Korea Investment CORP Sells 215,127 Shares of Onsemi (NASDAQ:ON)

Korea Investment CORP cut its stake in Onsemi (NASDAQ:ON) by 47.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 239,703 shares of the semiconductor company’s stock after selling 215,127 shares during the period. Korea Investment CORP owned about 0.06% of Onsemi worth $15,113,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Newbridge Financial Services Group Inc. acquired a new position in Onsemi in the fourth quarter valued at about $41,000. Safe Harbor Fiduciary LLC acquired a new position in shares of Onsemi in the 3rd quarter worth approximately $43,000. Synergy Asset Management LLC bought a new stake in Onsemi during the 4th quarter worth approximately $51,000. Plato Investment Management Ltd acquired a new stake in Onsemi during the 4th quarter valued at $51,000. Finally, Rakuten Securities Inc. boosted its stake in Onsemi by 434.6% in the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 691 shares in the last quarter. Institutional investors own 97.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ON. Craig Hallum cut their price target on Onsemi from $78.00 to $50.00 and set a “hold” rating for the company in a report on Tuesday, February 11th. Truist Financial reduced their target price on shares of Onsemi from $60.00 to $52.00 and set a “hold” rating on the stock in a research report on Tuesday, February 11th. Needham & Company LLC reissued a “buy” rating and issued a $57.00 price target on shares of Onsemi in a report on Monday, March 3rd. Benchmark reduced their price objective on Onsemi from $90.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. Finally, Mizuho lowered their target price on Onsemi from $71.00 to $62.00 and set an “outperform” rating for the company in a research note on Monday, March 24th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Onsemi presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.50.

Onsemi Stock Performance

Shares of ON 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. Onsemi has a 52 week low of $40.62 and a 52 week high of $80.08. The company’s 50 day moving average price is $48.92 and its two-hundred day moving average price is $61.14. The company has a market capitalization of $17.25 billion, a P/E ratio of 11.28, a price-to-earnings-growth ratio of 16.74 and a beta of 1.59.

Onsemi (NASDAQ:ON) last posted its quarterly earnings data on Monday, February 10th. The semiconductor company reported $0.95 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.03). Onsemi had a net margin of 22.21% and a return on equity of 20.10%. On average, analysts expect that Onsemi will post 2.6 earnings per share for the current fiscal year.

Onsemi 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.