Norges Bank Makes New Investment in Onsemi (NASDAQ:ON)

Norges Bank 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 fund purchased 6,000,190 shares of the semiconductor company’s stock, valued at approximately $378,312,000.

A number of other institutional investors and hedge funds have also modified their holdings of ON. D.A. Davidson & CO. raised its holdings in shares of Onsemi by 8.5% in the third quarter. D.A. Davidson & CO. now owns 7,061 shares of the semiconductor company’s stock valued at $513,000 after purchasing an additional 552 shares during the last quarter. Townsquare Capital LLC grew its stake in shares of Onsemi by 105.0% in the third quarter. Townsquare Capital LLC now owns 6,561 shares of the semiconductor company’s stock valued at $476,000 after buying an additional 3,360 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Onsemi by 8.9% during the third quarter. Public Sector Pension Investment Board now owns 18,409 shares of the semiconductor company’s stock worth $1,337,000 after buying an additional 1,500 shares during the last quarter. BlueCrest Capital Management Ltd raised its position in Onsemi by 172.3% during the third quarter. BlueCrest Capital Management Ltd now owns 17,700 shares of the semiconductor company’s stock worth $1,285,000 after acquiring an additional 11,200 shares in the last quarter. Finally, Circle Wealth Management LLC lifted its stake in Onsemi by 153.1% in the third quarter. Circle Wealth Management LLC now owns 11,828 shares of the semiconductor company’s stock valued at $859,000 after acquiring an additional 7,155 shares during the last quarter. 97.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ON shares. Wells Fargo & Company cut their target price on shares of Onsemi from $80.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, February 11th. Roth Mkm reduced their target price on Onsemi from $100.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. JPMorgan Chase & Co. decreased their target price on Onsemi from $88.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, February 11th. Jefferies Financial Group cut their price target on Onsemi from $100.00 to $85.00 and set a “buy” rating for the company in a report on Monday, February 10th. Finally, KeyCorp decreased their price objective on shares of Onsemi from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $66.50.

Onsemi Price Performance

Onsemi stock opened at $40.94 on Friday. The stock’s 50 day moving average is $48.92 and its 200 day moving average is $61.21. Onsemi has a one year low of $40.62 and a one year high of $80.08. The firm has a market cap of $17.25 billion, a P/E ratio of 11.28, a P/E/G 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 issued its quarterly earnings results 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%. As a group, research analysts expect 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.