KLP Kapitalforvaltning AS Makes New Investment in Onsemi (NASDAQ:ON)

KLP Kapitalforvaltning AS purchased a new position in shares of Onsemi (NASDAQ:ON) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 138,300 shares of the semiconductor company’s stock, valued at approximately $8,720,000.

Other hedge funds have also made changes to their positions in the company. Pathstone Holdings LLC grew its stake in Onsemi by 4.3% in the 3rd quarter. Pathstone Holdings LLC now owns 43,659 shares of the semiconductor company’s stock valued at $3,170,000 after buying an additional 1,797 shares during the last quarter. Nwam LLC bought a new position in shares of Onsemi in the third quarter worth about $222,000. Larson Financial Group LLC lifted its position in shares of Onsemi by 28.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,816 shares of the semiconductor company’s stock worth $132,000 after purchasing an additional 406 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Onsemi by 6.2% during the 3rd quarter. Fisher Asset Management LLC now owns 318,633 shares of the semiconductor company’s stock valued at $23,136,000 after purchasing an additional 18,723 shares during the period. Finally, Harvest Fund Management Co. Ltd grew its holdings in Onsemi by 45.0% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 21,540 shares of the semiconductor company’s stock valued at $1,564,000 after buying an additional 6,681 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Onsemi Stock Up 4.3 %

NASDAQ ON opened at $45.68 on Tuesday. The stock’s 50 day simple moving average is $49.79 and its 200 day simple moving average is $61.85. Onsemi has a one year low of $41.59 and a one year high of $80.08. The firm has a market cap of $19.25 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 16.74 and a beta of 1.59. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, February 10th. The semiconductor company reported $0.95 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.03). Onsemi had a return on equity of 20.10% and a net margin of 22.21%. As a group, sell-side analysts forecast that Onsemi will post 2.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ON shares. Mizuho reduced their price objective on Onsemi from $71.00 to $62.00 and set an “outperform” rating for the company in a research report on Monday. Jefferies Financial Group reduced their price target on shares of Onsemi from $100.00 to $85.00 and set a “buy” rating for the company in a report on Monday, February 10th. Wells Fargo & Company dropped their price objective on shares of Onsemi from $80.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, February 11th. Benchmark reduced their target price on shares of Onsemi from $90.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $49.00 price target on shares of Onsemi in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.

Onsemi Company 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.