3.38 and a beta of 1.78.

Onsemi (NASDAQ:ON) last released its 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. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the previous year, the firm earned $1.19 earnings per share. The company’s quarterly revenue was down 4.9% compared to the same quarter last year. On average, equities analysts anticipate that Onsemi will post 3.83 EPS for the current fiscal year.

Insider Transactions at Onsemi

In related news, Director Paul Anthony Mascarenas sold 911 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total transaction of $67,833.06. Following the sale, the director now owns 48,929 shares of the company’s stock, valued at $3,643,253.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.31% of the company’s stock.

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.