Prudential PLC Decreases Stake in Onsemi (NASDAQ:ON)

Prudential PLC reduced its holdings in shares of Onsemi (NASDAQ:ON) by 91.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,845 shares of the semiconductor company’s stock after selling 83,264 shares during the quarter. Prudential PLC’s holdings in Onsemi were worth $538,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. The Manufacturers Life Insurance Company grew its position in shares of Onsemi by 8.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 456,999 shares of the semiconductor company’s stock worth $38,188,000 after buying an additional 35,362 shares in the last quarter. Mediolanum International Funds Ltd acquired a new position in Onsemi in the first quarter worth $2,447,000. Assenagon Asset Management S.A. boosted its holdings in Onsemi by 690.2% in the second quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock worth $6,945,000 after purchasing an additional 88,496 shares during the period. Norden Group LLC acquired a new position in Onsemi in the first quarter worth $774,000. Finally, Axxcess Wealth Management LLC acquired a new position in Onsemi in the first quarter worth $808,000. Institutional investors and hedge funds own 97.70% of the company’s stock.

Onsemi Price Performance

Shares of NASDAQ:ON opened at $71.72 on Friday. The firm has a market cap of $30.86 billion, a price-to-earnings ratio of 14.64, a P/E/G ratio of 3.79 and a beta of 1.66. Onsemi has a 1 year low of $59.34 and a 1 year high of $98.07. The company has a current ratio of 3.01, a quick ratio of 1.95 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $73.27 and a 200 day simple moving average of $72.47.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Benchmark lifted their price objective on shares of Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. StockNews.com downgraded shares of Onsemi from a “hold” rating to a “sell” rating in a report on Monday, August 26th. KeyCorp decreased their price objective on shares of Onsemi from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Tuesday, July 9th. TD Cowen lifted their price objective on shares of Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Truist Financial raised their target price on Onsemi from $85.00 to $97.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Onsemi has a consensus rating of “Hold” and a consensus price target of $85.61.

Insider Activity at Onsemi

In related news, insider Simon Keeton sold 30,939 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $77.94, for a total value of $2,411,385.66. Following the transaction, the insider now directly owns 231,092 shares of the company’s stock, valued at approximately $18,011,310.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is owned by company insiders.

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.