Wedge Capital Management L L P NC Boosts Stock Position in Onsemi (NASDAQ:ON)

Wedge Capital Management L L P NC raised its stake in shares of Onsemi (NASDAQ:ON) by 40.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 27,964 shares of the semiconductor company’s stock after buying an additional 8,043 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Onsemi were worth $1,763,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Onsemi by 20.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,341 shares of the semiconductor company’s stock worth $274,000 after buying an additional 722 shares in the last quarter. Park Avenue Securities LLC raised its holdings in Onsemi by 14.8% in the 4th quarter. Park Avenue Securities LLC now owns 9,493 shares of the semiconductor company’s stock worth $599,000 after acquiring an additional 1,221 shares during the last quarter. Oak Thistle LLC bought a new position in Onsemi in the 4th quarter valued at approximately $515,000. Bar Harbor Wealth Management boosted its stake in Onsemi by 5.7% during the 4th quarter. Bar Harbor Wealth Management now owns 33,987 shares of the semiconductor company’s stock valued at $2,143,000 after purchasing an additional 1,845 shares during the last quarter. Finally, Czech National Bank increased its holdings in shares of Onsemi by 5.8% in the 4th quarter. Czech National Bank now owns 92,322 shares of the semiconductor company’s stock worth $5,821,000 after purchasing an additional 5,062 shares in the last quarter. 97.70% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $71.00, for a total transaction of $106,500.00. Following the completion of the transaction, the chief executive officer now owns 837,710 shares in the company, valued at $59,477,410. This trade represents a 0.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.31% of the stock is owned by company insiders.

Onsemi Price Performance

NASDAQ:ON opened at $54.63 on Tuesday. The business’s 50-day simple moving average is $64.96 and its two-hundred day simple moving average is $69.62. Onsemi has a 52 week low of $53.10 and a 52 week high of $85.16. The stock has a market cap of $23.26 billion, a PE ratio of 13.56, a P/E/G ratio of 5.29 and a beta of 1.64. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.75 billion. During the same quarter last year, the company earned $1.39 EPS. The firm’s quarterly revenue was down 19.2% on a year-over-year basis. As a group, analysts forecast that Onsemi will post 3.99 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on ON. Roth Mkm reaffirmed a “buy” rating and set a $100.00 price objective on shares of Onsemi in a research report on Thursday, December 12th. Loop Capital initiated coverage on shares of Onsemi in a report on Monday, November 11th. They set a “buy” rating and a $95.00 price target on the stock. TD Cowen decreased their price objective on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a report on Friday, October 25th. The Goldman Sachs Group dropped their target price on shares of Onsemi from $92.00 to $77.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Finally, Truist Financial reiterated a “hold” rating and set a $60.00 target price (down from $85.00) on shares of Onsemi in a research note on Friday, January 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.35.

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.