Polymer Capital Management HK LTD Takes Position in Onsemi (NASDAQ:ON)

Polymer Capital Management HK LTD bought a new position in shares of Onsemi (NASDAQ:ON) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 34,000 shares of the semiconductor company’s stock, valued at approximately $2,144,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Onsemi during the 4th quarter worth approximately $378,312,000. Allspring Global Investments Holdings LLC raised its stake in shares of Onsemi by 35.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock worth $247,226,000 after purchasing an additional 1,037,624 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Onsemi by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock worth $3,224,081,000 after purchasing an additional 344,354 shares during the period. Andra AP fonden grew its position in Onsemi by 2,388.4% in the 4th quarter. Andra AP fonden now owns 343,400 shares of the semiconductor company’s stock valued at $21,651,000 after buying an additional 329,600 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Onsemi by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock valued at $767,646,000 after buying an additional 309,445 shares during the period. 97.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ON shares. Stifel Nicolaus dropped their price objective on Onsemi from $60.00 to $52.00 and set a “hold” rating on the stock in a report on Tuesday, February 11th. Needham & Company LLC restated a “buy” rating and set a $57.00 target price on shares of Onsemi in a research report on Monday, March 3rd. Jefferies Financial Group cut their price target on shares of Onsemi from $100.00 to $85.00 and set a “buy” rating for the company in a report on Monday, February 10th. UBS Group decreased their price objective on shares of Onsemi from $72.00 to $65.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. Finally, The Goldman Sachs Group dropped their target price on shares of Onsemi from $77.00 to $64.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $66.50.

Onsemi Trading Down 5.2 %

Shares of ON stock opened at $33.70 on Friday. The firm’s 50-day simple moving average is $47.20 and its 200-day simple moving average is $60.07. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38. Onsemi has a 1-year low of $33.21 and a 1-year high of $80.08. The firm has a market cap of $14.20 billion, a P/E ratio of 9.28, a PEG ratio of 16.74 and a beta of 1.48.

Onsemi (NASDAQ:ON) last posted its quarterly earnings results on Monday, February 10th. The semiconductor company reported $0.95 earnings per share 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 analysts forecast that Onsemi will post 2.6 EPS for the current year.

About Onsemi

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.