Clear Harbor Asset Management LLC Cuts Stock Position in Onsemi (NASDAQ:ON)

Clear Harbor Asset Management LLC decreased its stake in shares of Onsemi (NASDAQ:ON) by 14.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,125 shares of the semiconductor company’s stock after selling 2,060 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Onsemi were worth $764,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in shares of Onsemi by 3.0% during the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock valued at $767,646,000 after acquiring an additional 309,445 shares in the last quarter. Van ECK Associates Corp boosted its stake in Onsemi by 26.4% during the 3rd quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock valued at $237,559,000 after purchasing an additional 729,081 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Onsemi by 14.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock worth $215,518,000 after purchasing an additional 380,471 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Onsemi by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,404,589 shares of the semiconductor company’s stock worth $174,597,000 after purchasing an additional 31,889 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Onsemi by 19.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,009,180 shares of the semiconductor company’s stock valued at $145,887,000 after purchasing an additional 326,734 shares in the last quarter. 97.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on ON. Morgan Stanley lifted their price objective on Onsemi from $63.00 to $64.00 and gave the stock an “underweight” rating in a report on Tuesday, October 29th. BNP Paribas decreased their price objective on shares of Onsemi from $60.00 to $55.00 in a report on Friday, October 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $87.00 target price on shares of Onsemi in a research report on Tuesday, November 19th. Rosenblatt Securities reissued a “neutral” rating and set a $75.00 price target on shares of Onsemi in a report on Tuesday, October 29th. Finally, Benchmark reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Onsemi in a report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $83.35.

Insider Transactions at Onsemi

In related news, CEO Hassane El-Khoury sold 1,500 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $71.00, for a total value of $106,500.00. Following the sale, the chief executive officer now directly owns 837,710 shares in the company, valued at approximately $59,477,410. The trade was a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.31% of the company’s stock.

Onsemi Price Performance

NASDAQ:ON opened at $55.61 on Wednesday. The stock has a market cap of $23.68 billion, a PE ratio of 13.80, a P/E/G ratio of 10.36 and a beta of 1.64. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. The business’s 50-day simple moving average is $64.66 and its two-hundred day simple moving average is $69.49. Onsemi has a 52 week low of $53.10 and a 52 week high of $85.16.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.02. Onsemi had a return on equity of 22.38% and a net margin of 23.80%. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.75 billion. During the same quarter last year, the company earned $1.39 EPS. The firm’s quarterly revenue was down 19.2% on a year-over-year basis. As a group, analysts forecast that Onsemi will post 4 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.