Onsemi (NASDAQ:ON) Stock Position Lessened by Malaga Cove Capital LLC

Malaga Cove Capital LLC decreased its holdings in Onsemi (NASDAQ:ON) by 1.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 228,144 shares of the semiconductor company’s stock after selling 3,606 shares during the quarter. Onsemi comprises 5.6% of Malaga Cove Capital LLC’s investment portfolio, making the stock its largest holding. Malaga Cove Capital LLC’s holdings in Onsemi were worth $14,384,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Czech National Bank grew its stake in shares of Onsemi by 5.8% in the 4th quarter. Czech National Bank now owns 92,322 shares of the semiconductor company’s stock valued at $5,821,000 after purchasing an additional 5,062 shares during the last quarter. Oak Thistle LLC acquired a new stake in shares of Onsemi during the fourth quarter worth $515,000. Park Avenue Securities LLC grew its position in Onsemi by 14.8% in the 4th quarter. Park Avenue Securities LLC now owns 9,493 shares of the semiconductor company’s stock valued at $599,000 after buying an additional 1,221 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in Onsemi by 20.0% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,341 shares of the semiconductor company’s stock valued at $274,000 after buying an additional 722 shares during the period. Finally, Wedge Capital Management L L P NC raised its position in Onsemi by 40.4% during the 4th quarter. Wedge Capital Management L L P NC now owns 27,964 shares of the semiconductor company’s stock worth $1,763,000 after buying an additional 8,043 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ON. Mizuho lowered their target price on shares of Onsemi from $71.00 to $62.00 and set an “outperform” rating on the stock in a report on Monday, March 24th. Stifel Nicolaus lowered their price objective on Onsemi from $52.00 to $42.00 and set a “hold” rating on the stock in a report on Thursday, April 17th. Jefferies Financial Group reduced their price target on Onsemi from $100.00 to $85.00 and set a “buy” rating for the company in a report on Monday, February 10th. KeyCorp reduced their target price on Onsemi from $60.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company reduced their price objective on shares of Onsemi from $60.00 to $45.00 and set an “overweight” rating for the company in a research note on Tuesday, May 6th. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.12.

Onsemi Stock Up 2.6%

Shares of NASDAQ:ON opened at $45.77 on Wednesday. The company has a quick ratio of 3.38, a current ratio of 5.06 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $19.13 billion, a P/E ratio of 12.61, a P/E/G ratio of 16.74 and a beta of 1.39. Onsemi has a 52-week low of $31.04 and a 52-week high of $80.08. The stock’s fifty day simple moving average is $39.72 and its 200-day simple moving average is $53.56.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. Onsemi had a net margin of 22.21% and a return on equity of 20.10%. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the company posted $1.08 EPS. The firm’s revenue for the quarter was down 22.4% on a year-over-year basis. As a group, equities research analysts forecast that Onsemi will post 2.6 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.