Massachusetts Financial Services Co. MA Sells 17,450 Shares of Onsemi (NASDAQ:ON)

Massachusetts Financial Services Co. MA cut its holdings in shares of Onsemi (NASDAQ:ON) by 1.0% during the 2nd quarter, Holdings Channel reports. The firm owned 1,682,446 shares of the semiconductor company’s stock after selling 17,450 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Onsemi were worth $115,332,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Westside Investment Management Inc. increased its stake in Onsemi by 5,500.0% in the first quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock valued at $41,000 after acquiring an additional 550 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Onsemi by 36.7% in the second 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 during the last quarter. International Assets Investment Management LLC bought a new position in Onsemi in the second quarter valued at approximately $43,000. Fidelis Capital Partners LLC bought a new position in Onsemi in the first quarter valued at approximately $45,000. Finally, Oakworth Capital Inc. bought a new position in Onsemi in the second quarter valued at approximately $53,000. 97.70% of the stock is owned by institutional investors.

Insider Activity at Onsemi

In other Onsemi news, insider Simon Keeton sold 30,939 shares of Onsemi stock in a transaction 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 completion of the sale, the insider now directly 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 available at the SEC website. In other Onsemi news, insider Simon Keeton sold 30,939 shares of Onsemi stock in a transaction 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 completion of the sale, the insider now directly 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 available at the SEC website. Also, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction on Monday, September 16th. The shares were sold at an average price of $70.80, for a total transaction of $106,200.00. Following the completion of the sale, 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.

Onsemi Price Performance

ON stock opened at $70.64 on Thursday. The firm has a market cap of $30.39 billion, a price-to-earnings ratio of 14.79, a PEG ratio of 3.72 and a beta of 1.66. The company has a quick ratio of 1.95, a current ratio of 3.01 and a debt-to-equity ratio of 0.31. Onsemi has a 12-month low of $59.34 and a 12-month high of $95.69. The company’s fifty day simple moving average is $73.13 and its 200 day simple moving average is $72.29.

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. StockNews.com cut shares of Onsemi from a “hold” rating to a “sell” rating in a research note on Monday, August 26th. TD Cowen lifted their price objective on shares of Onsemi from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Bank of America lifted their price objective on shares of Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. KeyCorp cut their target price on shares of Onsemi from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. Finally, Morgan Stanley lowered shares of Onsemi from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $70.00 to $65.00 in a research report on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Onsemi currently has an average rating of “Hold” and an average target price 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.