Allstate Corp Makes New $800,000 Investment in Onsemi (NASDAQ:ON)

Allstate Corp bought a new stake in shares of Onsemi (NASDAQ:ON) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 12,694 shares of the semiconductor company’s stock, valued at approximately $800,000.

A number of other hedge funds have also recently made changes to their positions in ON. Norges Bank purchased a new stake in Onsemi during the 4th quarter valued at about $378,312,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Onsemi by 35.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock worth $247,226,000 after buying an additional 1,037,624 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Onsemi by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock valued at $3,224,081,000 after buying an additional 344,354 shares during the last quarter. Andra AP fonden increased its position in shares of Onsemi by 2,388.4% during the fourth quarter. Andra AP fonden now owns 343,400 shares of the semiconductor company’s stock valued at $21,651,000 after acquiring an additional 329,600 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Onsemi by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock worth $767,646,000 after acquiring an additional 309,445 shares during the last quarter. 97.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ON. Benchmark cut their target price on Onsemi from $90.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th. Wells Fargo & Company dropped their price objective on Onsemi from $80.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 11th. UBS Group decreased their target price on Onsemi from $72.00 to $65.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Citigroup lowered their target price on shares of Onsemi from $77.00 to $52.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 11th. Finally, Truist Financial reduced their price target on shares of Onsemi from $60.00 to $52.00 and set a “hold” rating for the company in a research note on Tuesday, February 11th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Onsemi currently has a consensus rating of “Moderate Buy” and an average target price of $66.50.

Onsemi Stock Performance

ON opened at $40.69 on Tuesday. The company has a 50 day simple moving average of $48.64 and a two-hundred day simple moving average of $60.94. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38. The firm has a market cap of $17.15 billion, a P/E ratio of 11.21, a PEG ratio of 16.74 and a beta of 1.59. Onsemi has a 1-year low of $39.36 and a 1-year high of $80.08.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, February 10th. The semiconductor company reported $0.95 earnings per share 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%. Equities analysts forecast that Onsemi will post 2.6 earnings per share for the current fiscal year.

Onsemi 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.