California Public Employees Retirement System Lowers Holdings in Onsemi (NASDAQ:ON)

California Public Employees Retirement System trimmed its position in Onsemi (NASDAQ:ON) by 3.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 785,764 shares of the semiconductor company’s stock after selling 30,221 shares during the quarter. California Public Employees Retirement System owned 0.18% of Onsemi worth $65,635,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. DAVENPORT & Co LLC lifted its stake in shares of Onsemi by 8.5% during the 3rd quarter. DAVENPORT & Co LLC now owns 11,267 shares of the semiconductor company’s stock worth $1,047,000 after purchasing an additional 882 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Onsemi by 199.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 4,062 shares of the semiconductor company’s stock worth $378,000 after purchasing an additional 2,707 shares during the last quarter. Private Trust Co. NA increased its position in Onsemi by 13.2% during the 3rd quarter. Private Trust Co. NA now owns 1,282 shares of the semiconductor company’s stock valued at $119,000 after buying an additional 149 shares in the last quarter. Caprock Group LLC increased its position in Onsemi by 44.9% during the 3rd quarter. Caprock Group LLC now owns 3,570 shares of the semiconductor company’s stock valued at $332,000 after buying an additional 1,107 shares in the last quarter. Finally, Czech National Bank increased its holdings in shares of Onsemi by 47.5% in the third quarter. Czech National Bank now owns 75,423 shares of the semiconductor company’s stock valued at $7,011,000 after purchasing an additional 24,298 shares during the period. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Onsemi Price Performance

NASDAQ:ON opened at $66.38 on Friday. Onsemi has a 52 week low of $59.34 and a 52 week high of $111.35. The company has a quick ratio of 1.74, a current ratio of 2.71 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $28.53 billion, a P/E ratio of 13.57, a P/E/G ratio of 6.40 and a beta of 1.80. The stock’s fifty day moving average is $73.60 and its two-hundred day moving average is $75.77.

Onsemi (NASDAQ:ON) last posted its earnings results on Monday, February 5th. The semiconductor company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.04. Onsemi had a return on equity of 31.36% and a net margin of 26.46%. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2 billion. During the same quarter in the previous year, the business earned $1.32 earnings per share. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. Equities analysts expect that Onsemi will post 4.3 EPS for the current year.

Analyst Ratings Changes

ON has been the topic of several analyst reports. KeyCorp raised their target price on Onsemi from $95.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, February 6th. Wells Fargo & Company dropped their target price on Onsemi from $110.00 to $95.00 and set an “overweight” rating on the stock in a report on Tuesday. Rosenblatt Securities reaffirmed a “neutral” rating and set a $75.00 target price on shares of Onsemi in a report on Tuesday, February 6th. Roth Mkm raised their target price on Onsemi from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. Finally, StockNews.com raised Onsemi from a “sell” rating to a “hold” rating in a report on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.28.

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.