Pitcairn Co. Boosts Stock Position in Onsemi (NASDAQ:ON)

Pitcairn Co. grew its holdings in shares of Onsemi (NASDAQ:ON) by 393.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,492 shares of the semiconductor company’s stock after purchasing an additional 12,350 shares during the period. Pitcairn Co.’s holdings in Onsemi were worth $1,139,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ON. Capital World Investors purchased a new position in Onsemi in the 4th quarter worth $697,276,000. Norges Bank purchased a new position in shares of Onsemi in the fourth quarter worth about $418,102,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Onsemi by 55.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock worth $195,124,000 after purchasing an additional 828,944 shares during the period. Rafferty Asset Management LLC boosted its position in Onsemi by 35.6% in the fourth quarter. Rafferty Asset Management LLC now owns 2,989,554 shares of the semiconductor company’s stock valued at $249,717,000 after buying an additional 785,305 shares during the last quarter. Finally, M&G Plc acquired a new position in Onsemi in the 1st quarter worth approximately $57,900,000. Institutional investors and hedge funds own 97.70% of the company’s stock.

Insider Activity at Onsemi

In other Onsemi news, Director Paul Anthony Mascarenas sold 911 shares of the business’s 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 owns 48,929 shares in the company, valued at approximately $3,643,253.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Paul Anthony Mascarenas sold 911 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total value of $67,833.06. Following the completion of the transaction, the director now owns 48,929 shares in the company, valued at approximately $3,643,253.34. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Trent Thad sold 38,000 shares of Onsemi stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total value of $2,756,900.00. Following the sale, the chief financial officer now owns 331,829 shares in the company, 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 company insiders.

Onsemi Trading Down 3.7 %

Shares of NASDAQ ON traded down $2.57 during trading on Thursday, hitting $67.54. 9,636,685 shares of the company were exchanged, compared to its average volume of 6,789,088. The firm has a market capitalization of $29.06 billion, a PE ratio of 14.31, a P/E/G ratio of 3.34 and a beta of 1.69. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.87. The company has a fifty day moving average price of $72.72 and a 200-day moving average price of $73.30. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35.

Onsemi (NASDAQ:ON) last announced its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the prior year, the company posted $1.19 EPS. The company’s quarterly revenue was down 4.9% on a year-over-year basis. As a group, equities research analysts expect that Onsemi will post 3.83 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on ON shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $92.00 price objective on shares of Onsemi in a report on Thursday, June 13th. Benchmark cut their price target on Onsemi from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Truist Financial decreased their price objective on Onsemi from $89.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. B. Riley reaffirmed a “buy” rating and set a $103.00 target price (down from $115.00) on shares of Onsemi in a report on Tuesday, April 30th. Finally, Evercore ISI initiated coverage on shares of Onsemi in a research note on Tuesday, April 16th. They set an “outperform” rating and a $104.00 target price on the stock. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, Onsemi presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.36.

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.