Deerfield Management Company L.P. Series C Makes New Investment in Onsemi (NASDAQ:ON)

Deerfield Management Company L.P. Series C acquired a new stake in Onsemi (NASDAQ:ON) during the second quarter, HoldingsChannel.com reports. The fund acquired 4,777 shares of the semiconductor company’s stock, valued at approximately $327,000.

Several other large investors also recently modified their holdings of the company. Integrated Advisors Network LLC increased its holdings in Onsemi by 1.7% in the fourth quarter. Integrated Advisors Network LLC now owns 9,715 shares of the semiconductor company’s stock worth $811,000 after purchasing an additional 164 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in shares of Onsemi by 36.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 169 shares in the last quarter. Covestor Ltd lifted its position in shares of Onsemi by 24.5% during the 1st quarter. Covestor Ltd now owns 965 shares of the semiconductor company’s stock valued at $71,000 after acquiring an additional 190 shares during the period. Greenleaf Trust grew its holdings in Onsemi by 4.4% in the first quarter. Greenleaf Trust now owns 5,331 shares of the semiconductor company’s stock worth $392,000 after purchasing an additional 226 shares during the period. Finally, EP Wealth Advisors LLC increased its stake in Onsemi by 4.2% in the first quarter. EP Wealth Advisors LLC now owns 5,864 shares of the semiconductor company’s stock valued at $431,000 after purchasing an additional 239 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Onsemi Trading Up 1.5 %

NASDAQ ON opened at $74.39 on Friday. The business’s fifty day moving average is $72.43 and its 200-day moving average is $71.93. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.01 and a quick ratio of 1.95. The stock has a market capitalization of $32.00 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 3.74 and a beta of 1.66. Onsemi has a one year low of $59.34 and a one year high of $95.67.

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

Insider Activity at Onsemi

In other news, insider Simon Keeton sold 30,939 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the completion of the transaction, the insider now owns 231,092 shares in the company, valued at approximately $18,011,310.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Simon Keeton sold 30,939 shares of the business’s 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 owns 231,092 shares of the company’s stock, valued at $18,011,310.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $70.80, for a total transaction of $106,200.00. Following the completion of the transaction, the chief executive officer now directly owns 840,620 shares of the company’s stock, valued at $59,515,896. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Roth Mkm raised their target price on Onsemi from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Morgan Stanley lowered Onsemi from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $70.00 to $65.00 in a report on Thursday, July 11th. Bank of America upped their target price on Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Truist Financial lifted their price target on shares of Onsemi from $85.00 to $97.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, TD Cowen upped 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. Three investment 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.com, the stock has an average rating of “Hold” and an average price target of $85.61.

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.