Principal Financial Group Inc. Sells 43,429 Shares of Onsemi (NASDAQ:ON)

Principal Financial Group Inc. reduced its holdings in shares of Onsemi (NASDAQ:ON) by 8.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 495,935 shares of the semiconductor company’s stock after selling 43,429 shares during the quarter. Principal Financial Group Inc.’s holdings in Onsemi were worth $36,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Assenagon Asset Management S.A. boosted its position 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 buying an additional 88,496 shares during the period. Axxcess Wealth Management LLC purchased a new stake in Onsemi in the 1st quarter worth approximately $808,000. Entropy Technologies LP purchased a new position in Onsemi in the first quarter valued at $555,000. Comerica Bank grew its position in shares of Onsemi by 21.1% in the first quarter. Comerica Bank now owns 98,781 shares of the semiconductor company’s stock valued at $7,265,000 after purchasing an additional 17,198 shares during the period. Finally, US Bancorp DE increased its position in shares of Onsemi by 83.9% during the first quarter. US Bancorp DE now owns 104,590 shares of the semiconductor company’s stock worth $7,693,000 after purchasing an additional 47,721 shares in the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on ON. Morgan Stanley boosted their price target on shares of Onsemi from $63.00 to $64.00 and gave the company an “underweight” rating in a research note on Tuesday, October 29th. Benchmark reissued a “buy” rating and issued a $90.00 target price on shares of Onsemi in a report on Tuesday, October 29th. Loop Capital started coverage on Onsemi in a report on Monday. They set a “buy” rating and a $95.00 price target on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $75.00 price target on shares of Onsemi in a report on Tuesday, October 29th. Finally, KeyCorp cut their price target on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $86.30.

Onsemi Price Performance

ON stock opened at $69.96 on Tuesday. The company has a fifty day moving average price of $70.60 and a 200-day moving average price of $71.95. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.02 and a current ratio of 3.07. The company has a market capitalization of $29.79 billion, a P/E ratio of 17.36, a PEG ratio of 7.55 and a beta of 1.65. Onsemi has a 52-week low of $59.34 and a 52-week high of $86.77.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.02. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The firm had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same period last year, the company earned $1.39 earnings per share. The business’s revenue was down 19.2% on a year-over-year basis. As a group, equities analysts expect that Onsemi will post 4 EPS for the current year.

Insider Buying and Selling at Onsemi

In other news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total value of $109,065.00. Following the transaction, the chief executive officer now owns 839,210 shares of the company’s stock, valued at approximately $61,018,959.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.31% of the company’s stock.

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.