Onsemi (NASDAQ:ON) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its stake in Onsemi (NASDAQ:ON) by 2.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 94,921 shares of the semiconductor company’s stock after selling 2,651 shares during the quarter. Retirement Systems of Alabama’s holdings in Onsemi were worth $7,929,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC grew its position in shares of Onsemi by 7,749.6% in the fourth quarter. International Assets Investment Management LLC now owns 83,363 shares of the semiconductor company’s stock valued at $6,963,000 after purchasing an additional 82,301 shares during the period. Harvest Fund Management Co. Ltd lifted its stake in Onsemi by 7.1% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 9,610 shares of the semiconductor company’s stock valued at $798,000 after buying an additional 637 shares in the last quarter. State of Michigan Retirement System boosted its holdings in Onsemi by 3.6% in the 4th quarter. State of Michigan Retirement System now owns 140,536 shares of the semiconductor company’s stock worth $11,739,000 after buying an additional 4,900 shares during the last quarter. Synergy Asset Management LLC increased its stake in Onsemi by 91.5% during the 4th quarter. Synergy Asset Management LLC now owns 154,649 shares of the semiconductor company’s stock worth $12,918,000 after buying an additional 73,909 shares in the last quarter. Finally, Handelsinvest Investeringsforvaltning acquired a new position in shares of Onsemi during the fourth quarter valued at approximately $1,137,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. B. Riley reiterated a “buy” rating and set a $103.00 price target (down from $115.00) on shares of Onsemi in a research report on Tuesday. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $92.00 price target on shares of Onsemi in a research note on Tuesday. BNP Paribas reaffirmed an “underperform” rating and set a $55.00 price objective on shares of Onsemi in a research note on Friday, April 19th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Onsemi from $95.00 to $90.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $90.24.

Onsemi Price Performance

ON opened at $70.37 on Friday. The firm has a market cap of $30.28 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 3.16 and a beta of 1.78. The company has a current ratio of 2.87, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. The stock’s 50-day moving average price is $72.35 and its 200 day moving average price is $74.77. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The business’s quarterly revenue was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.19 earnings per share. As a group, sell-side analysts expect that Onsemi will post 3.86 earnings per share 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.