Easterly Investment Partners LLC Acquires Shares of 49,331 Onsemi (NASDAQ:ON)

Easterly Investment Partners LLC bought a new stake in Onsemi (NASDAQ:ON) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 49,331 shares of the semiconductor company’s stock, valued at approximately $3,382,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James Trust N.A. acquired a new position in shares of Onsemi in the 2nd quarter valued at approximately $539,000. Clear Creek Financial Management LLC acquired a new position in shares of Onsemi in the 2nd quarter valued at approximately $281,000. Retirement Systems of Alabama increased its position in Onsemi by 0.6% during the 2nd quarter. Retirement Systems of Alabama now owns 94,905 shares of the semiconductor company’s stock worth $6,506,000 after purchasing an additional 587 shares in the last quarter. Slow Capital Inc. increased its position in Onsemi by 1.6% during the 2nd quarter. Slow Capital Inc. now owns 53,794 shares of the semiconductor company’s stock worth $3,688,000 after purchasing an additional 868 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new position in Onsemi during the 2nd quarter worth approximately $234,000. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Onsemi Stock Up 4.1 %

Shares of Onsemi stock traded up $2.99 during trading hours on Friday, reaching $76.36. The company’s stock had a trading volume of 5,685,524 shares, compared to its average volume of 6,961,993. Onsemi has a one year low of $59.34 and a one year high of $101.30. The company has a market capitalization of $32.71 billion, a P/E ratio of 15.58, a P/E/G ratio of 4.07 and a beta of 1.69. The stock’s fifty day simple moving average is $72.53 and its two-hundred day simple moving average is $73.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.95 and a current ratio of 3.01.

Onsemi (NASDAQ:ON) last released its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The business’s quarterly revenue was down 17.2% compared to the same quarter last year. During the same period last year, the firm earned $1.33 earnings per share. On average, research analysts forecast that Onsemi will post 4.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ON has been the subject of a number of research analyst reports. Roth Mkm upped their price objective on shares of Onsemi from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Truist Financial upped their price target on shares of Onsemi from $85.00 to $97.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Benchmark upped their price target on shares of Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Onsemi from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Morgan Stanley cut shares of Onsemi from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $70.00 to $65.00 in a research report on Thursday, July 11th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Onsemi presently has an average rating of “Moderate Buy” and an average target price of $85.61.

Insider Activity

In related news, CFO Trent Thad sold 38,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the completion of the sale, the chief financial officer now owns 331,829 shares in the company, valued at $24,074,193.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Simon Keeton sold 30,939 shares of the firm’s 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 in the company, valued at $18,011,310.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Trent Thad sold 38,000 shares of the firm’s stock in a transaction dated 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 owns 331,829 shares of the company’s stock, valued at approximately $24,074,193.95. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

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.