Pier 88 Investment Partners LLC Decreases Stock Holdings in Onsemi (NASDAQ:ON)

Pier 88 Investment Partners LLC lessened its stake in Onsemi (NASDAQ:ON) by 27.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,860 shares of the semiconductor company’s stock after selling 4,520 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Onsemi were worth $748,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in Onsemi in the 4th quarter valued at about $378,312,000. Allspring Global Investments Holdings LLC lifted its holdings in Onsemi by 35.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock valued at $247,226,000 after acquiring an additional 1,037,624 shares during the last quarter. Vanguard Group Inc. grew its position in Onsemi by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock worth $3,224,081,000 after acquiring an additional 344,354 shares during the period. Andra AP fonden increased its stake in Onsemi by 2,388.4% during the fourth quarter. Andra AP fonden now owns 343,400 shares of the semiconductor company’s stock worth $21,651,000 after acquiring an additional 329,600 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Onsemi by 3.0% in 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 purchasing an additional 309,445 shares during the period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Analysts Set New Price Targets

ON has been the subject of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $57.00 price objective on shares of Onsemi in a research report on Monday, March 3rd. Craig Hallum dropped their price target on shares of Onsemi from $78.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, February 11th. Citigroup reduced their price target on shares of Onsemi from $77.00 to $52.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 11th. KeyCorp lowered their price objective on shares of Onsemi from $90.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. Finally, B. Riley cut their target price on Onsemi from $90.00 to $73.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Onsemi Trading Down 6.4 %

Shares of Onsemi stock opened at $40.94 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.38 and a current ratio of 5.06. The company has a market capitalization of $17.25 billion, a P/E ratio of 11.28, a PEG ratio of 16.74 and a beta of 1.59. Onsemi has a 1 year low of $40.29 and a 1 year high of $80.08. The company’s fifty day moving average is $48.92 and its two-hundred day moving average is $61.14.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, February 10th. The semiconductor company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.03). Onsemi had a return on equity of 20.10% and a net margin of 22.21%. Analysts forecast that Onsemi will post 2.6 earnings per share 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.