Quantinno Capital Management LP Grows Stake in Onsemi (NASDAQ:ON)

Quantinno Capital Management LP raised its holdings in Onsemi (NASDAQ:ON) by 25.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,664 shares of the semiconductor company’s stock after buying an additional 14,342 shares during the quarter. Quantinno Capital Management LP’s holdings in Onsemi were worth $4,455,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Newbridge Financial Services Group Inc. purchased a new stake in Onsemi in the fourth quarter worth about $41,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Onsemi during the fourth quarter valued at approximately $43,000. Synergy Asset Management LLC purchased a new stake in Onsemi in the fourth quarter worth $51,000. Plato Investment Management Ltd bought a new position in Onsemi in the fourth quarter worth $51,000. Finally, Rakuten Securities Inc. lifted its position in Onsemi by 434.6% during the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 691 shares during the period. 97.70% of the stock is owned by hedge funds and other institutional investors.

Onsemi Trading Up 0.9%

Onsemi stock opened at $44.92 on Monday. The business has a 50-day simple moving average of $39.76 and a two-hundred day simple moving average of $52.84. Onsemi has a 52-week low of $31.04 and a 52-week high of $80.08. 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 cap of $18.77 billion, a P/E ratio of 12.37, a P/E/G ratio of 16.74 and a beta of 1.39.

Onsemi (NASDAQ:ON) last announced its 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 analysts’ expectations of $1.40 billion. Onsemi had a net margin of 22.21% and a return on equity of 20.10%. The firm’s revenue was down 22.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.08 earnings per share. Analysts predict that Onsemi will post 2.6 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ON. Morgan Stanley began coverage on shares of Onsemi in a research note on Monday, May 12th. They issued an “equal weight” rating and a $39.00 price target for the company. Benchmark lowered their target price on shares of Onsemi from $60.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Truist Financial cut their price target on Onsemi from $60.00 to $52.00 and set a “hold” rating on the stock in a research note on Tuesday, February 11th. Rosenblatt Securities reiterated a “neutral” rating and set a $42.00 price objective on shares of Onsemi in a research note on Tuesday, May 6th. Finally, The Goldman Sachs Group cut their target price on Onsemi from $77.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Onsemi presently has an average rating of “Moderate Buy” and a consensus target price 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.