Empirical Finance LLC Reduces Stake in Onsemi (NASDAQ:ON)

Empirical Finance LLC lowered its position in Onsemi (NASDAQ:ON) by 8.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,215 shares of the semiconductor company’s stock after selling 767 shares during the period. Empirical Finance LLC’s holdings in Onsemi were worth $563,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ON. International Assets Investment Management LLC increased its holdings in Onsemi by 7,749.6% during the fourth quarter. International Assets Investment Management LLC now owns 83,363 shares of the semiconductor company’s stock valued at $6,963,000 after buying an additional 82,301 shares during the last quarter. First Trust Direct Indexing L.P. increased its stake in shares of Onsemi by 2.7% in the 4th quarter. First Trust Direct Indexing L.P. now owns 11,071 shares of the semiconductor company’s stock worth $925,000 after purchasing an additional 294 shares in the last quarter. National Bank of Canada FI raised its holdings in Onsemi by 87.1% in the 4th quarter. National Bank of Canada FI now owns 422,971 shares of the semiconductor company’s stock worth $34,153,000 after purchasing an additional 196,875 shares during the period. Spire Wealth Management lifted its position in Onsemi by 9.4% during the fourth quarter. Spire Wealth Management now owns 56,478 shares of the semiconductor company’s stock valued at $4,718,000 after purchasing an additional 4,832 shares in the last quarter. Finally, Summit Trail Advisors LLC grew its holdings in Onsemi by 10.4% during the fourth quarter. Summit Trail Advisors LLC now owns 2,545 shares of the semiconductor company’s stock valued at $213,000 after purchasing an additional 240 shares during the period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Insider Buying and Selling at Onsemi

In related news, insider Simon Keeton sold 30,939 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the transaction, the insider now directly owns 231,092 shares in the company, valued at approximately $18,011,310.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Simon Keeton sold 30,939 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the transaction, the insider now directly owns 231,092 shares in the company, valued at approximately $18,011,310.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Trent Thad sold 38,000 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total value of $2,756,900.00. Following the completion of the sale, the chief financial officer now owns 331,829 shares of the company’s stock, valued at $24,074,193.95. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Onsemi Price Performance

ON stock opened at $77.87 on Friday. The company has a fifty day simple moving average of $73.16 and a two-hundred day simple moving average of $73.02. Onsemi has a 52 week low of $59.34 and a 52 week high of $101.30. The company has a quick ratio of 1.95, a current ratio of 3.01 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $33.50 billion, a P/E ratio of 15.89, a price-to-earnings-growth ratio of 4.07 and a beta of 1.69.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, July 29th. The semiconductor company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.92 by $0.04. Onsemi had a return on equity of 25.48% and a net margin of 24.84%. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the business posted $1.33 earnings per share. The firm’s revenue was down 17.2% on a year-over-year basis. Analysts anticipate that Onsemi will post 4.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on ON shares. Benchmark raised their price objective on Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Needham & Company LLC restated a “buy” rating and set a $92.00 target price on shares of Onsemi in a research note on Thursday, June 13th. Bank of America upped their price target on shares of Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. StockNews.com downgraded shares of Onsemi from a “hold” rating to a “sell” rating in a research report on Monday, August 26th. Finally, TD Cowen upped their target price on shares of Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $85.61.

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.