Polar Asset Management Partners Inc. Acquires New Position in Onsemi (NASDAQ:ON)

Polar Asset Management Partners Inc. purchased a new position in Onsemi (NASDAQ:ON - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 73,600 shares of the semiconductor company's stock, valued at approximately $4,640,000.

A number of other large investors have also made changes to their positions in the stock. Blue Trust Inc. lifted its stake in shares of Onsemi by 16.1% during the 4th quarter. Blue Trust Inc. now owns 8,076 shares of the semiconductor company's stock worth $509,000 after purchasing an additional 1,119 shares during the period. Deltec Asset Management LLC acquired a new position in Onsemi in the fourth quarter valued at $6,343,000. Olstein Capital Management L.P. purchased a new position in Onsemi during the fourth quarter worth about $4,792,000. Pacer Advisors Inc. boosted its stake in Onsemi by 21.5% in the 4th quarter. Pacer Advisors Inc. now owns 75,692 shares of the semiconductor company's stock worth $4,772,000 after buying an additional 13,412 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in Onsemi by 288.9% in the 4th quarter. Empowered Funds LLC now owns 160,770 shares of the semiconductor company's stock valued at $10,137,000 after buying an additional 119,428 shares during the period. Institutional investors and hedge funds own 97.70% of the company's stock.

Onsemi Stock Down 2.6%

Shares of ON traded down $1.10 during trading on Friday, reaching $41.84. The company's stock had a trading volume of 10,184,926 shares, compared to its average volume of 7,839,215. The company has a market cap of $17.48 billion, a price-to-earnings ratio of 11.53, a P/E/G ratio of 16.74 and a beta of 1.39. The company has a quick ratio of 3.38, a current ratio of 5.06 and a debt-to-equity ratio of 0.38. The company has a fifty day moving average of $39.57 and a two-hundred day moving average of $51.04. Onsemi has a twelve month low of $31.04 and a twelve month high of $80.08.

Onsemi (NASDAQ:ON - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The semiconductor company reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.04. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. Onsemi had a net margin of 22.21% and a return on equity of 20.10%. The firm's revenue was down 22.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.08 EPS. On average, sell-side analysts predict that Onsemi will post 2.6 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ON. Wells Fargo & Company cut their price objective on shares of Onsemi from $60.00 to $45.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Mizuho cut their price target 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. Rosenblatt Securities reiterated a "neutral" rating and issued a $42.00 price target on shares of Onsemi in a report on Tuesday, May 6th. The Goldman Sachs Group dropped their price objective on Onsemi from $77.00 to $64.00 and set a "buy" rating for the company in a report on Tuesday, February 11th. Finally, Morgan Stanley began coverage on Onsemi in a report on Monday, May 12th. They issued an "equal weight" rating and a $39.00 target price on the stock. Twelve investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Onsemi currently has an average rating of "Moderate Buy" and a consensus price target of $54.12.

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.