Blueshift Asset Management LLC Takes Position in Onsemi (NASDAQ:ON)

Blueshift Asset Management LLC acquired a new position in shares of Onsemi (NASDAQ:ON) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,390 shares of the semiconductor company’s stock, valued at approximately $391,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Glenmede Trust Co. NA raised its holdings in shares of Onsemi by 4.9% during the third quarter. Glenmede Trust Co. NA now owns 481,122 shares of the semiconductor company’s stock worth $34,934,000 after purchasing an additional 22,429 shares during the period. Bridgewater Associates LP grew its position in shares of Onsemi by 8,367.5% during the 3rd quarter. Bridgewater Associates LP now owns 1,123,041 shares of the semiconductor company’s stock valued at $81,544,000 after buying an additional 1,109,778 shares during the last quarter. Townsquare Capital LLC raised its stake in Onsemi by 105.0% during the third quarter. Townsquare Capital LLC now owns 6,561 shares of the semiconductor company’s stock worth $476,000 after acquiring an additional 3,360 shares during the period. Thematics Asset Management lifted its holdings in Onsemi by 6.9% in the third quarter. Thematics Asset Management now owns 186,903 shares of the semiconductor company’s stock worth $13,571,000 after acquiring an additional 11,996 shares during the last quarter. Finally, Rock Point Advisors LLC bought a new position in Onsemi in the third quarter worth about $2,233,000. Institutional investors and hedge funds own 97.70% of the company’s stock.

Onsemi Stock Performance

NASDAQ:ON opened at $70.35 on Friday. 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 company has a 50-day moving average of $70.23 and a 200-day moving average of $71.80. Onsemi has a twelve month low of $59.34 and a twelve month high of $86.77. The firm has a market cap of $29.96 billion, a price-to-earnings ratio of 17.46, a price-to-earnings-growth ratio of 7.54 and a beta of 1.65.

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

Insider Buying and Selling

In other news, CEO Hassane El-Khoury sold 1,500 shares of the business’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 sale, the chief executive officer now owns 840,620 shares in the company, valued at $59,515,896. The trade was a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 4,500 shares of company stock worth $321,765 in the last three months. 0.31% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ON has been the topic of a number of research reports. Mizuho set a $85.00 price target on Onsemi in a research report on Friday, October 18th. StockNews.com raised Onsemi from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. KeyCorp reduced their price target on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Benchmark reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Onsemi in a report on Tuesday, October 29th. Finally, Morgan Stanley boosted their target price on shares of Onsemi from $63.00 to $64.00 and gave the company an “underweight” rating in a research note on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $85.87.

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.