Clearbridge Investments LLC Sells 284,782 Shares of Onsemi (NASDAQ:ON)

Clearbridge Investments LLC cut its stake in Onsemi (NASDAQ:ON) by 56.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 215,339 shares of the semiconductor company’s stock after selling 284,782 shares during the period. Clearbridge Investments LLC owned about 0.05% of Onsemi worth $15,838,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Integrated Advisors Network LLC increased its stake in Onsemi by 1.7% in the 4th quarter. Integrated Advisors Network LLC now owns 9,715 shares of the semiconductor company’s stock worth $811,000 after buying an additional 164 shares during the period. Perigon Wealth Management LLC increased its stake in Onsemi by 7.7% in the 4th quarter. Perigon Wealth Management LLC now owns 2,463 shares of the semiconductor company’s stock worth $206,000 after buying an additional 177 shares during the period. STF Management LP increased its stake in Onsemi by 2.5% in the 4th quarter. STF Management LP now owns 7,209 shares of the semiconductor company’s stock worth $602,000 after buying an additional 178 shares during the period. Covestor Ltd increased its position in Onsemi by 24.5% during the 1st quarter. Covestor Ltd now owns 965 shares of the semiconductor company’s stock valued at $71,000 after purchasing an additional 190 shares during the period. Finally, Quent Capital LLC increased its position in Onsemi by 25.3% during the 4th quarter. Quent Capital LLC now owns 980 shares of the semiconductor company’s stock valued at $82,000 after purchasing an additional 198 shares during the period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Wall Street Analysts Forecast Growth

ON has been the topic of a number of research reports. Jefferies Financial Group initiated coverage on shares of Onsemi in a research report on Monday, May 13th. They set a “buy” rating and a $100.00 target price on the stock. Deutsche Bank Aktiengesellschaft cut their target price on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Evercore ISI began coverage on shares of Onsemi in a report on Tuesday, April 16th. They issued an “outperform” rating and a $104.00 price target on the stock. Wells Fargo & Company lowered their price target on shares of Onsemi from $110.00 to $95.00 and set an “overweight” rating on the stock in a report on Tuesday, April 23rd. Finally, Rosenblatt Securities lowered their price target on shares of Onsemi from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, April 30th. 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. Based on data from MarketBeat, Onsemi currently has a consensus rating of “Moderate Buy” and an average target price of $88.36.

Onsemi Stock Performance

ON traded down $3.28 during trading on Wednesday, reaching $70.11. 8,134,157 shares of the company’s stock were exchanged, compared to its average volume of 6,768,861. Onsemi has a 1 year low of $59.34 and a 1 year high of $111.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.87 and a quick ratio of 1.87. The stock has a market capitalization of $30.16 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 3.52 and a beta of 1.69. The company’s fifty day simple moving average is $72.81 and its 200-day simple moving average is $73.32.

Onsemi (NASDAQ:ON) last posted its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same period last year, the firm posted $1.19 EPS. Onsemi’s revenue for the quarter was down 4.9% compared to the same quarter last year. As a group, research analysts predict that Onsemi will post 3.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Trent Thad sold 38,000 shares of Onsemi stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the completion of the transaction, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at approximately $24,074,193.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Paul Anthony Mascarenas sold 911 shares of Onsemi stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total transaction of $67,833.06. Following the completion of the transaction, the director now directly owns 48,929 shares of the company’s stock, valued at approximately $3,643,253.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Trent Thad sold 38,000 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the completion of the sale, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at approximately $24,074,193.95. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

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.