Onsemi (NASDAQ:ON) Stock Position Increased by Van ECK Associates Corp

Van ECK Associates Corp lifted its stake in shares of Onsemi (NASDAQ:ON - Free Report) by 20.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,040,468 shares of the semiconductor company's stock after buying an additional 344,970 shares during the quarter. Van ECK Associates Corp owned approximately 0.47% of Onsemi worth $170,441,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Provence Wealth Management Group acquired a new position in Onsemi in the third quarter valued at approximately $25,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Onsemi during the fourth quarter worth approximately $32,000. Hanseatic Management Services Inc. purchased a new stake in shares of Onsemi during the third quarter worth approximately $38,000. Headinvest LLC purchased a new stake in shares of Onsemi during the third quarter worth approximately $44,000. Finally, First Pacific Financial purchased a new stake in shares of Onsemi during the third quarter worth approximately $45,000. 97.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ON has been the subject of several analyst reports. Roth Mkm upped their price target on Onsemi from $75.00 to $90.00 and gave the stock a "buy" rating in a research note on Tuesday, February 6th. Deutsche Bank Aktiengesellschaft cut their price objective on Onsemi from $90.00 to $85.00 and set a "buy" rating for the company in a research report on Tuesday. Truist Financial cut their price objective on Onsemi from $89.00 to $85.00 and set a "buy" rating for the company in a research report on Tuesday. Mizuho cut their price objective on Onsemi from $92.00 to $87.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut their price objective on Onsemi from $95.00 to $90.00 and set a "neutral" rating for the company in a research report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $90.24.

Onsemi Price Performance

Shares of ON traded down $0.66 during trading hours on Tuesday, reaching $70.16. 8,419,366 shares of the company traded hands, compared to its average volume of 7,559,519. The stock has a fifty day simple moving average of $72.95 and a 200 day simple moving average of $75.13. Onsemi has a fifty-two week low of $59.34 and a fifty-two week high of $111.35. The stock has a market capitalization of $30.16 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 6.71 and a beta of 1.80. The company has a quick ratio of 1.74, a current ratio of 2.71 and a debt-to-equity ratio of 0.33.

Onsemi (NASDAQ:ON - Get Free Report) last released its earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. Onsemi had a return on equity of 31.36% and a net margin of 26.46%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the prior year, the business posted $1.19 earnings per share. The firm's revenue for the quarter was down 4.9% compared to the same quarter last year. As a group, research analysts predict that Onsemi will post 4.26 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.