Onsemi (NASDAQ:ON) Shares Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC boosted its position in shares of Onsemi (NASDAQ:ON) by 12.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,527 shares of the semiconductor company’s stock after purchasing an additional 3,563 shares during the period. Wedge Capital Management L L P NC’s holdings in Onsemi were worth $1,283,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ON. Newbridge Financial Services Group Inc. bought a new position in shares of Onsemi in the 4th quarter worth about $41,000. Savant Capital LLC lifted its position in shares of Onsemi by 9.9% in the 4th quarter. Savant Capital LLC now owns 3,297 shares of the semiconductor company’s stock worth $208,000 after buying an additional 297 shares during the last quarter. Equitable Trust Co. bought a new position in shares of Onsemi in the 4th quarter worth about $1,548,000. Allspring Global Investments Holdings LLC lifted its position in shares of Onsemi by 35.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock worth $247,226,000 after buying an additional 1,037,624 shares during the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in shares of Onsemi by 4.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 194,714 shares of the semiconductor company’s stock worth $12,853,000 after buying an additional 7,717 shares during the last quarter. 97.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ON. Truist Financial cut their price objective on shares of Onsemi from $60.00 to $52.00 and set a “hold” rating on the stock in a research report on Tuesday, February 11th. Morgan Stanley began coverage on shares of Onsemi in a research report on Monday, May 12th. They issued an “equal weight” rating and a $39.00 price objective on the stock. Needham & Company LLC cut their price objective on shares of Onsemi from $57.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Rosenblatt Securities reiterated a “neutral” rating and issued a $42.00 price objective on shares of Onsemi in a research report on Tuesday, May 6th. Finally, Craig Hallum cut their price objective on shares of Onsemi from $78.00 to $50.00 and set a “hold” rating on the stock in a research report on Tuesday, February 11th. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Onsemi presently has a consensus rating of “Moderate Buy” and an average target price of $54.12.

Onsemi Stock Performance

NASDAQ:ON opened at $53.80 on Wednesday. The firm has a market capitalization of $22.48 billion, a P/E ratio of 14.82, a P/E/G ratio of 16.74 and a beta of 1.39. The company has a fifty day moving average of $40.76 and a 200-day moving average of $50.18. The company has a quick ratio of 3.38, a current ratio of 5.06 and a debt-to-equity ratio of 0.38. Onsemi has a twelve month low of $31.04 and a twelve month high of $80.08.

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