Pictet Asset Management Holding SA Reduces Stake in Onsemi (NASDAQ:ON)

Pictet Asset Management Holding SA lessened its position in shares of Onsemi (NASDAQ:ON) by 12.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,091,235 shares of the semiconductor company’s stock after selling 708,473 shares during the period. Pictet Asset Management Holding SA’s holdings in Onsemi were worth $321,002,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Onsemi in the fourth quarter valued at approximately $378,312,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Onsemi by 35.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock valued at $247,226,000 after purchasing an additional 1,037,624 shares during the last quarter. Vanguard Group Inc. increased its stake in Onsemi by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock worth $3,224,081,000 after purchasing an additional 344,354 shares during the period. Andra AP fonden raised its stake in shares of Onsemi by 2,388.4% during the fourth quarter. Andra AP fonden now owns 343,400 shares of the semiconductor company’s stock valued at $21,651,000 after acquiring an additional 329,600 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Onsemi by 3.0% in the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock worth $767,646,000 after acquiring an additional 309,445 shares during the period. Institutional investors own 97.70% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ON shares. Roth Capital set a $60.00 target price on shares of Onsemi in a research report on Friday, March 7th. The Goldman Sachs Group dropped their price target on Onsemi from $77.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Morgan Stanley decreased their target price on Onsemi from $52.00 to $44.00 and set an “underweight” rating on the stock in a report on Tuesday, February 11th. JPMorgan Chase & Co. dropped their price target on Onsemi from $88.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday, February 11th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $49.00 price objective on shares of Onsemi in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Onsemi Price Performance

ON opened at $43.76 on Friday. The company has a current ratio of 5.06, a quick ratio of 3.38 and a debt-to-equity ratio of 0.38. The business’s fifty day simple moving average is $49.20 and its 200-day simple moving average is $61.45. The company has a market capitalization of $18.44 billion, a price-to-earnings ratio of 12.06, a PEG ratio of 16.74 and a beta of 1.59. Onsemi has a 12-month low of $41.59 and a 12-month high of $80.08.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, February 10th. The semiconductor company reported $0.95 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.03). Onsemi had a return on equity of 20.10% and a net margin of 22.21%. On average, equities research analysts anticipate that Onsemi will post 2.6 earnings per share for the current fiscal 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.