Onsemi (NASDAQ:ON) Shares Bought by Concentric Capital Strategies LP

Concentric Capital Strategies LP lifted its holdings in shares of Onsemi (NASDAQ:ON - Free Report) by 389.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,771 shares of the semiconductor company's stock after purchasing an additional 74,611 shares during the quarter. Concentric Capital Strategies LP's holdings in Onsemi were worth $5,912,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in Onsemi during the 4th quarter valued at about $378,312,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Onsemi by 35.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company's stock valued at $247,226,000 after buying an additional 1,037,624 shares during the period. Freestone Grove Partners LP purchased a new stake in Onsemi in the 4th quarter worth approximately $62,426,000. Dimensional Fund Advisors LP grew its position in Onsemi by 18.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company's stock valued at $316,195,000 after buying an additional 771,610 shares during the period. Finally, Benchstone Capital Management LP acquired a new position in shares of Onsemi during the 4th quarter worth approximately $34,461,000. 97.70% of the stock is currently owned by institutional investors.

Onsemi Stock Performance

Shares of Onsemi stock traded up $1.21 during trading hours on Friday, reaching $40.98. The company's stock had a trading volume of 11,721,467 shares, compared to its average volume of 7,644,491. Onsemi has a one year low of $31.04 and a one year high of $80.08. The company's 50 day simple moving average is $39.72 and its 200 day simple moving average is $54.01. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.38 and a current ratio of 5.06. The stock has a market cap of $17.12 billion, a P/E ratio of 11.29, a price-to-earnings-growth ratio of 16.74 and a beta of 1.39.

Onsemi (NASDAQ:ON - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.04. Onsemi had a return on equity of 20.10% and a net margin of 22.21%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the business posted $1.08 EPS. The business's revenue was down 22.4% on a year-over-year basis. As a group, analysts expect that Onsemi will post 2.6 EPS for the current fiscal year.

Analyst Ratings Changes

ON has been the subject of a number of analyst reports. Rosenblatt Securities reissued a "neutral" rating and issued a $42.00 price objective on shares of Onsemi in a report on Tuesday. Citigroup lowered their target price on Onsemi from $52.00 to $40.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Robert W. Baird reduced their price target on Onsemi from $42.00 to $34.00 and set a "neutral" rating on the stock in a research report on Tuesday. Truist Financial lowered their price objective on Onsemi from $60.00 to $52.00 and set a "hold" rating for the company in a research report on Tuesday, February 11th. Finally, B. Riley lowered shares of Onsemi from a "buy" rating to a "neutral" rating and set a $41.00 price objective on the stock. in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $54.32.

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.