Blueshift Asset Management LLC Makes New $391,000 Investment in Onsemi (NASDAQ:ON)

Blueshift Asset Management LLC purchased a new stake in Onsemi (NASDAQ:ON) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,390 shares of the semiconductor company’s stock, valued at approximately $391,000.

A number of other hedge funds have also modified their holdings of the business. Glenmede Trust Co. NA boosted its stake in shares of Onsemi by 4.9% during the third quarter. Glenmede Trust Co. NA now owns 481,122 shares of the semiconductor company’s stock valued at $34,934,000 after acquiring an additional 22,429 shares during the last quarter. Bridgewater Associates LP lifted its holdings in Onsemi by 8,367.5% in the 3rd quarter. Bridgewater Associates LP now owns 1,123,041 shares of the semiconductor company’s stock valued at $81,544,000 after purchasing an additional 1,109,778 shares in the last quarter. Townsquare Capital LLC boosted its stake in shares of Onsemi by 105.0% during the 3rd quarter. Townsquare Capital LLC now owns 6,561 shares of the semiconductor company’s stock worth $476,000 after purchasing an additional 3,360 shares during the last quarter. Thematics Asset Management raised its position in shares of Onsemi by 6.9% in the third quarter. Thematics Asset Management now owns 186,903 shares of the semiconductor company’s stock valued at $13,571,000 after buying an additional 11,996 shares during the last quarter. Finally, Rock Point Advisors LLC acquired a new position in shares of Onsemi in the third quarter valued at approximately $2,233,000. 97.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ON has been the subject of several recent analyst reports. KeyCorp lowered their target price on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. Benchmark reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Onsemi in a research report on Tuesday, October 29th. Truist Financial dropped 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. TD Cowen decreased their price target on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. Finally, BNP Paribas dropped their price objective on shares of Onsemi from $60.00 to $55.00 in a research note on Friday, October 25th. Two analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $85.87.

Insider Activity

In related news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction on 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 sale, the chief executive officer now owns 840,620 shares in the company, valued at approximately $59,515,896. The trade was a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 4,500 shares of company stock worth $321,765 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Onsemi Stock Down 0.7 %

NASDAQ ON opened at $70.35 on Friday. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. Onsemi has a fifty-two week low of $59.34 and a fifty-two week high of $86.77. The business has a 50 day moving average price of $70.23 and a two-hundred day moving average price of $71.80. The stock has a market cap of $29.96 billion, a PE ratio of 17.46, a P/E/G ratio of 7.54 and a beta of 1.65.

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