Merit Financial Group LLC Purchases Shares of 25,508 Onsemi (NASDAQ:ON)

Merit Financial Group LLC purchased a new stake in Onsemi (NASDAQ:ON - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 25,508 shares of the semiconductor company's stock, valued at approximately $1,038,000.

Other large investors have also recently bought and sold shares of the company. Elequin Capital LP boosted its stake in Onsemi by 108.3% in the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 274 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Onsemi in the fourth quarter worth $41,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Onsemi in the fourth quarter worth $43,000. Plato Investment Management Ltd acquired a new position in Onsemi in the fourth quarter worth $51,000. Finally, Rakuten Securities Inc. boosted its stake in Onsemi by 434.6% in the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company's stock worth $54,000 after purchasing an additional 691 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors.

Onsemi Stock Up 1.3%

Shares of Onsemi stock opened at $50.17 on Friday. Onsemi has a 1 year low of $31.04 and a 1 year high of $80.08. The business has a 50-day moving average of $40.16 and a two-hundred day moving average of $50.40. The company has a market capitalization of $20.97 billion, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 16.74 and a beta of 1.39. 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 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. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. Onsemi had a return on equity of 20.10% and a net margin of 22.21%. The company's revenue for the quarter was down 22.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.08 earnings per share. As a group, equities analysts predict that Onsemi will post 2.6 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on ON shares. The Goldman Sachs Group reduced their price objective on Onsemi from $77.00 to $64.00 and set a "buy" rating on the stock in a research note on Tuesday, February 11th. Loop Capital reduced their price objective on Onsemi from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Mizuho reduced their price objective on Onsemi from $71.00 to $62.00 and set an "outperform" rating on the stock in a research note on Monday, March 24th. TD Cowen boosted their price objective on Onsemi from $38.00 to $44.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Finally, Citigroup cut their price target on Onsemi from $52.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Onsemi has an average rating of "Moderate Buy" and a consensus price target of $54.12.

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.

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