Azzad Asset Management Inc. ADV Acquires New Stake in Onsemi (NASDAQ:ON)

Azzad Asset Management Inc. ADV bought a new position in Onsemi (NASDAQ:ON) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 14,521 shares of the semiconductor company’s stock, valued at approximately $1,068,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in shares of Onsemi by 6.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,493,408 shares of the semiconductor company’s stock valued at $183,390,000 after purchasing an additional 157,433 shares in the last quarter. Capital Insight Partners LLC boosted its holdings in Onsemi by 9.7% during the first quarter. Capital Insight Partners LLC now owns 57,733 shares of the semiconductor company’s stock worth $4,246,000 after buying an additional 5,084 shares in the last quarter. Hennessy Advisors Inc. grew its position in Onsemi by 9.9% in the first quarter. Hennessy Advisors Inc. now owns 38,459 shares of the semiconductor company’s stock worth $2,829,000 after buying an additional 3,459 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Onsemi by 39.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,299 shares of the semiconductor company’s stock valued at $978,000 after buying an additional 3,735 shares in the last quarter. Finally, Davis Investment Partners LLC acquired a new stake in shares of Onsemi during the 1st quarter valued at $940,000. 97.70% of the stock is owned by institutional investors.

Onsemi Stock Performance

NASDAQ:ON traded up $1.05 during mid-day trading on Wednesday, hitting $73.97. 1,211,995 shares of the company’s stock traded hands, compared to its average volume of 6,812,476. The firm has a market capitalization of $31.82 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 3.12 and a beta of 1.69. The firm has a 50 day moving average of $71.30 and a two-hundred day moving average of $74.11. The company has a current ratio of 2.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32. Onsemi has a 12 month low of $59.34 and a 12 month high of $111.35.

Onsemi (NASDAQ:ON) last posted its quarterly earnings data on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the prior year, the business earned $1.19 earnings per share. Onsemi’s revenue for the quarter was down 4.9% compared to the same quarter last year. On average, equities analysts forecast that Onsemi will post 3.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Stifel Nicolaus decreased their target price on Onsemi from $82.00 to $72.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. TD Cowen cut their price objective on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. Morgan Stanley reduced their price objective on shares of Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday, April 22nd. BNP Paribas reissued an “underperform” rating and issued a $55.00 target price on shares of Onsemi in a research report on Friday, April 19th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen 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 target price of $90.28.

Insiders Place Their Bets

In related news, CFO Trent Thad sold 38,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the transaction, the chief financial officer now directly owns 331,829 shares in the company, valued at $24,074,193.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Trent Thad sold 38,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total value of $2,756,900.00. Following the completion of the transaction, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at $24,074,193.95. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul Anthony Mascarenas sold 911 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total transaction of $67,833.06. Following the completion of the transaction, the director now owns 48,929 shares of the company’s stock, valued at approximately $3,643,253.34. The disclosure for this sale can be found here. 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.