Swedbank AB Cuts Stock Position in Onsemi (NASDAQ:ON)

Swedbank AB trimmed its position in shares of Onsemi (NASDAQ:ON) by 24.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 681,108 shares of the semiconductor company’s stock after selling 225,902 shares during the period. Swedbank AB owned about 0.16% of Onsemi worth $49,455,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in Onsemi by 18.7% during the second quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock valued at $289,088,000 after buying an additional 665,633 shares during the period. Van ECK Associates Corp boosted its holdings 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 valued at $237,559,000 after acquiring an additional 729,081 shares during the period. Allspring Global Investments Holdings LLC grew its position 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 worth $215,518,000 after acquiring an additional 380,471 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in 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 worth $174,597,000 after purchasing an additional 31,889 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in 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 valued at $145,887,000 after purchasing an additional 326,734 shares during the last quarter. Institutional investors own 97.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wells Fargo & Company initiated coverage on shares of Onsemi in a research note on Friday. They issued an “overweight” rating and a $85.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $87.00 price objective on shares of Onsemi in a research report on Tuesday, November 19th. Loop Capital started coverage on shares of Onsemi in a report on Monday, November 11th. They set a “buy” rating and a $95.00 target price for the company. Rosenblatt Securities restated a “neutral” rating and set a $75.00 price target on shares of Onsemi in a report on Tuesday, October 29th. Finally, Benchmark reaffirmed a “buy” rating and set a $90.00 price target on shares of Onsemi in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $85.87.

Insider Buying and Selling

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total transaction of $109,065.00. Following the transaction, the chief executive officer now owns 839,210 shares of the company’s stock, valued at $61,018,959.10. The trade was a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is owned by corporate insiders.

Onsemi Stock Up 1.7 %

Shares of NASDAQ:ON opened at $69.62 on Monday. Onsemi has a 12-month low of $59.34 and a 12-month high of $86.77. The stock has a market capitalization of $29.64 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 7.47 and a beta of 1.65. The stock has a fifty day simple moving average of $70.21 and a two-hundred day simple moving average of $71.80. The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30.

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