ProShare Advisors LLC Cuts Stake in Onsemi (NASDAQ:ON)

ProShare Advisors LLC trimmed its position in shares of Onsemi (NASDAQ:ON) by 6.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 519,136 shares of the semiconductor company’s stock after selling 36,171 shares during the quarter. ProShare Advisors LLC’s holdings in Onsemi were worth $35,587,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Onsemi by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 50,341,366 shares of the semiconductor company’s stock valued at $4,205,014,000 after purchasing an additional 321,682 shares during the last quarter. Capital World Investors purchased a new stake in Onsemi during the 4th quarter valued at about $697,276,000. Dimensional Fund Advisors LP grew its position in Onsemi by 18.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock valued at $289,088,000 after purchasing an additional 665,633 shares during the last quarter. Capital International Investors grew its position in Onsemi by 1.0% during the 1st quarter. Capital International Investors now owns 4,107,006 shares of the semiconductor company’s stock valued at $302,070,000 after purchasing an additional 42,117 shares during the last quarter. Finally, Rafferty Asset Management LLC grew its position in Onsemi by 35.6% during the 4th quarter. Rafferty Asset Management LLC now owns 2,989,554 shares of the semiconductor company’s stock valued at $249,717,000 after purchasing an additional 785,305 shares during the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 transaction of $2,411,385.66. Following the sale, the insider now owns 231,092 shares in the company, valued at $18,011,310.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, 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 transaction of $2,411,385.66. Following the sale, the insider now owns 231,092 shares in the company, valued at $18,011,310.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction that occurred 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 sale, the chief executive officer now owns 840,620 shares in the company, valued at approximately $59,515,896. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

ON has been the topic of a number of recent analyst reports. Benchmark raised their price target on shares of Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. KeyCorp dropped their price target on shares of Onsemi from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Tuesday, July 9th. Citigroup downgraded shares of Onsemi from a “buy” rating to a “neutral” rating and dropped their price target for the company from $85.00 to $77.00 in a report on Monday, July 15th. JPMorgan Chase & Co. raised their price target on shares of Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, Truist Financial raised their price target on shares of Onsemi from $85.00 to $97.00 and gave the company 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, Onsemi presently has a consensus rating of “Hold” and an average price target of $85.61.

Onsemi Price Performance

NASDAQ ON opened at $69.57 on Monday. Onsemi has a 12 month low of $59.34 and a 12 month high of $95.67. The stock has a market cap of $29.80 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 3.77 and a beta of 1.66. The company’s 50 day moving average is $72.85 and its two-hundred day moving average is $72.14. The company has a current ratio of 3.01, a quick ratio of 1.95 and a debt-to-equity ratio of 0.31.

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