Retirement Systems of Alabama Increases Stake in Onsemi (NASDAQ:ON)

Retirement Systems of Alabama raised its holdings in shares of Onsemi (NASDAQ:ON) by 0.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,905 shares of the semiconductor company’s stock after purchasing an additional 587 shares during the quarter. Retirement Systems of Alabama’s holdings in Onsemi were worth $6,506,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Private Wealth Management Group LLC purchased a new position in shares of Onsemi in the fourth quarter valued at $33,000. MeadowBrook Investment Advisors LLC purchased a new position in Onsemi during the 4th quarter valued at about $33,000. Westside Investment Management Inc. increased its position in shares of Onsemi by 5,500.0% during the first quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 550 shares during the period. Fidelis Capital Partners LLC purchased a new stake in shares of Onsemi in the first quarter worth about $45,000. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in shares of Onsemi by 36.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock worth $43,000 after buying an additional 169 shares in the last quarter. Institutional investors own 97.70% of the company’s stock.

Insider Activity

In other news, CFO Trent Thad sold 38,000 shares of Onsemi stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total value of $2,756,900.00. Following the sale, the chief financial officer now directly owns 331,829 shares in the company, valued at approximately $24,074,193.95. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Trent Thad sold 38,000 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total value of $2,756,900.00. Following the completion of the transaction, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at $24,074,193.95. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Simon Keeton sold 30,939 shares of Onsemi stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total value of $2,411,385.66. Following the sale, the insider now directly owns 231,092 shares in the company, valued at $18,011,310.48. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America upped their target price on shares of Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Morgan Stanley cut shares of Onsemi from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $70.00 to $65.00 in a report on Thursday, July 11th. Truist Financial lifted their price objective on Onsemi from $85.00 to $97.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Roth Mkm upped their target price on Onsemi from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, JPMorgan Chase & Co. lifted their price target on Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $85.61.

Onsemi Price Performance

ON opened at $76.36 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.01 and a quick ratio of 1.95. Onsemi has a 1 year low of $59.34 and a 1 year high of $101.30. The stock’s 50 day simple moving average is $72.53 and its 200 day simple moving average is $73.08. The firm has a market cap of $32.71 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 4.07 and a beta of 1.69.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The business’s revenue was down 17.2% on a year-over-year basis. During the same quarter last year, the business earned $1.33 earnings per share. As a group, analysts predict that Onsemi will post 4.01 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.