Renaissance Technologies LLC Boosts Stake in Onsemi (NASDAQ:ON)

Renaissance Technologies LLC boosted its holdings in shares of Onsemi (NASDAQ:ON) by 3.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 602,796 shares of the semiconductor company’s stock after purchasing an additional 21,700 shares during the quarter. Renaissance Technologies LLC owned approximately 0.14% of Onsemi worth $41,322,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its holdings in Onsemi by 8.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 456,999 shares of the semiconductor company’s stock worth $38,188,000 after acquiring an additional 35,362 shares during the last quarter. Mediolanum International Funds Ltd bought a new stake in shares of Onsemi in the 1st quarter worth approximately $2,447,000. Assenagon Asset Management S.A. boosted its position in Onsemi by 690.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock valued at $6,945,000 after purchasing an additional 88,496 shares during the period. Norden Group LLC bought a new position in Onsemi during the 1st quarter worth $774,000. Finally, Axxcess Wealth Management LLC acquired a new stake in Onsemi in the first quarter worth $808,000. Institutional investors and hedge funds own 97.70% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Bank of America boosted their price target on shares of Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. KeyCorp decreased their target price on shares of Onsemi from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Tuesday, July 9th. Morgan Stanley cut Onsemi from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $70.00 to $65.00 in a report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft increased their price objective on Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, StockNews.com downgraded Onsemi from a “hold” rating to a “sell” rating in a research note on Monday, August 26th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Onsemi has a consensus rating of “Hold” and an average target price of $85.61.

Insider Activity

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $70.80, for a total transaction of $106,200.00. Following the completion of the sale, the chief executive officer now directly owns 840,620 shares in the company, valued at approximately $59,515,896. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction on Monday, September 16th. The shares were sold at an average price of $70.80, for a total transaction 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 approximately $59,515,896. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Simon Keeton sold 30,939 shares of the business’s stock in a transaction 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 transaction, the insider now owns 231,092 shares in the company, valued at $18,011,310.48. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Onsemi Trading Down 1.1 %

Shares of NASDAQ ON opened at $70.64 on Thursday. The business has a fifty day simple moving average of $73.13 and a 200-day simple moving average of $72.29. The company has a market cap of $30.39 billion, a price-to-earnings ratio of 14.42, a P/E/G ratio of 3.72 and a beta of 1.66. Onsemi has a 12 month low of $59.34 and a 12 month high of $95.69. The company has a quick ratio of 1.95, a current ratio of 3.01 and a debt-to-equity ratio of 0.31.

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