Polar Capital Holdings Plc Lowers Position in Onsemi (NASDAQ:ON)

Polar Capital Holdings Plc cut its position in Onsemi (NASDAQ:ON - Free Report) by 95.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 151,600 shares of the semiconductor company's stock after selling 3,484,500 shares during the quarter. Polar Capital Holdings Plc's holdings in Onsemi were worth $9,558,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Newbridge Financial Services Group Inc. bought a new position in Onsemi during the fourth quarter worth $41,000. Pilgrim Partners Asia Pte Ltd bought a new position in Onsemi in the fourth quarter valued at approximately $43,000. Synergy Asset Management LLC acquired a new position in shares of Onsemi during the 4th quarter worth $51,000. Plato Investment Management Ltd acquired a new position in Onsemi during the fourth quarter worth about $51,000. Finally, Rakuten Securities Inc. lifted its stake in Onsemi by 434.6% in the 4th quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company's stock valued at $54,000 after purchasing an additional 691 shares during the last quarter. Institutional investors own 97.70% of the company's stock.

Onsemi Trading Down 2.4%

ON traded down $1.08 during trading on Monday, hitting $43.84. 5,973,214 shares of the stock traded hands, compared to its average volume of 7,748,655. The firm has a market capitalization of $18.32 billion, a P/E ratio of 12.08, a price-to-earnings-growth ratio of 16.74 and a beta of 1.39. Onsemi has a 12-month low of $31.04 and a 12-month high of $80.08. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38. The firm has a 50-day moving average of $39.76 and a 200 day moving average of $52.84.

Onsemi (NASDAQ:ON - Get Free Report) last posted its earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.04. Onsemi had a return on equity of 20.10% and a net margin of 22.21%. The company had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same period last year, the firm earned $1.08 earnings per share. Onsemi's quarterly revenue was down 22.4% on a year-over-year basis. Equities research analysts anticipate that Onsemi will post 2.6 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ON shares. Roth Capital set a $60.00 target price on Onsemi in a report on Friday, March 7th. Mizuho cut their price objective on Onsemi from $71.00 to $62.00 and set an "outperform" rating on the stock in a research report on Monday, March 24th. Benchmark dropped their target price on shares of Onsemi from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Loop Capital cut their price target on Onsemi from $65.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, Rosenblatt Securities restated a "neutral" rating and set a $42.00 target price on shares of Onsemi in a research report on Tuesday, May 6th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price 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.