AQR Capital Management LLC Buys 304,083 Shares of Onsemi (NASDAQ:ON)

AQR Capital Management LLC raised its position in shares of Onsemi (NASDAQ:ON) by 50.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 904,058 shares of the semiconductor company’s stock after acquiring an additional 304,083 shares during the period. AQR Capital Management LLC’s holdings in Onsemi were worth $61,964,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its holdings in Onsemi by 8.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 456,999 shares of the semiconductor company’s stock valued at $38,188,000 after acquiring an additional 35,362 shares during the period. Mediolanum International Funds Ltd purchased a new stake in shares of Onsemi during the first quarter valued at $2,447,000. Assenagon Asset Management S.A. boosted its stake in shares of Onsemi by 690.2% during the second quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock valued at $6,945,000 after purchasing an additional 88,496 shares during the period. Norden Group LLC bought a new position in shares of Onsemi in the first quarter worth about $774,000. Finally, Axxcess Wealth Management LLC purchased a new position in Onsemi in the 1st quarter worth about $808,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ON shares. Truist Financial upped their target price on shares of Onsemi from $85.00 to $97.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. StockNews.com downgraded Onsemi from a “hold” rating to a “sell” rating in a report on Monday, August 26th. Roth Mkm upped their target price on Onsemi from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. JPMorgan Chase & Co. raised their price target on Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Finally, Benchmark upped their price objective on shares of Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Onsemi presently has an average rating of “Hold” and an average target price of $85.61.

Onsemi Trading Up 1.5 %

Onsemi stock opened at $74.39 on Friday. The stock has a 50-day moving average price of $72.43 and a 200 day moving average price of $71.93. The company has a market capitalization of $32.00 billion, a price-to-earnings ratio of 15.18, a price-to-earnings-growth ratio of 3.74 and a beta of 1.66. Onsemi has a 52 week low of $59.34 and a 52 week high of $95.67. 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 (NASDAQ:ON) last released its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.96 EPS for the quarter, beating 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 the consensus estimate of $1.73 billion. During the same period in the prior year, the firm earned $1.33 EPS. The business’s revenue for the quarter was down 17.2% on a year-over-year basis. Sell-side analysts anticipate that Onsemi will post 4.01 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi 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 in the company, valued at $59,515,896. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Hassane El-Khoury sold 1,500 shares of the 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 sale, the chief executive officer now directly owns 840,620 shares of the company’s stock, valued at $59,515,896. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $2,411,385.66. Following the completion of the transaction, the insider now directly owns 231,092 shares of the company’s stock, valued at approximately $18,011,310.48. The disclosure for this sale can be found here. 0.31% of the stock is owned by 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.