Onsemi (NASDAQ:ON) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its holdings in Onsemi (NASDAQ:ON) by 5.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 128,506 shares of the semiconductor company’s stock after selling 7,090 shares during the period. Corebridge Financial Inc.’s holdings in Onsemi were worth $8,102,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its position in Onsemi by 35.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock worth $247,226,000 after purchasing an additional 1,037,624 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Onsemi by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock valued at $3,224,081,000 after buying an additional 344,354 shares during the last quarter. Andra AP fonden raised its position in shares of Onsemi by 2,388.4% in the fourth quarter. Andra AP fonden now owns 343,400 shares of the semiconductor company’s stock valued at $21,651,000 after buying an additional 329,600 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Onsemi by 3.0% during the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock valued at $767,646,000 after buying an additional 309,445 shares during the period. Finally, Talos Asset Management LP purchased a new stake in Onsemi in the 4th quarter worth approximately $13,328,000. Institutional investors and hedge funds own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ON. Citigroup reduced their price target on Onsemi from $77.00 to $52.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 11th. Roth Capital set a $60.00 price target on Onsemi in a research note on Friday, March 7th. Wells Fargo & Company dropped their price objective on shares of Onsemi from $80.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, February 11th. UBS Group decreased their target price on shares of Onsemi from $72.00 to $65.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 price target on shares of Onsemi in a research report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.50.

Onsemi Stock Performance

Shares of ON stock opened at $43.76 on Friday. The company’s fifty day moving average price is $49.20 and its two-hundred day moving average price is $61.45. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38. The firm has a market capitalization of $18.44 billion, a P/E ratio of 12.06, a P/E/G ratio of 16.74 and a beta of 1.59. Onsemi has a 12 month low of $41.59 and a 12 month high of $80.08.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, February 10th. The semiconductor company reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.03). Onsemi had a net margin of 22.21% and a return on equity of 20.10%. On average, research analysts anticipate that Onsemi will post 2.6 earnings per share for the current fiscal 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.