Onsemi (NASDAQ:ON) Stock Position Lowered by Malaga Cove Capital LLC

Malaga Cove Capital LLC trimmed its holdings in Onsemi (NASDAQ:ON) by 1.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 228,144 shares of the semiconductor company’s stock after selling 3,606 shares during the period. Onsemi makes up about 5.6% of Malaga Cove Capital LLC’s holdings, making the stock its largest holding. Malaga Cove Capital LLC owned approximately 0.05% of Onsemi worth $14,384,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ON. Vanguard Group Inc. lifted its holdings in shares of Onsemi by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock worth $3,224,081,000 after acquiring an additional 344,354 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Onsemi by 9.2% during the fourth quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company’s stock worth $780,387,000 after purchasing an additional 1,041,989 shares in the last quarter. Norges Bank acquired a new position in Onsemi during the fourth quarter worth $378,312,000. Dimensional Fund Advisors LP boosted its position in shares of Onsemi by 18.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company’s stock worth $316,195,000 after buying an additional 771,610 shares during the period. Finally, Capital International Investors grew its stake in shares of Onsemi by 0.7% in the fourth quarter. Capital International Investors now owns 4,214,441 shares of the semiconductor company’s stock valued at $265,737,000 after buying an additional 31,365 shares in the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ON shares. Wells Fargo & Company lowered their target price on Onsemi from $60.00 to $45.00 and set an “overweight” rating for the company in a report on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price objective on shares of Onsemi from $60.00 to $48.00 and set a “neutral” rating for the company in a research note on Tuesday, May 6th. Craig Hallum dropped their price objective on shares of Onsemi from $78.00 to $50.00 and set a “hold” rating for the company in a report on Tuesday, February 11th. Jefferies Financial Group reduced their target price on shares of Onsemi from $100.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, February 10th. Finally, Citigroup decreased their price target on shares of Onsemi from $52.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Eleven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Onsemi has a consensus rating of “Moderate Buy” and an average price target of $54.12.

Onsemi Trading Up 2.6%

Shares of Onsemi stock opened at $45.77 on Wednesday. The company has a current ratio of 5.06, a quick ratio of 3.38 and a debt-to-equity ratio of 0.38. The company has a fifty day simple moving average of $39.72 and a 200-day simple moving average of $53.56. The stock has a market cap of $19.13 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 16.74 and a beta of 1.39. Onsemi has a 12-month low of $31.04 and a 12-month high of $80.08.

Onsemi (NASDAQ:ON) last announced its quarterly earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Onsemi had a net margin of 22.21% and a return on equity of 20.10%. Onsemi’s quarterly revenue was down 22.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.08 earnings per share. On average, equities analysts forecast that Onsemi will post 2.6 EPS for the current fiscal year.

Onsemi 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.