Elequin Capital LP Grows Position in Onsemi (NASDAQ:ON)

Elequin Capital LP grew its position in shares of Onsemi (NASDAQ:ON) by 108.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 527 shares of the semiconductor company’s stock after acquiring an additional 274 shares during the quarter. Elequin Capital LP’s holdings in Onsemi were worth $33,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in Onsemi by 16.1% during the fourth quarter. Blue Trust Inc. now owns 8,076 shares of the semiconductor company’s stock worth $509,000 after acquiring an additional 1,119 shares during the period. Deltec Asset Management LLC purchased a new stake in shares of Onsemi during the 4th quarter valued at $6,343,000. Olstein Capital Management L.P. bought a new stake in shares of Onsemi during the 4th quarter worth $4,792,000. Pacer Advisors Inc. boosted its holdings in shares of Onsemi by 21.5% in the 4th quarter. Pacer Advisors Inc. now owns 75,692 shares of the semiconductor company’s stock worth $4,772,000 after buying an additional 13,412 shares during the last quarter. Finally, Empowered Funds LLC grew its position in Onsemi by 288.9% during the fourth quarter. Empowered Funds LLC now owns 160,770 shares of the semiconductor company’s stock valued at $10,137,000 after buying an additional 119,428 shares during the period. Institutional investors own 97.70% of the company’s stock.

Onsemi Stock Down 1.4%

Shares of NASDAQ:ON opened at $43.66 on Thursday. The company has a market cap of $18.24 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 16.74 and a beta of 1.39. Onsemi has a one year low of $31.04 and a one year high of $80.08. The firm has a fifty day moving average price of $39.84 and a two-hundred day moving average price of $52.53. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38.

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

Analyst Upgrades and Downgrades

Several analysts have commented on ON shares. B. Riley lowered shares of Onsemi from a “buy” rating to a “neutral” rating and set a $41.00 price objective on the stock. in a research report on Thursday, April 24th. Roth Mkm lowered their price target on shares of Onsemi from $100.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. Truist Financial reduced their price objective on Onsemi from $60.00 to $52.00 and set a “hold” rating for the company in a report on Tuesday, February 11th. Wells Fargo & Company lowered their target price on Onsemi from $60.00 to $45.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 6th. Finally, Robert W. Baird cut their price target on Onsemi from $42.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, May 6th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.12.

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.