BlueCrest Capital Management Ltd Raises Position in Onsemi (NASDAQ:ON)

BlueCrest Capital Management Ltd raised its holdings in shares of Onsemi (NASDAQ:ON) by 172.3% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 17,700 shares of the semiconductor company’s stock after acquiring an additional 11,200 shares during the period. BlueCrest Capital Management Ltd’s holdings in Onsemi were worth $1,285,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Natixis Advisors LLC raised its position in shares of Onsemi by 1.4% during the 3rd quarter. Natixis Advisors LLC now owns 1,352,005 shares of the semiconductor company’s stock valued at $98,169,000 after buying an additional 18,450 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Onsemi by 690.2% during the second quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock valued at $6,945,000 after purchasing an additional 88,496 shares in the last quarter. Comerica Bank lifted its stake in Onsemi by 21.1% during the first quarter. Comerica Bank now owns 98,781 shares of the semiconductor company’s stock worth $7,265,000 after purchasing an additional 17,198 shares during the last quarter. Deltec Asset Management LLC purchased a new position in shares of Onsemi in the 2nd quarter worth about $1,212,000. Finally, Brighton Jones LLC increased its position in shares of Onsemi by 116.6% during the 3rd quarter. Brighton Jones LLC now owns 25,859 shares of the semiconductor company’s stock valued at $1,878,000 after purchasing an additional 13,923 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on ON. TD Cowen cut their target price on Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, October 25th. KeyCorp cut their price objective on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. Rosenblatt Securities reiterated a “neutral” rating and issued a $75.00 target price on shares of Onsemi in a research report on Tuesday, October 29th. Robert W. Baird upped their price target on shares of Onsemi from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Finally, Morgan Stanley lifted their price objective on Onsemi from $63.00 to $64.00 and gave the stock an “underweight” rating in a report on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $85.87.

Onsemi Stock Up 1.1 %

Shares of NASDAQ ON opened at $71.12 on Friday. The firm has a fifty day simple moving average of $70.17 and a two-hundred day simple moving average of $71.79. Onsemi has a 12 month low of $59.34 and a 12 month high of $86.77. The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $30.28 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 7.54 and a beta of 1.65.

Onsemi (NASDAQ:ON) last announced its quarterly earnings results 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. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same quarter in the previous year, the company earned $1.39 earnings per share. Onsemi’s quarterly revenue was down 19.2% on a year-over-year basis. Equities analysts expect that Onsemi will post 4 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Hassane El-Khoury sold 1,500 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total value of $109,065.00. Following the completion of the transaction, the chief executive officer now directly owns 839,210 shares in the company, valued at $61,018,959.10. This trade represents a 0.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have sold 4,500 shares of company stock worth $321,765. Company insiders own 0.31% of the company’s stock.

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.