Van ECK Associates Corp Buys 344,970 Shares of Onsemi (NASDAQ:ON)

Van ECK Associates Corp grew its position in shares of Onsemi (NASDAQ:ON) by 20.3% in the fourth quarter, HoldingsChannel reports. The firm owned 2,040,468 shares of the semiconductor company’s stock after buying an additional 344,970 shares during the quarter. Van ECK Associates Corp’s holdings in Onsemi were worth $170,441,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ON. Invesco Ltd. increased its stake in Onsemi by 26.0% during the third quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock worth $540,306,000 after acquiring an additional 1,200,723 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Onsemi by 55.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock valued at $195,124,000 after buying an additional 828,944 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Onsemi by 23.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock worth $397,108,000 after acquiring an additional 817,237 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Onsemi during the third quarter worth approximately $28,927,000. Finally, QRG Capital Management Inc. bought a new stake in shares of Onsemi during the third quarter valued at approximately $22,883,000. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ON. StockNews.com raised Onsemi from a “sell” rating to a “hold” rating in a research report on Wednesday, February 14th. JPMorgan Chase & Co. decreased their price objective on Onsemi from $95.00 to $90.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. B. Riley reiterated a “buy” rating and set a $103.00 target price (down from $115.00) on shares of Onsemi in a report on Tuesday. TD Cowen reduced their price objective on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, KeyCorp reduced their price target on Onsemi from $100.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.00.

Onsemi Stock Performance

Shares of NASDAQ:ON traded up $0.79 during midday trading on Tuesday, reaching $71.61. The company’s stock had a trading volume of 2,420,772 shares, compared to its average volume of 7,485,245. The company has a quick ratio of 1.74, a current ratio of 2.71 and a debt-to-equity ratio of 0.33. The stock has a fifty day moving average of $72.95 and a 200 day moving average of $75.13. Onsemi has a twelve month low of $59.34 and a twelve month high of $111.35. The firm has a market capitalization of $30.78 billion, a PE ratio of 14.63, a P/E/G ratio of 6.71 and a beta of 1.80.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. Onsemi had a return on equity of 31.36% and a net margin of 26.46%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the firm posted $1.19 EPS. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, equities analysts expect that Onsemi will post 4.26 EPS for the current fiscal year.

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.