Rafferty Asset Management LLC Has $251.03 Million Stock Holdings in Onsemi (NASDAQ:ON)

Rafferty Asset Management LLC cut its stake in Onsemi (NASDAQ:ON) by 2.1% during the fourth quarter, HoldingsChannel reports. The fund owned 3,981,492 shares of the semiconductor company’s stock after selling 86,322 shares during the quarter. Onsemi comprises approximately 0.9% of Rafferty Asset Management LLC’s holdings, making the stock its 27th biggest position. Rafferty Asset Management LLC’s holdings in Onsemi were worth $251,033,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Onsemi by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock valued at $3,224,081,000 after acquiring an additional 344,354 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Onsemi by 9.2% in the fourth quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company’s stock valued at $780,387,000 after buying an additional 1,041,989 shares during the period. Norges Bank bought a new stake in shares of Onsemi in the fourth quarter valued at about $378,312,000. Dimensional Fund Advisors LP lifted its stake in shares of Onsemi by 18.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company’s stock valued at $316,195,000 after buying an additional 771,610 shares during the period. Finally, Capital International Investors lifted its stake in shares of Onsemi by 0.7% in the fourth quarter. Capital International Investors now owns 4,214,441 shares of the semiconductor company’s stock valued at $265,737,000 after buying an additional 31,365 shares during the period. 97.70% of the stock is currently owned by institutional investors.

Onsemi Stock Performance

Shares of ON stock opened at $45.20 on Thursday. The company has a market capitalization of $18.89 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 16.74 and a beta of 1.39. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.38 and a current ratio of 5.06. The company has a 50-day simple moving average of $39.72 and a 200 day simple moving average of $53.50. Onsemi has a 52 week low of $31.04 and a 52 week high of $80.08.

Onsemi (NASDAQ:ON) last posted its quarterly earnings data on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. Onsemi had a net margin of 22.21% and a return on equity of 20.10%. The business’s revenue for the quarter was down 22.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.08 EPS. On average, sell-side analysts predict that Onsemi will post 2.6 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ON shares. Loop Capital dropped their price target on shares of Onsemi from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Mizuho dropped their price target on shares of Onsemi from $71.00 to $62.00 and set an “outperform” rating for the company in a research report on Monday, March 24th. Stifel Nicolaus dropped their price target on shares of Onsemi from $52.00 to $42.00 and set a “hold” rating for the company in a research report on Thursday, April 17th. KeyCorp dropped their price target on shares of Onsemi from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, TD Cowen raised their price objective on shares of Onsemi from $38.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, May 6th. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.12.

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.