Pitcairn Co. Raises Position in Onsemi (NASDAQ:ON)

Pitcairn Co. boosted its stake in Onsemi (NASDAQ:ON) by 393.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 15,492 shares of the semiconductor company’s stock after buying an additional 12,350 shares during the quarter. Pitcairn Co.’s holdings in Onsemi were worth $1,139,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. CX Institutional purchased a new stake in shares of Onsemi during the fourth quarter valued at approximately $330,000. Premier Path Wealth Partners LLC bought a new stake in shares of Onsemi during the 4th quarter worth $204,000. CVA Family Office LLC purchased a new position in shares of Onsemi in the 4th quarter worth about $47,000. Assenagon Asset Management S.A. grew its position in Onsemi by 94.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 67,021 shares of the semiconductor company’s stock valued at $5,598,000 after buying an additional 32,496 shares during the period. Finally, Bar Harbor Wealth Management increased its holdings in Onsemi by 10.0% during the fourth quarter. Bar Harbor Wealth Management now owns 34,229 shares of the semiconductor company’s stock worth $2,859,000 after buying an additional 3,119 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ON has been the subject of a number of research reports. Morgan Stanley downgraded shares of Onsemi from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $70.00 to $65.00 in a research report on Thursday, July 11th. Truist Financial reduced their price objective on Onsemi from $89.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Evercore ISI began coverage on Onsemi in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $104.00 target price on the stock. B. Riley reiterated a “buy” rating and set a $103.00 price target (down previously from $115.00) on shares of Onsemi in a research note on Tuesday, April 30th. Finally, Wells Fargo & Company lowered their price objective on Onsemi from $110.00 to $95.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Onsemi currently has an average rating of “Moderate Buy” and an average target price of $88.36.

Insider Activity

In other news, Director Paul Anthony Mascarenas sold 911 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $74.46, for a total transaction of $67,833.06. Following the transaction, the director now directly owns 48,929 shares of the company’s stock, valued at $3,643,253.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Onsemi news, CFO Trent Thad sold 38,000 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now owns 331,829 shares in the company, valued at approximately $24,074,193.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Paul Anthony Mascarenas sold 911 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total value of $67,833.06. Following the transaction, the director now directly owns 48,929 shares in the company, valued at $3,643,253.34. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Onsemi Price Performance

ON stock traded down $2.57 during mid-day trading on Thursday, hitting $67.54. 9,636,685 shares of the stock were exchanged, compared to its average volume of 6,789,088. The business has a fifty day moving average price of $72.72 and a 200 day moving average price of $73.30. Onsemi has a 12 month low of $59.34 and a 12 month high of $111.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.87 and a quick ratio of 1.87. The stock has a market capitalization of $29.06 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 3.34 and a beta of 1.69.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.85 billion. During the same quarter in the previous year, the company posted $1.19 EPS. Onsemi’s quarterly revenue was down 4.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Onsemi will post 3.83 EPS for the current year.

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.