New York State Common Retirement Fund Cuts Position in Onsemi (NASDAQ:ON)

New York State Common Retirement Fund decreased its position in Onsemi (NASDAQ:ON) by 13.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 608,116 shares of the semiconductor company’s stock after selling 94,794 shares during the quarter. New York State Common Retirement Fund owned 0.14% of Onsemi worth $50,796,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its position in shares of Onsemi by 7,749.6% during the fourth quarter. International Assets Investment Management LLC now owns 83,363 shares of the semiconductor company’s stock worth $6,963,000 after acquiring an additional 82,301 shares during the period. State of Michigan Retirement System increased its position in shares of Onsemi by 3.6% during the fourth quarter. State of Michigan Retirement System now owns 140,536 shares of the semiconductor company’s stock worth $11,739,000 after acquiring an additional 4,900 shares during the period. Synergy Asset Management LLC increased its position in shares of Onsemi by 91.5% during the fourth quarter. Synergy Asset Management LLC now owns 154,649 shares of the semiconductor company’s stock worth $12,918,000 after acquiring an additional 73,909 shares during the period. Handelsinvest Investeringsforvaltning purchased a new stake in shares of Onsemi during the fourth quarter worth $1,137,000. Finally, Chicago Capital LLC purchased a new stake in shares of Onsemi during the fourth quarter worth $3,860,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Onsemi Price Performance

ON stock opened at $61.68 on Wednesday. The stock has a 50-day moving average price of $73.93 and a two-hundred day moving average price of $75.84. 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 company has a market cap of $26.51 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 5.92 and a beta of 1.80.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, February 5th. The semiconductor company reported $1.25 earnings per share 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 company had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2 billion. During the same quarter in the prior year, the business earned $1.32 earnings per share. The company’s revenue was down 4.1% compared to the same quarter last year. As a group, research analysts predict that Onsemi will post 4.3 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and set a $92.00 target price on shares of Onsemi in a research note on Tuesday, February 6th. JPMorgan Chase & Co. decreased their price objective on shares of Onsemi from $95.00 to $90.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Mizuho decreased their price objective on shares of Onsemi from $98.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. Truist Financial decreased their price objective on shares of Onsemi from $94.00 to $89.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $75.00 price objective on shares of Onsemi in a research note on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.28.

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.