The Manufacturers Life Insurance Company Increases Stake in Onsemi (NASDAQ:ON)

The Manufacturers Life Insurance Company boosted its position in shares of Onsemi (NASDAQ:ON) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 293,962 shares of the semiconductor company’s stock after purchasing an additional 1,604 shares during the period. The Manufacturers Life Insurance Company’s holdings in Onsemi were worth $20,150,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Westside Investment Management Inc. grew its stake in Onsemi by 5,500.0% in the 1st quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 550 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of 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 purchasing an additional 169 shares during the period. International Assets Investment Management LLC bought a new position in Onsemi in the second quarter worth approximately $43,000. Fidelis Capital Partners LLC purchased a new position in Onsemi during the 1st quarter worth $45,000. Finally, Oakworth Capital Inc. bought a new stake in Onsemi during the 2nd quarter valued at $53,000. 97.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Onsemi news, insider Simon Keeton sold 30,939 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $18,011,310.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Hassane El-Khoury sold 1,500 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $70.80, for a total transaction of $106,200.00. Following the transaction, the chief executive officer now directly owns 840,620 shares in the company, valued at $59,515,896. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Simon Keeton sold 30,939 shares of the stock in a transaction dated 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 sale, the insider now 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 currently owned by insiders.

Onsemi Trading Down 2.1 %

ON stock opened at $71.05 on Wednesday. Onsemi has a 52-week low of $59.34 and a 52-week high of $95.64. The company has a quick ratio of 1.95, a current ratio of 3.01 and a debt-to-equity ratio of 0.31. The firm has a market cap of $30.43 billion, a P/E ratio of 14.50, a PEG ratio of 3.78 and a beta of 1.66. The company’s 50-day simple moving average is $72.34 and its 200-day simple moving average is $71.77.

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ON. StockNews.com lowered Onsemi from a “hold” rating to a “sell” rating in a research note on Monday, August 26th. Susquehanna upped their price target on shares of Onsemi from $85.00 to $95.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Rosenblatt Securities increased their price objective on shares of Onsemi from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Bank of America boosted 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. Finally, Morgan Stanley downgraded Onsemi from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $70.00 to $65.00 in a report on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Onsemi presently has a consensus rating of “Hold” and an average target price of $85.61.

Onsemi Company 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.