ExodusPoint Capital Management LP Buys New Stake in Onsemi (NASDAQ:ON)

ExodusPoint Capital Management LP bought a new position in shares of Onsemi (NASDAQ:ON) in the fourth quarter, HoldingsChannel.com reports. The firm bought 30,325 shares of the semiconductor company’s stock, valued at approximately $1,912,000.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Onsemi in the fourth quarter worth $378,312,000. Allspring Global Investments Holdings LLC grew its position in Onsemi by 35.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock worth $247,226,000 after purchasing an additional 1,037,624 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Onsemi by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock worth $3,224,081,000 after purchasing an additional 344,354 shares during the period. Andra AP fonden raised 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 buying an additional 329,600 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Onsemi by 3.0% during the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock worth $767,646,000 after buying an additional 309,445 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ON shares. Roth Capital set a $60.00 price target on Onsemi in a research note on Friday, March 7th. Susquehanna cut their target price on Onsemi from $70.00 to $60.00 and set a “positive” rating for the company in a research note on Tuesday, February 11th. Citigroup decreased their price target 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. KeyCorp reduced their price objective on shares of Onsemi from $60.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Roth Mkm cut their target price on Onsemi from $100.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Onsemi presently has an average rating of “Moderate Buy” and a consensus target price of $65.92.

Onsemi Stock Down 8.9 %

Shares of Onsemi stock opened at $31.95 on Wednesday. Onsemi has a 12 month low of $31.04 and a 12 month high of $80.08. The business has a fifty day simple moving average of $45.95 and a 200 day simple moving average of $59.27. The company has a quick ratio of 3.38, a current ratio of 5.06 and a debt-to-equity ratio of 0.38. The stock has a market cap of $13.48 billion, a PE ratio of 8.80, a price-to-earnings-growth ratio of 16.74 and a beta of 1.48.

Onsemi (NASDAQ:ON) last posted 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%. Research analysts predict that Onsemi will post 2.6 EPS for the current year.

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.