Bayesian Capital Management LP Purchases New Position in Onsemi (NASDAQ:ON)

Bayesian Capital Management LP purchased a new stake in Onsemi (NASDAQ:ON) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 6,800 shares of the semiconductor company’s stock, valued at approximately $500,000.

Several other large investors have also recently added to or reduced their stakes in ON. Turtle Creek Wealth Advisors LLC acquired a new stake in Onsemi in the 4th quarter valued at $32,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Onsemi during the fourth quarter valued at about $33,000. Private Wealth Management Group LLC acquired a new stake in shares of Onsemi during the fourth quarter valued at about $33,000. Westside Investment Management Inc. grew its stake in shares of Onsemi by 5,500.0% during the first quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock valued at $41,000 after acquiring an additional 550 shares in the last quarter. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Onsemi during the first quarter valued at about $45,000. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ON. Rosenblatt Securities lifted their price target on Onsemi from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday. Bank of America raised their target price on shares of Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group cut their target price on shares of Onsemi from $91.00 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Jefferies Financial Group started coverage on Onsemi in a report on Monday, May 13th. They set a “buy” rating and a $100.00 price target on the stock. Finally, Evercore ISI initiated coverage on Onsemi in a report on Tuesday, April 16th. They set an “outperform” rating and a $104.00 price target on the stock. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Onsemi currently has a consensus rating of “Hold” and a consensus price target of $88.56.

Onsemi Stock Up 2.6 %

NASDAQ:ON traded up $1.95 during trading hours on Wednesday, reaching $75.92. The company’s stock had a trading volume of 493,025 shares, compared to its average volume of 6,893,721. The company has a market cap of $32.66 billion, a price-to-earnings ratio of 15.10, a price-to-earnings-growth ratio of 3.40 and a beta of 1.69. Onsemi has a one year low of $59.34 and a one year high of $111.35. The business’s 50-day moving average is $72.65 and its 200-day moving average is $73.19. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.87 and a quick ratio of 1.87.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Onsemi had a net margin of 24.84% and a return on equity of 25.92%. Onsemi’s revenue for the quarter was down 17.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.33 earnings per share. Equities research analysts predict that Onsemi will post 4.02 EPS for the current year.

Insider Buying and Selling at Onsemi

In other Onsemi news, CFO Trent Thad sold 38,000 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the completion of the sale, the chief financial officer now directly owns 331,829 shares in the company, valued at $24,074,193.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Paul Anthony Mascarenas sold 911 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $74.46, for a total value of $67,833.06. Following the completion of the transaction, the director now owns 48,929 shares of the company’s stock, valued at $3,643,253.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Trent Thad sold 38,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the sale, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at approximately $24,074,193.95. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

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.