State Board of Administration of Florida Retirement System Buys 60,991 Shares of Onsemi (NASDAQ:ON)

State Board of Administration of Florida Retirement System grew its stake in Onsemi (NASDAQ:ON) by 12.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 541,666 shares of the semiconductor company’s stock after acquiring an additional 60,991 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.13% of Onsemi worth $39,840,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Entropy Technologies LP acquired a new position in shares of Onsemi in the 1st quarter valued at approximately $555,000. Bleakley Financial Group LLC grew its position in shares of Onsemi by 3.8% in the 1st quarter. Bleakley Financial Group LLC now owns 7,688 shares of the semiconductor company’s stock valued at $565,000 after purchasing an additional 282 shares during the period. ProShare Advisors LLC grew its position in shares of Onsemi by 20.6% in the 1st quarter. ProShare Advisors LLC now owns 555,307 shares of the semiconductor company’s stock valued at $40,843,000 after purchasing an additional 94,730 shares during the period. US Bancorp DE grew its position in shares of Onsemi by 83.9% in the 1st quarter. US Bancorp DE now owns 104,590 shares of the semiconductor company’s stock valued at $7,693,000 after purchasing an additional 47,721 shares during the period. Finally, Inspire Investing LLC grew its position in shares of Onsemi by 22.4% in the 1st quarter. Inspire Investing LLC now owns 56,529 shares of the semiconductor company’s stock valued at $4,158,000 after purchasing an additional 10,352 shares during the period. 97.70% of the stock is owned by institutional investors.

Insider Activity at Onsemi

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

Onsemi Stock Performance

ON stock traded down $2.50 during trading hours on Friday, hitting $72.93. 1,214,077 shares of the stock were exchanged, compared to its average volume of 6,708,939. The firm has a market capitalization of $31.38 billion, a P/E ratio of 15.39, a P/E/G ratio of 3.44 and a beta of 1.69. The company has a 50-day simple moving average of $72.66 and a two-hundred day simple moving average of $73.50. Onsemi has a 12 month low of $59.34 and a 12 month high of $111.35. The company has a current ratio of 2.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32.

Onsemi (NASDAQ:ON) last posted its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.86 billion during 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%. Onsemi’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.19 earnings per share. On average, analysts forecast that Onsemi will post 3.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ON shares. Stifel Nicolaus decreased their price objective on Onsemi from $82.00 to $72.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Benchmark reduced their price target on Onsemi from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Susquehanna upped their price target on Onsemi from $85.00 to $95.00 and gave the stock a “positive” rating in a research report on Wednesday. The Goldman Sachs Group reduced their price target on Onsemi from $91.00 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. Finally, Morgan Stanley downgraded Onsemi from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $70.00 to $65.00 in a research report on Thursday, July 11th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $88.36.

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.