Assenagon Asset Management S.A. Trims Stock Holdings in Onsemi (NASDAQ:ON)

Assenagon Asset Management S.A. cut its stake in shares of Onsemi (NASDAQ:ON - Free Report) by 80.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,822 shares of the semiconductor company's stock after selling 54,199 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Onsemi were worth $943,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ON. Provence Wealth Management Group purchased a new stake in Onsemi in the 3rd quarter worth $25,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Onsemi during the 4th quarter valued at approximately $32,000. MeadowBrook Investment Advisors LLC bought a new stake in Onsemi in the fourth quarter worth $33,000. Private Wealth Management Group LLC purchased a new stake in Onsemi during the fourth quarter valued at $33,000. Finally, Hanseatic Management Services Inc. purchased a new position in shares of Onsemi in the 3rd quarter worth $38,000. 97.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Onsemi news, Director Paul Anthony Mascarenas sold 911 shares of the company's stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $74.46, for a total value of $67,833.06. Following the sale, the director now owns 48,929 shares of the company's stock, valued at $3,643,253.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ON. Deutsche Bank Aktiengesellschaft reduced their target price on Onsemi from $90.00 to $85.00 and set a "buy" rating on the stock in a research note on Tuesday, April 30th. The Goldman Sachs Group reduced their price objective on Onsemi from $91.00 to $81.00 and set a "buy" rating on the stock in a report on Tuesday, April 16th. Stifel Nicolaus cut their price target on Onsemi from $82.00 to $72.00 and set a "hold" rating on the stock in a research note on Thursday, April 18th. StockNews.com upgraded shares of Onsemi from a "sell" rating to a "hold" rating in a report on Wednesday, February 14th. Finally, BNP Paribas reissued an "underperform" rating and issued a $55.00 price objective on shares of Onsemi in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Onsemi presently has an average rating of "Moderate Buy" and an average target price of $90.28.

Onsemi Stock Performance

Shares of ON traded down $1.46 during mid-day trading on Tuesday, reaching $72.82. 4,277,589 shares of the company's stock were exchanged, compared to its average volume of 7,238,488. The business's fifty day simple moving average is $70.64 and its 200-day simple moving average is $74.20. The stock has a market capitalization of $31.33 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 3.32 and a beta of 1.78. Onsemi has a 52-week low of $59.34 and a 52-week high of $111.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.87 and a quick ratio of 1.87.

Onsemi (NASDAQ:ON - Get Free Report) last announced its earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period last year, the business posted $1.19 EPS. The company's revenue was down 4.9% on a year-over-year basis. On average, equities research analysts expect that Onsemi will post 3.85 earnings per share for the current 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.

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