Trustmark National Bank Trust Department Lowers Holdings in Onsemi (NASDAQ:ON)

Trustmark National Bank Trust Department reduced its stake in shares of Onsemi (NASDAQ:ON) by 39.0% in the third quarter, HoldingsChannel reports. The firm owned 4,258 shares of the semiconductor company’s stock after selling 2,725 shares during the period. Trustmark National Bank Trust Department’s holdings in Onsemi were worth $309,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Natixis Advisors LLC increased its holdings in shares of Onsemi by 1.4% in the third quarter. Natixis Advisors LLC now owns 1,352,005 shares of the semiconductor company’s stock valued at $98,169,000 after purchasing an additional 18,450 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Onsemi by 690.2% in the second quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock valued at $6,945,000 after acquiring an additional 88,496 shares in the last quarter. Axxcess Wealth Management LLC purchased a new position in shares of Onsemi in the first quarter valued at approximately $808,000. Comerica Bank lifted its position in Onsemi by 21.1% during the first quarter. Comerica Bank now owns 98,781 shares of the semiconductor company’s stock worth $7,265,000 after buying an additional 17,198 shares in the last quarter. Finally, Deltec Asset Management LLC acquired a new stake in Onsemi during the second quarter worth $1,212,000. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ON has been the subject of a number of research reports. Mizuho set a $85.00 price objective on Onsemi in a research note on Friday, October 18th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $75.00 price objective on shares of Onsemi in a research note on Tuesday, October 29th. BNP Paribas lowered their price target on Onsemi from $60.00 to $55.00 in a report on Friday, October 25th. Truist Financial reduced their target price on Onsemi from $97.00 to $89.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, Morgan Stanley increased their price target on Onsemi from $63.00 to $64.00 and gave the stock an “underweight” rating in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $86.30.

Insiders Place Their Bets

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $70.80, for a total value of $106,200.00. Following the transaction, the chief executive officer now owns 840,620 shares of the company’s stock, valued at approximately $59,515,896. This represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is currently owned by corporate insiders.

Onsemi Stock Up 1.5 %

NASDAQ:ON opened at $68.32 on Friday. The company has a market capitalization of $29.09 billion, a price-to-earnings ratio of 16.95, a price-to-earnings-growth ratio of 7.15 and a beta of 1.65. Onsemi has a one year low of $59.34 and a one year high of $86.77. The stock has a 50-day simple moving average of $70.25 and a 200 day simple moving average of $71.79. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.02 and a current ratio of 3.07.

Onsemi (NASDAQ:ON) last posted its quarterly earnings results on Monday, October 28th. The semiconductor company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. The business had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.75 billion. Onsemi had a return on equity of 22.38% and a net margin of 23.80%. The company’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same period last year, the firm earned $1.39 earnings per share. Sell-side analysts predict that Onsemi will post 4 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.