Aristeia Capital L.L.C. Invests $3.53 Million in Onsemi (NASDAQ:ON)

Aristeia Capital L.L.C. bought a new stake in Onsemi (NASDAQ:ON) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 51,503 shares of the semiconductor company’s stock, valued at approximately $3,531,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its stake in shares of Onsemi by 8.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 456,999 shares of the semiconductor company’s stock valued at $38,188,000 after purchasing an additional 35,362 shares during the period. Mediolanum International Funds Ltd acquired a new position in shares of Onsemi in the first quarter worth $2,447,000. Assenagon Asset Management S.A. increased its position in shares of Onsemi by 690.2% during the second quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock worth $6,945,000 after acquiring an additional 88,496 shares during the period. Norden Group LLC acquired a new stake in shares of Onsemi in the first quarter valued at $774,000. Finally, Axxcess Wealth Management LLC purchased a new position in Onsemi in the first quarter valued at $808,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ON. JPMorgan Chase & Co. increased their price target on Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Citigroup cut shares of Onsemi from a “buy” rating to a “neutral” rating and reduced their target price for the company from $85.00 to $77.00 in a report on Monday, July 15th. Needham & Company LLC reiterated a “buy” rating and set a $92.00 price target on shares of Onsemi in a report on Thursday, June 13th. TD Cowen increased their price objective on shares of Onsemi from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Morgan Stanley cut shares of Onsemi from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $70.00 to $65.00 in a research report on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $85.61.

Onsemi Stock Up 0.2 %

Shares of NASDAQ:ON opened at $69.74 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.01 and a quick ratio of 1.95. The stock has a market cap of $30.00 billion, a P/E ratio of 14.23, a P/E/G ratio of 3.77 and a beta of 1.66. Onsemi has a 1-year low of $59.34 and a 1-year high of $95.67. The firm has a fifty day moving average price of $72.72 and a 200 day moving average price of $72.05.

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

Insider Activity

In other Onsemi news, insider Simon Keeton sold 30,939 shares of the business’s stock in a transaction that occurred 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 owns 231,092 shares in the company, valued at approximately $18,011,310.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Onsemi news, insider Simon Keeton sold 30,939 shares of the business’s stock in a transaction on 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 sale, 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 available through the SEC website. Also, CEO Hassane El-Khoury sold 1,500 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $70.80, for a total transaction of $106,200.00. Following the completion of the transaction, the chief executive officer now owns 840,620 shares of the company’s stock, valued at approximately $59,515,896. The disclosure for this sale can be found here. Corporate 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.