KLP Kapitalforvaltning AS Invests $8.72 Million in Onsemi (NASDAQ:ON)

KLP Kapitalforvaltning AS purchased a new stake in Onsemi (NASDAQ:ON) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 138,300 shares of the semiconductor company’s stock, valued at approximately $8,720,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Safe Harbor Fiduciary LLC acquired a new stake in shares of Onsemi during the 3rd quarter worth approximately $43,000. Newbridge Financial Services Group Inc. bought a new position in Onsemi in the fourth quarter valued at approximately $41,000. Synergy Asset Management LLC acquired a new stake in Onsemi during the 4th quarter worth $51,000. Plato Investment Management Ltd bought a new stake in shares of Onsemi during the 4th quarter valued at $51,000. Finally, Rakuten Securities Inc. lifted its stake in shares of Onsemi by 434.6% in the 4th quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 691 shares during the period. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on ON. Susquehanna decreased their price objective on Onsemi from $70.00 to $60.00 and set a “positive” rating for the company in a research note on Tuesday, February 11th. Stifel Nicolaus lowered their price target on Onsemi from $60.00 to $52.00 and set a “hold” rating for the company in a research note on Tuesday, February 11th. Wells Fargo & Company cut their price target on shares of Onsemi from $80.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 11th. Mizuho decreased their price objective on shares of Onsemi from $71.00 to $62.00 and set an “outperform” rating for the company in a report on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $57.00 target price on shares of Onsemi in a report on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Onsemi Price Performance

NASDAQ ON opened at $45.68 on Tuesday. The firm’s 50 day moving average is $49.79 and its 200-day moving average is $61.85. The company has a quick ratio of 3.38, a current ratio of 5.06 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $19.25 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 16.74 and a beta of 1.59. Onsemi has a 12-month low of $41.59 and a 12-month high of $80.08.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results on Monday, February 10th. The semiconductor company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.03). Onsemi had a net margin of 22.21% and a return on equity of 20.10%. Equities research analysts anticipate that Onsemi will post 2.6 earnings per share for the current fiscal year.

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.