GraniteShares Advisors LLC Makes New Investment in Onsemi (NASDAQ:ON)

GraniteShares Advisors LLC acquired a new stake in shares of Onsemi (NASDAQ:ON) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,183 shares of the semiconductor company’s stock, valued at approximately $516,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its holdings in shares of Onsemi by 3.0% during the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock valued at $767,646,000 after acquiring an additional 309,445 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Onsemi by 35.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock valued at $247,226,000 after acquiring an additional 1,037,624 shares in the last quarter. Van ECK Associates Corp grew its holdings in Onsemi by 26.4% during the third quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock worth $237,559,000 after buying an additional 729,081 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Onsemi by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,404,589 shares of the semiconductor company’s stock worth $174,597,000 after buying an additional 31,889 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Onsemi by 19.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,009,180 shares of the semiconductor company’s stock worth $145,887,000 after buying an additional 326,734 shares in the last quarter. Institutional investors own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

ON has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price target on Onsemi from $88.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday, February 11th. Mizuho decreased their price target on Onsemi from $85.00 to $71.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Loop Capital initiated coverage on Onsemi in a report on Monday, November 11th. They set a “buy” rating and a $95.00 price target for the company. Truist Financial cut their price objective on Onsemi from $60.00 to $52.00 and set a “hold” rating on the stock in a research report on Tuesday, February 11th. Finally, KeyCorp cut their price objective on Onsemi from $90.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $68.16.

Onsemi Stock Performance

Shares of ON opened at $51.22 on Wednesday. The stock’s 50-day simple moving average is $56.80 and its 200 day simple moving average is $65.84. The stock has a market capitalization of $21.59 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 16.74 and a beta of 1.62. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.38 and a current ratio of 5.06. Onsemi has a 52-week low of $46.57 and a 52-week high of $85.16.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, February 10th. The semiconductor company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.03). Onsemi had a return on equity of 20.10% and a net margin of 22.21%. Research analysts forecast that Onsemi will post 2.6 EPS 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.