Investment Management Corp of Ontario Grows Position in Onsemi (NASDAQ:ON)

Investment Management Corp of Ontario raised its position in Onsemi (NASDAQ:ON) by 49.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,254 shares of the semiconductor company’s stock after acquiring an additional 4,700 shares during the quarter. Investment Management Corp of Ontario’s holdings in Onsemi were worth $1,035,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HighTower Advisors LLC grew its position in shares of Onsemi by 4.7% in the 3rd quarter. HighTower Advisors LLC now owns 49,683 shares of the semiconductor company’s stock valued at $3,601,000 after buying an additional 2,229 shares during the last quarter. Cinctive Capital Management LP purchased a new stake in Onsemi in the third quarter valued at approximately $1,270,000. Concentric Capital Strategies LP acquired a new stake in shares of Onsemi in the third quarter valued at approximately $1,391,000. Atom Investors LP grew its position in shares of Onsemi by 2.8% during the third quarter. Atom Investors LP now owns 42,827 shares of the semiconductor company’s stock worth $3,110,000 after acquiring an additional 1,153 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in Onsemi in the 3rd quarter valued at $2,229,000. Institutional investors and hedge funds own 97.70% of the company’s stock.

Onsemi Trading Down 0.3 %

Shares of ON opened at $65.74 on Friday. Onsemi has a fifty-two week low of $59.34 and a fifty-two week high of $86.77. The stock has a fifty day moving average of $70.05 and a two-hundred day moving average of $71.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.02 and a current ratio of 3.07. The company has a market capitalization of $27.99 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 7.49 and a beta of 1.63.

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

Insider Buying and Selling

In other news, CEO Hassane El-Khoury sold 1,500 shares of the 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 of the company’s stock, valued at $59,515,896. This represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 4,500 shares of company stock valued at $321,765. Insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $87.00 price target on shares of Onsemi in a report on Tuesday, November 19th. BNP Paribas decreased their price target on Onsemi from $60.00 to $55.00 in a report on Friday, October 25th. Mizuho set a $85.00 price objective on shares of Onsemi in a research note on Friday, October 18th. Loop Capital started coverage on shares of Onsemi in a research note on Monday, November 11th. They issued a “buy” rating and a $95.00 target price for the company. Finally, KeyCorp cut their price target on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $85.87.

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.