Public Employees Retirement System of Ohio Cuts Stock Holdings in Onsemi (NASDAQ:ON)

Public Employees Retirement System of Ohio trimmed its position in shares of Onsemi (NASDAQ:ON) by 6.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 182,428 shares of the semiconductor company’s stock after selling 11,981 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Onsemi were worth $11,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of ON. Elequin Capital LP boosted its holdings in shares of Onsemi by 108.3% in the 4th quarter. Elequin Capital LP now owns 527 shares of the semiconductor company’s stock worth $33,000 after buying an additional 274 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new position in shares of Onsemi in the 4th quarter worth about $41,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Onsemi in the 4th quarter worth about $43,000. Synergy Asset Management LLC purchased a new position in shares of Onsemi in the 4th quarter worth about $51,000. Finally, Plato Investment Management Ltd purchased a new position in shares of Onsemi in the 4th quarter worth about $51,000. 97.70% of the stock is owned by hedge funds and other institutional investors.

Onsemi Stock Down 2.4%

ON stock opened at $41.27 on Monday. The company has a current ratio of 5.06, a quick ratio of 3.38 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $39.76 and its 200 day moving average is $51.86. The stock has a market cap of $17.25 billion, a price-to-earnings ratio of 11.37, a price-to-earnings-growth ratio of 16.74 and a beta of 1.39. Onsemi has a 1-year low of $31.04 and a 1-year 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 for the quarter, topping the consensus estimate of $0.51 by $0.04. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Onsemi had a net margin of 22.21% and a return on equity of 20.10%. Onsemi’s revenue for the quarter was down 22.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.08 earnings per share. Sell-side analysts predict that Onsemi will post 2.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ON. Morgan Stanley began coverage on shares of Onsemi in a report on Monday, May 12th. They issued an “equal weight” rating and a $39.00 price target on the stock. KeyCorp dropped their price objective on shares of Onsemi from $60.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their price objective on shares of Onsemi from $60.00 to $48.00 and set a “neutral” rating on the stock in a report on Tuesday, May 6th. Jefferies Financial Group dropped their price objective on shares of Onsemi from $100.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, February 10th. Finally, Susquehanna dropped their price objective on shares of Onsemi from $70.00 to $60.00 and set a “positive” rating on the stock in a report on Tuesday, February 11th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Onsemi currently 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.