Van ECK Associates Corp Increases Position in Onsemi (NASDAQ:ON)

Van ECK Associates Corp increased its holdings in shares of Onsemi (NASDAQ:ON) by 20.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,040,468 shares of the semiconductor company’s stock after acquiring an additional 344,970 shares during the quarter. Van ECK Associates Corp owned approximately 0.47% of Onsemi worth $170,441,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. International Assets Investment Management LLC raised its stake in Onsemi by 7,749.6% in the 4th quarter. International Assets Investment Management LLC now owns 83,363 shares of the semiconductor company’s stock valued at $6,963,000 after acquiring an additional 82,301 shares during the period. Harvest Fund Management Co. Ltd raised its holdings in Onsemi by 7.1% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 9,610 shares of the semiconductor company’s stock valued at $798,000 after acquiring an additional 637 shares during the period. State of Michigan Retirement System lifted its position in shares of Onsemi by 3.6% during the fourth quarter. State of Michigan Retirement System now owns 140,536 shares of the semiconductor company’s stock worth $11,739,000 after acquiring an additional 4,900 shares in the last quarter. Synergy Asset Management LLC boosted its holdings in shares of Onsemi by 91.5% in the fourth quarter. Synergy Asset Management LLC now owns 154,649 shares of the semiconductor company’s stock worth $12,918,000 after acquiring an additional 73,909 shares during the period. Finally, Handelsinvest Investeringsforvaltning purchased a new position in shares of Onsemi in the fourth quarter valued at $1,137,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Onsemi Trading Up 1.1 %

Shares of ON traded up $0.79 during mid-day trading on Tuesday, hitting $71.61. 2,420,772 shares of the company’s stock traded hands, compared to its average volume of 7,485,245. The business’s 50-day moving average price is $72.95 and its 200-day moving average price is $75.13. Onsemi has a 1 year low of $59.34 and a 1 year high of $111.35. The firm has a market capitalization of $30.78 billion, a P/E ratio of 14.63, a PEG ratio of 6.71 and a beta of 1.80. The company has a quick ratio of 1.74, a current ratio of 2.71 and a debt-to-equity ratio of 0.33.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data 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 26.46% and a return on equity of 31.36%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the business earned $1.19 EPS. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. As a group, sell-side analysts forecast that Onsemi will post 4.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ON. The Goldman Sachs Group dropped their price objective on Onsemi from $91.00 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. JPMorgan Chase & Co. lowered their price target on shares of Onsemi from $95.00 to $90.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. Morgan Stanley reduced their price objective on shares of Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday, April 22nd. Wells Fargo & Company lowered their target price on shares of Onsemi from $110.00 to $95.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 23rd. Finally, Benchmark reduced their price target on shares of Onsemi from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Onsemi currently has an average rating of “Moderate Buy” and a consensus price target of $91.00.

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.