Meridiem Capital Partners LP Acquires New Stake in Onsemi (NASDAQ:ON)

Meridiem Capital Partners LP purchased a new stake in Onsemi (NASDAQ:ON - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 125,503 shares of the semiconductor company's stock, valued at approximately $7,913,000.

Other institutional investors have also made changes to their positions in the company. Newbridge Financial Services Group Inc. bought a new position in Onsemi in the fourth quarter valued at approximately $41,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Onsemi during the 4th quarter worth $43,000. Synergy Asset Management LLC bought a new stake in shares of Onsemi during the 4th quarter worth $51,000. Plato Investment Management Ltd acquired a new stake in Onsemi in the fourth quarter valued at about $51,000. Finally, Rakuten Securities Inc. grew its position in Onsemi by 434.6% in the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company's stock valued at $54,000 after acquiring an additional 691 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on ON shares. Stifel Nicolaus lowered their price target on shares of Onsemi from $52.00 to $42.00 and set a "hold" rating for the company in a report on Thursday, April 17th. Truist Financial dropped their price target on shares of Onsemi from $60.00 to $52.00 and set a "hold" rating on the stock in a research report on Tuesday, February 11th. JPMorgan Chase & Co. decreased their target price on Onsemi from $60.00 to $48.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. Morgan Stanley started coverage on shares of Onsemi in a research note on Monday. They issued an "equal weight" rating and a $39.00 price target for the company. Finally, B. Riley downgraded shares of Onsemi from a "buy" rating to a "neutral" rating and set a $41.00 price target for the company. in a research report on Thursday, April 24th. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $54.12.

Onsemi Stock Performance

Shares of ON stock traded up $0.40 on Friday, hitting $44.92. 5,476,301 shares of the stock were exchanged, compared to its average volume of 7,740,364. Onsemi has a one year low of $31.04 and a one year high of $80.08. The firm's 50 day moving average is $39.72 and its two-hundred day moving average is $53.31. The firm has a market capitalization of $18.77 billion, a PE ratio of 12.37, a P/E/G ratio of 16.74 and a beta of 1.39. The company has a current ratio of 5.06, a quick ratio of 3.38 and a debt-to-equity ratio of 0.38.

Onsemi (NASDAQ:ON - Get Free Report) last posted 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 company 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 company's quarterly revenue was down 22.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.08 earnings per share. Sell-side analysts expect that Onsemi will post 2.6 earnings per share for the current fiscal year.

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.