Olstein Capital Management L.P. Purchases 78,000 Shares of Onsemi (NASDAQ:ON)

Olstein Capital Management L.P. increased its holdings in Onsemi (NASDAQ:ON - Free Report) by 102.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,000 shares of the semiconductor company's stock after purchasing an additional 78,000 shares during the quarter. Olstein Capital Management L.P.'s holdings in Onsemi were worth $6,266,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ON. Elequin Capital LP increased its position in shares of 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 acquiring an additional 274 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new position in shares of Onsemi in the fourth quarter worth approximately $41,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Onsemi in the fourth quarter worth approximately $43,000. Plato Investment Management Ltd purchased a new position in shares of Onsemi in the fourth quarter worth approximately $51,000. Finally, Rakuten Securities Inc. increased its position in shares of 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 acquiring an additional 691 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors.

Onsemi Stock Performance

Onsemi stock traded down $2.02 on Wednesday, hitting $51.78. The company's stock had a trading volume of 10,466,212 shares, compared to its average volume of 8,127,423. The firm has a market cap of $21.64 billion, a P/E ratio of 14.26, a price-to-earnings-growth 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 price of $41.12 and a 200-day moving average price of $50.19. Onsemi has a one year low of $31.04 and a one 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 (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. Onsemi had a net margin of 22.21% and a return on equity of 20.10%. The business's revenue for the quarter was down 22.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.08 EPS. On average, equities analysts anticipate that Onsemi will post 2.6 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. TD Cowen lifted their target price on shares of Onsemi from $38.00 to $44.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Benchmark lowered their price objective on shares of Onsemi from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Mizuho reduced their target price on shares of Onsemi from $71.00 to $62.00 and set an "outperform" rating for the company in a research note on Monday, March 24th. Needham & Company LLC reduced their target price on shares of Onsemi from $57.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, KeyCorp reduced their target price on shares of Onsemi from $60.00 to $55.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Twelve research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Onsemi has an average rating of "Moderate Buy" and an average 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.