Aristeia Capital L.L.C. Purchases Shares of 51,503 Onsemi (NASDAQ:ON)

Aristeia Capital L.L.C. purchased a new position in Onsemi (NASDAQ:ON) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 51,503 shares of the semiconductor company’s stock, valued at approximately $3,531,000.

Other large investors have also modified their holdings of the company. Integrated Advisors Network LLC increased its holdings in shares of Onsemi by 1.7% in the fourth quarter. Integrated Advisors Network LLC now owns 9,715 shares of the semiconductor company’s stock valued at $811,000 after purchasing an additional 164 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in Onsemi by 36.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 169 shares during the last quarter. Covestor Ltd increased its holdings in Onsemi by 24.5% in the 1st quarter. Covestor Ltd now owns 965 shares of the semiconductor company’s stock worth $71,000 after buying an additional 190 shares during the period. Greenleaf Trust raised its position in Onsemi by 4.4% during the 1st quarter. Greenleaf Trust now owns 5,331 shares of the semiconductor company’s stock worth $392,000 after buying an additional 226 shares during the last quarter. Finally, EP Wealth Advisors LLC lifted its stake in Onsemi by 4.2% during the 1st quarter. EP Wealth Advisors LLC now owns 5,864 shares of the semiconductor company’s stock valued at $431,000 after acquiring an additional 239 shares during the period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ON shares. Morgan Stanley cut shares of Onsemi from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $70.00 to $65.00 in a report on Thursday, July 11th. JPMorgan Chase & Co. lifted their price objective on Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Benchmark upped their target price on Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Bank of America lifted their price target on Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Citigroup downgraded Onsemi from a “buy” rating to a “neutral” rating and decreased their price target for the company from $85.00 to $77.00 in a report on Monday, July 15th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $85.61.

Insider Buying and Selling

In related news, CEO Hassane El-Khoury sold 1,500 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $70.80, for a total value of $106,200.00. Following the completion of the sale, the chief executive officer now owns 840,620 shares of the company’s stock, valued at $59,515,896. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $70.80, for a total transaction of $106,200.00. Following the transaction, the chief executive officer now directly owns 840,620 shares of the company’s stock, valued at $59,515,896. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Simon Keeton sold 30,939 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the completion of the sale, the insider now directly owns 231,092 shares of the company’s stock, valued at approximately $18,011,310.48. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

Onsemi Stock Performance

Shares of NASDAQ:ON opened at $69.74 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.01 and a quick ratio of 1.95. Onsemi has a 1 year low of $59.34 and a 1 year high of $95.67. The firm has a market capitalization of $30.00 billion, a PE ratio of 14.23, a P/E/G ratio of 3.77 and a beta of 1.66. The business’s 50 day moving average price is $72.72 and its 200-day moving average price is $72.05.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The firm’s quarterly revenue was down 17.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.33 EPS. As a group, equities research analysts expect that Onsemi will post 4.01 earnings per share for the current fiscal 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.