Spire Wealth Management Grows Position in Onsemi (NASDAQ:ON)

Spire Wealth Management boosted its holdings in Onsemi (NASDAQ:ON) by 9.4% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 56,478 shares of the semiconductor company’s stock after buying an additional 4,832 shares during the period. Spire Wealth Management’s holdings in Onsemi were worth $4,718,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Invesco Ltd. increased its holdings in shares of Onsemi by 26.0% in the 3rd quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock worth $540,306,000 after acquiring an additional 1,200,723 shares during the period. Ameriprise Financial Inc. grew its stake in Onsemi by 23.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock valued at $397,108,000 after buying an additional 817,237 shares during the last quarter. Northern Trust Corp raised its holdings in Onsemi by 4.3% in the 3rd quarter. Northern Trust Corp now owns 4,117,862 shares of the semiconductor company’s stock worth $382,755,000 after acquiring an additional 171,432 shares during the period. Alphinity Investment Management Pty Ltd boosted its holdings in Onsemi by 2.7% during the third quarter. Alphinity Investment Management Pty Ltd now owns 2,845,345 shares of the semiconductor company’s stock valued at $264,475,000 after acquiring an additional 75,730 shares during the period. Finally, Sei Investments Co. grew its position in shares of Onsemi by 0.7% in the third quarter. Sei Investments Co. now owns 2,701,574 shares of the semiconductor company’s stock valued at $251,111,000 after purchasing an additional 19,740 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ON. Truist Financial dropped their target price on Onsemi from $89.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. B. Riley reaffirmed a “buy” rating and issued a $103.00 target price (down previously from $115.00) on shares of Onsemi in a report on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Mizuho cut their price target on Onsemi from $92.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Finally, StockNews.com upgraded shares of 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 fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $90.24.

Onsemi Price Performance

Shares of ON traded down $0.70 during mid-day trading on Monday, reaching $69.67. The company had a trading volume of 6,050,639 shares, compared to its average volume of 7,533,349. The company’s 50 day simple moving average is $72.35 and its 200 day simple moving average is $74.54. The company has a market capitalization of $29.97 billion, a price-to-earnings ratio of 14.36, a P/E/G ratio of 3.18 and a beta of 1.78. Onsemi has a 1-year low of $59.34 and a 1-year high of $111.35. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.87.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the previous year, the company posted $1.19 EPS. Onsemi’s quarterly revenue was down 4.9% compared to the same quarter last year. Analysts expect that Onsemi will post 3.86 EPS for the current year.

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.