Pier 88 Investment Partners LLC Grows Position in Onsemi (NASDAQ:ON)

Pier 88 Investment Partners LLC grew its stake in Onsemi (NASDAQ:ON) by 68.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,530 shares of the semiconductor company’s stock after buying an additional 5,080 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Onsemi were worth $859,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Capital World Investors bought a new position in shares of Onsemi in the fourth quarter worth about $697,276,000. Norges Bank bought a new stake in shares of Onsemi during the fourth quarter valued at approximately $418,102,000. Swedbank AB purchased a new position in shares of Onsemi in the first quarter worth $90,274,000. Rafferty Asset Management LLC boosted its position in shares of Onsemi by 35.6% during the fourth quarter. Rafferty Asset Management LLC now owns 2,989,554 shares of the semiconductor company’s stock worth $249,717,000 after acquiring an additional 785,305 shares during the last quarter. Finally, M&G Plc purchased a new position in Onsemi during the first quarter valued at $57,900,000. 97.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ON has been the topic of several research analyst reports. TD Cowen boosted their price target on shares of Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Jefferies Financial Group began coverage on Onsemi in a research report on Monday, May 13th. They issued a “buy” rating and a $100.00 target price on the stock. Roth Mkm raised their price target on Onsemi from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Bank of America lifted their price objective on Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, JPMorgan Chase & Co. increased their target price on Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Onsemi currently has a consensus rating of “Hold” and an average price target of $85.61.

Insiders Place Their Bets

In related news, CFO Trent Thad sold 38,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 331,829 shares in the company, valued at approximately $24,074,193.95. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Trent Thad sold 38,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total value of $2,756,900.00. Following the completion of the sale, the chief financial officer now owns 331,829 shares of the company’s stock, valued at approximately $24,074,193.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Simon Keeton sold 30,939 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total value of $2,411,385.66. Following the transaction, the insider now directly owns 231,092 shares in the company, valued at $18,011,310.48. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

Onsemi Stock Performance

Shares of ON stock opened at $67.92 on Friday. The firm has a market cap of $29.22 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 4.18 and a beta of 1.66. Onsemi has a 52-week low of $59.34 and a 52-week high of $99.75. The company has a quick ratio of 1.95, a current ratio of 3.01 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $73.50 and its 200 day moving average is $72.70.

Onsemi (NASDAQ:ON) last announced its quarterly earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.73 billion. Onsemi had a return on equity of 25.48% and a net margin of 24.84%. The business’s revenue was down 17.2% compared to the same quarter last year. During the same period last year, the business posted $1.33 EPS. On average, sell-side analysts anticipate that Onsemi will post 4.01 EPS for the current fiscal year.

About Onsemi

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.