Jennison Associates LLC Sells 97,439 Shares of Onsemi (NASDAQ:ON)

Jennison Associates LLC cut its position in shares of Onsemi (NASDAQ:ON) by 31.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 208,966 shares of the semiconductor company’s stock after selling 97,439 shares during the quarter. Jennison Associates LLC’s holdings in Onsemi were worth $17,455,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Invesco Ltd. raised its stake in Onsemi by 26.0% during the third quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock valued at $540,306,000 after buying an additional 1,200,723 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in 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 valued at $195,124,000 after buying an additional 828,944 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Onsemi by 23.7% during the third quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock valued at $397,108,000 after buying an additional 817,237 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Onsemi in the third quarter worth $28,927,000. Finally, QRG Capital Management Inc. purchased a new position in shares of Onsemi in the third quarter worth $22,883,000. 97.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. TD Cowen boosted their price target on Onsemi from $80.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 6th. KeyCorp upped their price objective on Onsemi from $95.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 6th. Mizuho dropped their price objective on Onsemi from $98.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. Morgan Stanley decreased their price objective on Onsemi from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, Roth Mkm upped their price objective on Onsemi from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.28.

Onsemi Stock Up 1.3 %

Shares of NASDAQ ON opened at $66.38 on Friday. The stock has a market capitalization of $28.53 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 6.40 and a beta of 1.80. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35. The company has a current ratio of 2.71, a quick ratio of 1.74 and a debt-to-equity ratio of 0.33. The stock’s fifty day simple moving average is $73.60 and its two-hundred day simple moving average is $75.77.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, February 5th. The semiconductor company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.21 by $0.04. Onsemi had a return on equity of 31.36% and a net margin of 26.46%. The firm had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2 billion. During the same quarter in the prior year, the business posted $1.32 EPS. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. As a group, analysts expect that Onsemi will post 4.3 EPS for the current fiscal 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.