Alpine Global Management LLC Sells 63,400 Shares of Onsemi (NASDAQ:ON)

Alpine Global Management LLC reduced its stake in shares of Onsemi (NASDAQ:ON) by 77.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,200 shares of the semiconductor company’s stock after selling 63,400 shares during the quarter. Alpine Global Management LLC’s holdings in Onsemi were worth $1,148,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Onsemi by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock valued at $3,224,081,000 after purchasing an additional 344,354 shares during the period. Norges Bank bought a new stake in Onsemi during the fourth quarter worth $378,312,000. Dimensional Fund Advisors LP grew its stake in shares of Onsemi by 18.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company’s stock worth $316,195,000 after acquiring an additional 771,610 shares in the last quarter. Capital International Investors boosted its holdings in Onsemi by 0.7% during the fourth quarter. Capital International Investors now owns 4,214,441 shares of the semiconductor company’s stock worth $265,737,000 after purchasing an additional 31,365 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of 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 buying an additional 1,037,624 shares in the last quarter. 97.70% of the stock is owned by institutional investors.

Onsemi Stock Performance

NASDAQ ON opened at $34.74 on Tuesday. 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 stock has a market capitalization of $14.66 billion, a PE ratio of 9.57, a P/E/G ratio of 16.74 and a beta of 1.48. Onsemi has a 1-year low of $31.04 and a 1-year high of $80.08. The business has a 50 day simple moving average of $42.97 and a two-hundred day simple moving average of $56.78.

Onsemi (NASDAQ:ON) last posted 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 predict that Onsemi will post 2.6 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on ON shares. Needham & Company LLC restated a “buy” rating and issued a $57.00 price objective on shares of Onsemi in a research note on Monday, March 3rd. Roth Capital set a $60.00 price objective on shares of Onsemi in a report on Friday, March 7th. JPMorgan Chase & Co. dropped their price target on shares of Onsemi from $88.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 11th. Morgan Stanley cut their price target on shares of Onsemi from $52.00 to $44.00 and set an “underweight” rating for the company in a report on Tuesday, February 11th. Finally, Citigroup dropped their target price on shares of Onsemi from $52.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.52.

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.