Aristeia Capital L.L.C. Lowers Stock Holdings in Onsemi (NASDAQ:ON)

Aristeia Capital L.L.C. lowered its stake in shares of Onsemi (NASDAQ:ON - Free Report) by 60.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,967 shares of the semiconductor company's stock after selling 38,333 shares during the quarter. Aristeia Capital L.L.C.'s holdings in Onsemi were worth $1,574,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Newbridge Financial Services Group Inc. purchased a new stake in shares of Onsemi during the 4th quarter worth $41,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Onsemi during the fourth quarter worth approximately $43,000. Synergy Asset Management LLC purchased a new stake in shares of Onsemi during the 4th quarter worth approximately $51,000. Plato Investment Management Ltd acquired a new position in shares of Onsemi in the 4th quarter valued at $51,000. Finally, Rakuten Securities Inc. grew its position in shares of Onsemi by 434.6% in the 4th quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company's stock valued at $54,000 after buying an additional 691 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ON has been the topic of several research reports. The Goldman Sachs Group dropped their price objective on Onsemi from $77.00 to $64.00 and set a "buy" rating on the stock in a report on Tuesday, February 11th. TD Cowen boosted their price objective on Onsemi from $38.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $42.00 target price on shares of Onsemi in a report on Tuesday. Robert W. Baird decreased their price target on shares of Onsemi from $42.00 to $34.00 and set a "neutral" rating for the company in a research note on Tuesday. Finally, Mizuho dropped their price objective on shares of Onsemi from $71.00 to $62.00 and set an "outperform" rating on the stock in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.32.

Onsemi Price Performance

Onsemi stock traded up $0.10 during trading hours on Tuesday, hitting $38.51. The stock had a trading volume of 13,518,173 shares, compared to its average volume of 7,584,811. Onsemi has a 1-year low of $31.04 and a 1-year high of $80.08. The stock has a market capitalization of $16.25 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 16.74 and a beta of 1.39. The stock's fifty day moving average is $40.24 and its two-hundred day moving average is $54.59. 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 (NASDAQ:ON - Get Free Report) last posted its earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. Onsemi had a net margin of 22.21% and a return on equity of 20.10%. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm posted $1.08 EPS. The firm's revenue for the quarter was down 22.4% on a year-over-year basis. As a group, analysts predict that Onsemi will post 2.6 earnings per share 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.