Concentric Capital Strategies LP Takes $1.39 Million Position in Onsemi (NASDAQ:ON)

Concentric Capital Strategies LP purchased a new position in shares of Onsemi (NASDAQ:ON) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 19,160 shares of the semiconductor company’s stock, valued at approximately $1,391,000.

Other large investors have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new stake in shares of Onsemi during the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new stake in Onsemi during the 3rd quarter worth $33,000. GHP Investment Advisors Inc. lifted its holdings in Onsemi by 12,850.0% in the 3rd quarter. GHP Investment Advisors Inc. now owns 518 shares of the semiconductor company’s stock worth $38,000 after buying an additional 514 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Onsemi by 36.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 169 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Onsemi during the second quarter valued at about $43,000. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Onsemi Stock Up 4.0 %

ON stock opened at $73.95 on Tuesday. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. The firm’s 50-day simple moving average is $70.20 and its 200 day simple moving average is $71.75. The stock has a market cap of $31.49 billion, a PE ratio of 18.35, a price-to-earnings-growth ratio of 7.63 and a beta of 1.63. Onsemi has a fifty-two week low of $59.34 and a fifty-two week high of $86.77.

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

Analyst Upgrades and Downgrades

ON has been the topic of several recent analyst reports. KeyCorp cut their price target on Onsemi from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Truist Financial reduced their target price on Onsemi from $97.00 to $89.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities reissued a “neutral” rating and set a $75.00 price target on shares of Onsemi in a research report on Tuesday, October 29th. Robert W. Baird upped their price target on shares of Onsemi from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Finally, Benchmark reissued a “buy” rating and set a $90.00 price objective on shares of Onsemi in a report on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $85.87.

Insider Buying and Selling at Onsemi

In related news, CEO Hassane El-Khoury sold 1,500 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $70.80, for a total value of $106,200.00. Following the completion of the transaction, the chief executive officer now owns 840,620 shares in the company, valued at $59,515,896. This represents a 0.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold 4,500 shares of company stock valued at $321,765 in the last quarter. Corporate 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.