Kentucky Retirement Systems Lowers Holdings in Onsemi (NASDAQ:ON)

Kentucky Retirement Systems lessened its position in Onsemi (NASDAQ:ON) by 8.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 29,842 shares of the semiconductor company’s stock after selling 2,579 shares during the period. Kentucky Retirement Systems’ holdings in Onsemi were worth $2,167,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ON. Dimensional Fund Advisors LP grew its holdings in Onsemi by 18.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock valued at $289,088,000 after purchasing an additional 665,633 shares during the last quarter. Capital International Investors increased its holdings in Onsemi by 1.0% during the 1st quarter. Capital International Investors now owns 4,107,006 shares of the semiconductor company’s stock valued at $302,070,000 after acquiring an additional 42,117 shares in the last quarter. Van ECK Associates Corp raised its position in Onsemi by 26.4% during the third quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock worth $237,559,000 after acquiring an additional 729,081 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Onsemi by 14.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock valued at $215,518,000 after purchasing an additional 380,471 shares in the last quarter. Finally, Earnest Partners LLC grew its position in shares of Onsemi by 6.7% in the first quarter. Earnest Partners LLC now owns 2,596,042 shares of the semiconductor company’s stock valued at $190,939,000 after purchasing an additional 161,987 shares during the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised their price target on Onsemi from $85.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Rosenblatt Securities reiterated a “neutral” rating and set a $75.00 price objective on shares of Onsemi in a research report on Tuesday, October 29th. Needham & Company LLC reduced their target price on shares of Onsemi from $92.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, KeyCorp reduced their price objective on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.30.

Onsemi Stock Performance

ON stock opened at $64.76 on Monday. Onsemi has a 1-year low of $59.34 and a 1-year high of $86.77. The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. The firm has a market cap of $27.57 billion, a PE ratio of 16.07, a P/E/G ratio of 6.94 and a beta of 1.65. The business’s 50-day moving average price is $70.43 and its two-hundred day moving average price is $71.89.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. Onsemi had a return on equity of 22.38% and a net margin of 23.80%. The firm had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same quarter in the prior year, the company earned $1.39 EPS. The company’s revenue was down 19.2% on a year-over-year basis. As a group, research analysts forecast that Onsemi will post 4 earnings per share for the current year.

Insider Transactions at Onsemi

In related news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total value of $109,065.00. Following the sale, the chief executive officer now directly owns 839,210 shares of the company’s stock, valued at $61,018,959.10. This trade represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.31% of the stock is currently owned by corporate insiders.

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.