Hennessy Advisors Inc. Increases Position in Onsemi (NASDAQ:ON)

Hennessy Advisors Inc. grew its stake in Onsemi (NASDAQ:ON) by 9.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,459 shares of the semiconductor company’s stock after purchasing an additional 3,459 shares during the period. Hennessy Advisors Inc.’s holdings in Onsemi were worth $2,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Onsemi by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 50,341,366 shares of the semiconductor company’s stock worth $4,205,014,000 after buying an additional 321,682 shares in the last quarter. Capital World Investors acquired a new stake in Onsemi in the 4th quarter valued at about $697,276,000. Norges Bank acquired a new position in shares of Onsemi during the fourth quarter worth about $418,102,000. Ameriprise Financial Inc. raised its holdings in Onsemi by 23.7% in the third quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock valued at $397,108,000 after acquiring an additional 817,237 shares in the last quarter. Finally, Capital International Investors lifted its position in shares of Onsemi by 1.1% during the 4th quarter. Capital International Investors now owns 4,064,889 shares of the semiconductor company’s stock worth $339,590,000 after purchasing an additional 43,565 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Insider Activity at Onsemi

In other Onsemi news, CFO Trent Thad sold 38,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the transaction, the chief financial officer now owns 331,829 shares of the company’s stock, valued at $24,074,193.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Trent Thad sold 38,000 shares of the stock in a transaction on Tuesday, June 11th. The shares were 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 of the company’s stock, valued at $24,074,193.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Anthony Mascarenas sold 911 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $74.46, for a total transaction of $67,833.06. Following the completion of the sale, the director now directly owns 48,929 shares of the company’s stock, valued at approximately $3,643,253.34. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ON shares. Stifel Nicolaus decreased their price objective on shares of Onsemi from $82.00 to $72.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. KeyCorp reduced their price target on shares of Onsemi from $100.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, April 30th. Mizuho reduced their price target on shares of Onsemi from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Truist Financial reduced their price target on shares of Onsemi from $89.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Finally, Jefferies Financial Group started coverage on shares of Onsemi in a research report on Monday, May 13th. They issued a “buy” rating and a $100.00 price target for the company. One analyst has rated the stock with a sell rating, ten have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $90.28.

Onsemi Price Performance

ON traded up $0.40 on Friday, hitting $68.26. 2,088,485 shares of the company were exchanged, compared to its average volume of 6,857,371. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.87. The business’s fifty day moving average is $70.74 and its 200 day moving average is $74.47. Onsemi has a fifty-two week low of $59.34 and a fifty-two week high of $111.35. The firm has a market capitalization of $29.37 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 3.11 and a beta of 1.71.

Onsemi (NASDAQ:ON) last announced its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.19 earnings per share. As a group, sell-side analysts anticipate that Onsemi will post 3.83 EPS for the current 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.