onsemi $ON Stock: Allspring Global Investments Holdings LLC Grows Stake

Key Points

• Allspring Global Investments increased its onsemi stake by 8.7% in the third quarter, adding 268,267 shares to bring its holdings to about 3.33 million shares, valued at $267 million.
• onsemi beat quarterly earnings and revenue estimates, reporting $0.90 per share and $1.72 billion in revenue; revenue rose 11.1% year over year.
• Analyst views remain mixed: the consensus rating is “Moderate Buy,” while several firms have cut price targets. Reported AI data-center sales growth of 175% is a potential bright spot.

Allspring Global Investments Holdings LLC lifted its stake in shares of onsemi (NASDAQ:ON - Free Report) by 8.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,334,491 shares of the semiconductor company's stock after purchasing an additional 268,267 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.86% of onsemi worth $267,026,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Janus Henderson Group PLC boosted its position in shares of onsemi by 10.9% during the 1st quarter. Janus Henderson Group PLC now owns 13,700,884 shares of the semiconductor company's stock worth $848,392,000 after acquiring an additional 1,345,894 shares in the last quarter. Van ECK Associates Corp raised its position in onsemi by 16.6% during the second quarter. Van ECK Associates Corp now owns 5,143,343 shares of the semiconductor company's stock valued at $486,252,000 after purchasing an additional 731,540 shares in the last quarter. Pictet Asset Management Holding SA raised its position in onsemi by 7.4% during the third quarter. Pictet Asset Management Holding SA now owns 4,550,913 shares of the semiconductor company's stock valued at $349,788,000 after purchasing an additional 314,203 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in onsemi by 6.4% during the first quarter. Dimensional Fund Advisors LP now owns 3,442,177 shares of the semiconductor company's stock worth $212,997,000 after purchasing an additional 207,587 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in onsemi by 7.8% during the third quarter. Assenagon Asset Management S.A. now owns 3,026,628 shares of the semiconductor company's stock worth $232,657,000 after purchasing an additional 218,820 shares during the last quarter. Institutional investors own 97.70% of the company's stock.

onsemi News Summary

Here are the key news stories impacting onsemi this week:

• Positive Sentiment: onsemi’s AI data-center sales were reportedly up 175%, giving investors a fast-growing business line to watch as demand for AI infrastructure supports semiconductor suppliers. Article: Onsemi’s AI Data Center Sales Reportedly Grew 175%
• Neutral Sentiment: Analyst opinions are divided: Craig Hallum upgraded the stock and Truist maintained an optimistic outlook, while TD Cowen and Cantor Fitzgerald were more cautious. This mix may limit the impact of any one rating on the shares. Article: onsemi Rating Upgraded by Craig Hallum
• Negative Sentiment: Several firms have lowered price expectations, including Citigroup, B. Riley, Goldman Sachs and Mizuho, signaling continued concern about valuation or the near-term outlook. Article: onsemi Price Target Cut by Citigroup
• Negative Sentiment: onsemi has also been caught in a broader post-midterm selloff in AI-related semiconductor stocks, alongside Navitas and STMicroelectronics; the report cited no new company-specific news behind that sector pressure. Article: AI Chip Stocks Slide After Midterms

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ON. Sanford C. Bernstein reiterated an "outperform" rating and issued a $62.00 price target on shares of onsemi in a research note on Wednesday, August 12th. Evercore dropped their price objective on onsemi from $137.00 to $90.00 in a research report on Monday, November 2nd. Citigroup reduced their price objective on onsemi from $98.00 to $80.00 and set a "neutral" rating on the stock in a research note on Wednesday, November 4th. Wall Street Zen upgraded onsemi from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $90.00 target price on shares of onsemi in a research report on Tuesday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and sixteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $95.03.

Insider Buying and Selling

In related news, insider Sudhir Gopalswamy sold 15,578 shares of onsemi stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $80.00, for a total transaction of $1,246,240.00. Following the sale, the insider directly owned 158,177 shares in the company, valued at $12,654,160. This trade represents a 8.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.35% of the stock is currently owned by corporate insiders.

onsemi Price Performance

onsemi stock opened at $63.31 on Monday. The company has a current ratio of 3.55, a quick ratio of 2.61 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $24.65 billion, a PE ratio of 36.81, a P/E/G ratio of 0.51 and a beta of 2.11. onsemi has a 12 month low of $44.56 and a 12 month high of $134.92. The stock has a 50-day moving average price of $74.22 and a two-hundred day moving average price of $82.16.

onsemi (NASDAQ:ON - Get Free Report) last announced its quarterly earnings results on Monday, November 2nd. The semiconductor company reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.02. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.71 billion. onsemi had a return on equity of 15.53% and a net margin of 10.82%. The business's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the firm posted $0.63 earnings per share. Analysts expect that onsemi will post 3.27 EPS for the current 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. The Power Solutions Group segment offers discrete, module, and semiconductor products that perform multiple application functions, including power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage reference functions.

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