Point72 Europe London LLP Invests $12.29 Million in Onsemi (NASDAQ:ON)

Point72 Europe London LLP bought a new position in shares of Onsemi (NASDAQ:ON) during the third quarter, Holdings Channel reports. The fund bought 169,200 shares of the semiconductor company’s stock, valued at approximately $12,286,000.

Several other hedge funds have also modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in Onsemi by 18.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock worth $289,088,000 after purchasing an additional 665,633 shares during the period. Van ECK Associates Corp boosted its position in Onsemi by 26.4% during the 3rd quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock worth $237,559,000 after acquiring an additional 729,081 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Onsemi by 14.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock valued at $215,518,000 after acquiring an additional 380,471 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Onsemi by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,404,589 shares of the semiconductor company’s stock valued at $174,597,000 after purchasing an additional 31,889 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Onsemi by 19.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,009,180 shares of the semiconductor company’s stock worth $145,887,000 after purchasing an additional 326,734 shares in the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Onsemi

In other news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total value of $109,065.00. Following the completion of the sale, the chief executive officer now directly owns 839,210 shares of the company’s stock, valued at $61,018,959.10. This trade represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 4,500 shares of company stock worth $321,765 in the last ninety days. Insiders own 0.31% of the company’s stock.

Onsemi Stock Up 1.1 %

ON stock opened at $71.12 on Friday. The company has a market cap of $30.28 billion, a price-to-earnings ratio of 17.65, a P/E/G ratio of 7.54 and a beta of 1.65. Onsemi has a twelve month low of $59.34 and a twelve month high of $86.77. The business has a 50 day moving average price of $70.17 and a two-hundred day moving average price of $71.79. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.02. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same period last year, the business earned $1.39 earnings per share. The firm’s revenue was down 19.2% on a year-over-year basis. Analysts anticipate that Onsemi will post 4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Robert W. Baird boosted their target price on Onsemi from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Wells Fargo & Company started coverage on Onsemi in a research note on Friday, November 22nd. They issued an “overweight” rating and a $85.00 price objective on the stock. Morgan Stanley boosted their target price on Onsemi from $63.00 to $64.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 29th. KeyCorp cut their price target on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 8th. Finally, Loop Capital assumed coverage on shares of Onsemi in a research note on Monday, November 11th. They issued a “buy” rating and a $95.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Onsemi currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.87.

Onsemi Company 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.