Onsemi (NASDAQ:ON) Shares Bought by Hennessy Advisors Inc.

Hennessy Advisors Inc. raised its position in shares of Onsemi (NASDAQ:ON) by 9.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,459 shares of the semiconductor company’s stock after acquiring an additional 3,459 shares during the quarter. Hennessy Advisors Inc.’s holdings in Onsemi were worth $2,829,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Apollon Wealth Management LLC grew its position in shares of Onsemi by 26.4% in the fourth quarter. Apollon Wealth Management LLC now owns 7,089 shares of the semiconductor company’s stock valued at $592,000 after purchasing an additional 1,482 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Onsemi by 7,749.6% in the fourth quarter. International Assets Investment Management LLC now owns 83,363 shares of the semiconductor company’s stock valued at $6,963,000 after purchasing an additional 82,301 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Onsemi by 8.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 456,999 shares of the semiconductor company’s stock valued at $38,188,000 after purchasing an additional 35,362 shares in the last quarter. Harvest Fund Management Co. Ltd grew its position in Onsemi by 7.1% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 9,610 shares of the semiconductor company’s stock worth $798,000 after acquiring an additional 637 shares during the period. Finally, State of Michigan Retirement System grew its position in Onsemi by 3.6% in the fourth quarter. State of Michigan Retirement System now owns 140,536 shares of the semiconductor company’s stock worth $11,739,000 after acquiring an additional 4,900 shares during the period. Institutional investors and hedge funds own 97.70% of the company’s stock.

Insider Activity

In related news, CFO Trent Thad sold 38,000 shares of the firm’s stock in a transaction on 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 transaction, 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 accessible through this link. In other Onsemi news, Director Paul Anthony Mascarenas sold 911 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total value of $67,833.06. Following the completion of the sale, the director now owns 48,929 shares of the company’s stock, valued at $3,643,253.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Trent Thad sold 38,000 shares of the stock in a transaction 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 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 owned by insiders.

Analyst Ratings Changes

ON has been the topic of several analyst reports. Morgan Stanley reduced their price objective on Onsemi from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Monday, April 22nd. Susquehanna reduced their price target on shares of Onsemi from $90.00 to $85.00 and set a “positive” rating for the company in a research report on Tuesday, April 30th. Needham & Company LLC restated a “buy” rating and set a $92.00 price objective on shares of Onsemi in a research report on Thursday, June 13th. Mizuho cut their price target on Onsemi from $92.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Finally, Rosenblatt Securities cut their price target on Onsemi from $75.00 to $70.00 and set a “neutral” rating for the company in a report on Tuesday, April 30th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.28.

Onsemi Price Performance

NASDAQ:ON traded up $0.40 during trading hours on Friday, reaching $68.26. 2,088,485 shares of the company’s stock were exchanged, compared to its average volume of 6,857,371. The company has a market capitalization of $29.37 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 3.11 and a beta of 1.71. Onsemi has a 12 month low of $59.34 and a 12 month 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 business’s 50-day simple moving average is $70.74 and its two-hundred day simple moving average is $74.47.

Onsemi (NASDAQ:ON) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 EPS. Sell-side analysts expect that Onsemi will post 3.83 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.