State of Alaska Department of Revenue Trims Stake in Onsemi (NASDAQ:ON)

State of Alaska Department of Revenue reduced its stake in shares of Onsemi (NASDAQ:ON) by 10.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 105,774 shares of the semiconductor company’s stock after selling 12,005 shares during the quarter. State of Alaska Department of Revenue’s holdings in Onsemi were worth $7,779,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ON. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Onsemi in the fourth quarter valued at approximately $32,000. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Onsemi in the fourth quarter valued at approximately $33,000. Private Wealth Management Group LLC purchased a new stake in shares of Onsemi in the fourth quarter valued at approximately $33,000. Headinvest LLC purchased a new stake in shares of Onsemi in the third quarter valued at approximately $44,000. Finally, Planned Solutions Inc. purchased a new stake in shares of Onsemi in the fourth quarter valued at approximately $46,000. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Onsemi news, CFO Trent Thad sold 38,000 shares of the firm’s 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 completion of the transaction, the chief financial officer now owns 331,829 shares of the company’s stock, valued at $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 news, Director Paul Anthony Mascarenas sold 911 shares of the firm’s stock in a transaction on 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 owns 48,929 shares in the company, valued at $3,643,253.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Trent Thad sold 38,000 shares of the firm’s stock in a transaction on 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 sale, 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 currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ON shares. Evercore ISI started coverage on Onsemi in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $104.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $92.00 price objective on shares of Onsemi in a research note on Thursday, June 13th. Wells Fargo & Company lowered their price objective on Onsemi from $110.00 to $95.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 23rd. The Goldman Sachs Group lowered their price objective on Onsemi from $91.00 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, April 16th. Finally, Deutsche Bank Aktiengesellschaft lowered 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. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $90.28.

Onsemi Stock Performance

Shares of NASDAQ ON traded down $0.24 during trading hours on Wednesday, reaching $72.68. The stock had a trading volume of 3,906,417 shares, compared to its average volume of 6,833,691. The firm has a market cap of $31.27 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 3.12 and a beta of 1.69. 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 has a fifty-two week low of $59.34 and a fifty-two week high of $111.35. The firm has a 50-day moving average of $71.30 and a 200-day moving average of $74.11.

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