Bridgewater Associates LP Raises Stock Position in Onsemi (NASDAQ:ON)

Bridgewater Associates LP grew its holdings in Onsemi (NASDAQ:ON) by 8,367.5% during the third quarter, HoldingsChannel.com reports. The fund owned 1,123,041 shares of the semiconductor company’s stock after purchasing an additional 1,109,778 shares during the quarter. Bridgewater Associates LP’s holdings in Onsemi were worth $81,544,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ON. Capital Performance Advisors LLP purchased a new stake in Onsemi during the 3rd quarter worth $27,000. Ashton Thomas Securities LLC purchased a new stake in Onsemi during the 3rd quarter worth $33,000. GHP Investment Advisors Inc. increased its stake in Onsemi by 12,850.0% during the 3rd quarter. GHP Investment Advisors Inc. now owns 518 shares of the semiconductor company’s stock worth $38,000 after buying an additional 514 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in Onsemi by 36.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock worth $43,000 after buying an additional 169 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in shares of Onsemi in the 2nd quarter worth about $43,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Analysts Set New Price Targets

ON has been the subject of several research analyst reports. Benchmark reissued a “buy” rating and issued a $90.00 target price on shares of Onsemi in a research report on Tuesday, October 29th. Bank of America boosted their target price on shares of Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Robert W. Baird lifted their price target on shares of Onsemi from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. StockNews.com raised shares of Onsemi from a “sell” rating to a “hold” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $85.87.

Insider Buying and Selling

In related news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total transaction of $109,065.00. Following the completion of the transaction, the chief executive officer now directly owns 839,210 shares in the company, valued at $61,018,959.10. This represents a 0.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders sold 4,500 shares of company stock valued at $321,765. Company insiders own 0.31% of the company’s stock.

Onsemi Price Performance

NASDAQ ON opened at $70.82 on Wednesday. The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. The company has a fifty day simple moving average of $70.25 and a 200 day simple moving average of $71.81. The company has a market cap of $30.16 billion, a P/E ratio of 17.57, a P/E/G ratio of 7.76 and a beta of 1.65. Onsemi has a 1 year low of $59.34 and a 1 year high of $86.77.

Onsemi (NASDAQ:ON) last posted its quarterly earnings data on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 23.80% and a return on equity of 22.38%. Onsemi’s quarterly revenue was down 19.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.39 EPS. On average, sell-side analysts predict that Onsemi will post 4 EPS for the current 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.