State of Michigan Retirement System Sells 1,200 Shares of Onsemi (NASDAQ:ON)

State of Michigan Retirement System lowered its stake in shares of Onsemi (NASDAQ:ON) by 0.9% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 138,636 shares of the semiconductor company’s stock after selling 1,200 shares during the period. State of Michigan Retirement System’s holdings in Onsemi were worth $8,741,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ON. Capital Performance Advisors LLP acquired a new stake in Onsemi during the third quarter worth $27,000. Ashton Thomas Securities LLC acquired a new position in Onsemi during the third quarter worth $33,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Onsemi in the fourth quarter valued at $41,000. Safe Harbor Fiduciary LLC acquired a new position in Onsemi during the 3rd quarter worth $43,000. Finally, Synergy Asset Management LLC bought a new position in Onsemi in the 4th quarter valued at $51,000. Institutional investors own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ON. Benchmark dropped their target price on Onsemi from $90.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Truist Financial cut their target price on shares of Onsemi from $60.00 to $52.00 and set a “hold” rating on the stock in a research report on Tuesday, February 11th. Mizuho reduced their target price on shares of Onsemi from $85.00 to $71.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Susquehanna cut their price objective on shares of Onsemi from $70.00 to $60.00 and set a “positive” rating on the stock in a report on Tuesday, February 11th. Finally, Craig Hallum lowered their target price on shares of Onsemi from $78.00 to $50.00 and set a “hold” rating for the company in a report on Tuesday, February 11th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Onsemi has a consensus rating of “Moderate Buy” and a consensus price target of $67.12.

Onsemi Stock Up 4.5 %

Shares of ON stock opened at $46.49 on Thursday. Onsemi has a 12-month low of $43.94 and a 12-month high of $85.16. The company has a quick ratio of 3.38, a current ratio of 5.06 and a debt-to-equity ratio of 0.38. The firm has a fifty day moving average of $54.89 and a 200-day moving average of $64.91. The company has a market capitalization of $19.59 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 16.74 and a beta of 1.59.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, February 10th. The semiconductor company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.03). Onsemi had a return on equity of 20.10% and a net margin of 22.21%. As a group, equities research analysts predict that Onsemi will post 2.6 earnings per share 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.