Sycomore Asset Management Sells 3,662 Shares of Onsemi (NASDAQ:ON)

Sycomore Asset Management reduced its position in Onsemi (NASDAQ:ON) by 10.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 30,938 shares of the semiconductor company’s stock after selling 3,662 shares during the period. Sycomore Asset Management’s holdings in Onsemi were worth $2,631,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. raised its stake in Onsemi by 26.0% in the 3rd quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock valued at $540,306,000 after acquiring an additional 1,200,723 shares during the period. Ameriprise Financial Inc. grew its holdings in Onsemi by 23.7% during the 3rd 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 in the last quarter. Northern Trust Corp grew its holdings in Onsemi by 4.3% during the 3rd quarter. Northern Trust Corp now owns 4,117,862 shares of the semiconductor company’s stock valued at $382,755,000 after buying an additional 171,432 shares in the last quarter. Alphinity Investment Management Pty Ltd grew its holdings in Onsemi by 2.7% during the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 2,845,345 shares of the semiconductor company’s stock valued at $264,475,000 after buying an additional 75,730 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in Onsemi by 0.7% during the 3rd quarter. Sei Investments Co. now owns 2,701,574 shares of the semiconductor company’s stock valued at $251,111,000 after buying an additional 19,740 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ON. TD Cowen boosted their price objective on Onsemi from $80.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, February 6th. Morgan Stanley cut their target price on Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday. JPMorgan Chase & Co. cut their target price on Onsemi from $95.00 to $90.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Roth Mkm upped their target price on Onsemi from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Finally, Susquehanna reaffirmed a “positive” rating and issued a $90.00 target price on shares of Onsemi in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.28.

Onsemi Stock Up 6.2 %

Shares of NASDAQ ON traded up $3.85 during trading on Wednesday, reaching $65.53. The company had a trading volume of 12,808,920 shares, compared to its average volume of 7,384,299. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35. The business’s 50-day moving average is $73.93 and its 200 day moving average is $75.84. The company has a quick ratio of 1.74, a current ratio of 2.71 and a debt-to-equity ratio of 0.33. The stock has a market cap of $28.17 billion, a PE ratio of 13.40, a P/E/G ratio of 5.92 and a beta of 1.80.

Onsemi (NASDAQ:ON) last posted its quarterly earnings data on Monday, February 5th. The semiconductor company reported $1.25 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $2 billion. During the same quarter last year, the company earned $1.32 earnings per share. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. As a group, equities analysts forecast that Onsemi will post 4.3 earnings per share for the current fiscal year.

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.