Artisan Partners Limited Partnership Reduces Stock Position in Onsemi (NASDAQ:ON)

Artisan Partners Limited Partnership trimmed its holdings in shares of Onsemi (NASDAQ:ON) by 36.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,982,735 shares of the semiconductor company’s stock after selling 2,303,632 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Onsemi were worth $251,111,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Newbridge Financial Services Group Inc. bought a new position in Onsemi during the 4th quarter worth about $41,000. Safe Harbor Fiduciary LLC purchased a new stake in shares of Onsemi in the 3rd quarter worth approximately $43,000. Synergy Asset Management LLC bought a new position in shares of Onsemi during the fourth quarter valued at approximately $51,000. Plato Investment Management Ltd purchased a new position in Onsemi during the fourth quarter valued at approximately $51,000. Finally, Rakuten Securities Inc. raised its stake in Onsemi by 434.6% in the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company’s stock worth $54,000 after buying an additional 691 shares in the last quarter. Institutional investors own 97.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ON. KeyCorp reduced their price objective on shares of Onsemi from $90.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, January 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 price target on shares of Onsemi in a research report on Monday, March 3rd. Susquehanna lowered their price objective on Onsemi from $70.00 to $60.00 and set a “positive” rating for the company in a research report on Tuesday, February 11th. Jefferies Financial Group reduced their target price on Onsemi from $100.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Finally, Mizuho lowered their price target on Onsemi from $71.00 to $62.00 and set an “outperform” rating for the company in a report on Monday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Onsemi presently has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Onsemi Price Performance

Shares of ON opened at $45.04 on Thursday. The stock has a 50 day simple moving average of $49.39 and a 200 day simple moving average of $61.58. Onsemi has a 52-week low of $41.59 and a 52-week high of $80.08. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.38 and a current ratio of 5.06. The firm has a market capitalization of $18.98 billion, a PE ratio of 12.41, a P/E/G ratio of 16.74 and a beta of 1.59.

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

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.