Fifth Third Bancorp Sells 13,436 Shares of Onsemi (NASDAQ:ON)

Fifth Third Bancorp cut its holdings in shares of Onsemi (NASDAQ:ON - Free Report) by 18.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,758 shares of the semiconductor company's stock after selling 13,436 shares during the period. Fifth Third Bancorp's holdings in Onsemi were worth $2,472,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Onsemi by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company's stock valued at $3,224,081,000 after acquiring an additional 344,354 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Onsemi by 9.2% in the 4th quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company's stock valued at $780,387,000 after acquiring an additional 1,041,989 shares during the last quarter. Norges Bank bought a new position in shares of Onsemi in the 4th quarter valued at $378,312,000. Dimensional Fund Advisors LP lifted its stake in shares of Onsemi by 18.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company's stock valued at $316,195,000 after acquiring an additional 771,610 shares during the last quarter. Finally, Capital International Investors lifted its stake in shares of Onsemi by 0.7% in the 4th quarter. Capital International Investors now owns 4,214,441 shares of the semiconductor company's stock valued at $265,737,000 after acquiring an additional 31,365 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ON has been the subject of a number of research reports. Mizuho dropped their price target on Onsemi from $71.00 to $62.00 and set an "outperform" rating for the company in a research note on Monday, March 24th. JPMorgan Chase & Co. dropped their price target on Onsemi from $60.00 to $48.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. B. Riley cut Onsemi from a "buy" rating to a "neutral" rating and set a $41.00 price target for the company. in a research note on Thursday, April 24th. Roth Capital set a $60.00 price objective on Onsemi in a report on Friday, March 7th. Finally, UBS Group decreased their price objective on Onsemi from $55.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday, April 29th. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $54.12.

Onsemi Price Performance

ON stock opened at $51.02 on Friday. The stock has a market capitalization of $21.32 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 16.74 and a beta of 1.39. The company's 50-day moving average is $41.86 and its 200-day moving average is $49.78. 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 has a 1 year low of $31.04 and a 1 year high of $80.08.

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 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 business had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter last year, the firm earned $1.08 EPS. The firm's revenue for the quarter was down 22.4% compared to the same quarter last year. Equities research analysts expect that Onsemi will post 2.6 EPS for the current fiscal year.

Onsemi 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.

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