Clearbridge Investments LLC Reduces Stock Holdings in Onsemi (NASDAQ:ON)

Clearbridge Investments LLC lowered its position in Onsemi (NASDAQ:ON) by 56.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 215,339 shares of the semiconductor company’s stock after selling 284,782 shares during the quarter. Clearbridge Investments LLC’s holdings in Onsemi were worth $15,838,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ON. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Onsemi in the fourth quarter valued at $32,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Onsemi during the fourth quarter valued at $33,000. Private Wealth Management Group LLC acquired a new stake in shares of Onsemi during the fourth quarter valued at $33,000. Westside Investment Management Inc. boosted its stake in shares of Onsemi by 5,500.0% during the first quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock valued at $41,000 after acquiring an additional 550 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Onsemi during the first quarter valued at $45,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Insider Activity at Onsemi

In related news, Director Paul Anthony Mascarenas sold 911 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $74.46, for a total transaction of $67,833.06. Following the sale, the director now directly owns 48,929 shares in the company, valued at approximately $3,643,253.34. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Onsemi news, CFO Trent Thad sold 38,000 shares of Onsemi stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the sale, the chief financial officer now directly owns 331,829 shares in the company, valued at approximately $24,074,193.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul Anthony Mascarenas sold 911 shares of Onsemi stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $74.46, for a total value of $67,833.06. Following the sale, the director now owns 48,929 shares in the company, valued at $3,643,253.34. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Onsemi Trading Down 4.5 %

Shares of NASDAQ ON traded down $3.28 during midday trading on Wednesday, hitting $70.11. The stock had a trading volume of 8,134,157 shares, compared to its average volume of 6,768,861. The company has a market capitalization of $30.16 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 3.52 and a beta of 1.69. Onsemi has a 1-year low of $59.34 and a 1-year high of $111.35. The company has a quick ratio of 1.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average price of $72.81 and a 200 day moving average price of $73.32.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, April 29th. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The company’s revenue was down 4.9% on a year-over-year basis. During the same period last year, the business posted $1.19 EPS. On average, analysts predict that Onsemi will post 3.83 earnings per share for the current year.

Analysts Set New Price Targets

ON has been the topic of a number of analyst reports. Truist Financial decreased their price objective on Onsemi from $89.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Citigroup lowered Onsemi from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $85.00 to $77.00 in a research note on Monday, July 15th. TD Cowen decreased their price objective on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Rosenblatt Securities decreased their price objective on Onsemi from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 30th. Finally, B. Riley reissued a “buy” rating and issued a $103.00 price target (down from $115.00) on shares of Onsemi in a research note on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Onsemi presently has a consensus rating of “Moderate Buy” and an average target price of $88.36.

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.