Industrial Alliance Investment Management Inc. decreased its stake in onsemi (NASDAQ:ON – Get Rating) by 20.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,360 shares of the semiconductor company’s stock after selling 10,640 shares during the quarter. Industrial Alliance Investment Management Inc.’s holdings in onsemi were worth $2,578,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of ON. GHP Investment Advisors Inc. purchased a new position in onsemi during the second quarter worth approximately $25,000. Bradley & Co. Private Wealth Management LLC purchased a new position in onsemi during the third quarter worth approximately $30,000. Mizuho Securities Co. Ltd. purchased a new position in onsemi during the third quarter worth approximately $37,000. CoreCap Advisors LLC purchased a new position in onsemi during the second quarter worth approximately $49,000. Finally, Guardian Wealth Advisors LLC purchased a new position in onsemi during the third quarter worth approximately $68,000. Hedge funds and other institutional investors own 96.84% of the company’s stock.
Insider Activity at onsemi
In other onsemi news, EVP Simon Keeton sold 4,000 shares of the firm’s stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $80.00, for a total value of $320,000.00. Following the sale, the executive vice president now directly owns 209,781 shares in the company, valued at $16,782,480. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.40% of the stock is currently owned by company insiders.
onsemi Trading Up 3.2 %
onsemi (NASDAQ:ON – Get Rating) last released its earnings results on Monday, February 6th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.05. The firm had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.08 billion. onsemi had a return on equity of 42.09% and a net margin of 22.85%. onsemi’s revenue was up 13.9% compared to the same quarter last year. During the same period last year, the business posted $1.09 earnings per share. On average, equities analysts expect that onsemi will post 4.42 earnings per share for the current year.
onsemi announced that its board has authorized a share buyback plan on Monday, February 6th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to purchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on ON shares. Susquehanna increased their price target on onsemi from $80.00 to $100.00 and gave the stock a “positive” rating in a research report on Tuesday, February 7th. Morgan Stanley increased their price target on onsemi from $70.40 to $89.00 and gave the company an “equal weight” rating in a report on Tuesday, February 7th. Raymond James cut onsemi from an “outperform” rating to a “market perform” rating in a report on Thursday, March 2nd. They noted that the move was a valuation call. StockNews.com began coverage on onsemi in a report on Thursday. They issued a “hold” rating for the company. Finally, Citigroup increased their price target on onsemi from $75.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, February 8th. Seven investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $88.84.
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.
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