QRG Capital Management Inc. Reduces Stock Position in Onsemi (NASDAQ:ON)

QRG Capital Management Inc. trimmed its holdings in shares of Onsemi (NASDAQ:ON) by 58.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,725 shares of the semiconductor company’s stock after selling 63,197 shares during the period. QRG Capital Management Inc.’s holdings in Onsemi were worth $3,247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in ON. Davis Investment Partners LLC grew its stake in Onsemi by 0.8% during the 3rd quarter. Davis Investment Partners LLC now owns 17,112 shares of the semiconductor company’s stock worth $1,224,000 after buying an additional 142 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its position in shares of Onsemi by 36.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 169 shares during the last quarter. Greenleaf Trust increased its holdings in shares of Onsemi by 3.4% in the 3rd quarter. Greenleaf Trust now owns 5,262 shares of the semiconductor company’s stock valued at $382,000 after acquiring an additional 173 shares during the period. Covestor Ltd raised its position in Onsemi by 24.5% in the 1st quarter. Covestor Ltd now owns 965 shares of the semiconductor company’s stock valued at $71,000 after purchasing an additional 190 shares during the last quarter. Finally, Meridian Financial Partners LLC boosted its stake in Onsemi by 1.7% during the 3rd quarter. Meridian Financial Partners LLC now owns 11,305 shares of the semiconductor company’s stock worth $821,000 after purchasing an additional 192 shares during the period. 97.70% of the stock is owned by institutional investors and hedge funds.

Onsemi Stock Up 2.9 %

ON stock opened at $72.27 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.07 and a quick ratio of 2.02. The company’s 50 day simple moving average is $71.00 and its 200-day simple moving average is $71.74. Onsemi has a 12 month low of $59.34 and a 12 month high of $86.77. The firm has a market capitalization of $30.77 billion, a PE ratio of 17.93, a P/E/G ratio of 7.45 and a beta of 1.65.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.02. Onsemi had a return on equity of 22.38% and a net margin of 23.80%. The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.75 billion. During the same quarter last year, the business posted $1.39 earnings per share. Onsemi’s revenue was down 19.2% compared to the same quarter last year. Equities analysts expect that Onsemi will post 4 earnings per share for the current fiscal year.

Insider Activity at Onsemi

In related news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $70.80, for a total transaction of $106,200.00. Following the transaction, the chief executive officer now owns 840,620 shares of the company’s stock, valued at approximately $59,515,896. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ON. Robert W. Baird increased their target price on shares of Onsemi from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Mizuho set a $85.00 price objective on Onsemi in a research report on Friday, October 18th. Benchmark reissued a “buy” rating and issued a $90.00 target price on shares of Onsemi in a report on Tuesday, October 29th. Truist Financial lowered their price objective on shares of Onsemi from $97.00 to $89.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Finally, Bank of America upped their price objective 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. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $85.91.

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.