Guinness Atkinson Asset Management Inc Reduces Position in Onsemi (NASDAQ:ON)

Guinness Atkinson Asset Management Inc decreased its holdings in Onsemi (NASDAQ:ON) by 12.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,074 shares of the semiconductor company’s stock after selling 2,239 shares during the quarter. Guinness Atkinson Asset Management Inc’s holdings in Onsemi were worth $950,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Bridgewater Associates LP lifted its holdings in shares of Onsemi by 8,367.5% during the 3rd quarter. Bridgewater Associates LP now owns 1,123,041 shares of the semiconductor company’s stock valued at $81,544,000 after buying an additional 1,109,778 shares during the period. Van ECK Associates Corp lifted its holdings in Onsemi by 26.4% in the third quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock valued at $237,559,000 after acquiring an additional 729,081 shares during the period. 1832 Asset Management L.P. boosted its position in Onsemi by 66.4% in the second quarter. 1832 Asset Management L.P. now owns 1,440,450 shares of the semiconductor company’s stock worth $98,743,000 after purchasing an additional 574,900 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Onsemi by 14.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock worth $215,518,000 after purchasing an additional 380,471 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Onsemi by 19.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,009,180 shares of the semiconductor company’s stock valued at $145,887,000 after purchasing an additional 326,734 shares during the period. Institutional investors own 97.70% of the company’s stock.

Onsemi Price Performance

ON opened at $54.63 on Monday. The business has a fifty day moving average of $65.26 and a 200 day moving average of $69.75. The stock has a market cap of $23.26 billion, a P/E ratio of 13.56, a PEG ratio of 5.29 and a beta of 1.64. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. Onsemi has a 52-week low of $53.10 and a 52-week high of $85.16.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.02. The firm had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.75 billion. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The business’s revenue was down 19.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.39 earnings per share. As a group, sell-side analysts anticipate that Onsemi will post 3.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Roth Mkm reissued a “buy” rating and set a $100.00 price objective on shares of Onsemi in a research report on Thursday, December 12th. TD Cowen reduced their target price on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a report on Friday, October 25th. BNP Paribas lowered their price target on shares of Onsemi from $60.00 to $55.00 in a report on Friday, October 25th. Loop Capital initiated coverage on shares of Onsemi in a research note on Monday, November 11th. They issued a “buy” rating and a $95.00 price objective for the company. Finally, Wells Fargo & Company dropped their target price on shares of Onsemi from $85.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.35.

Insider Buying and Selling

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $71.00, for a total transaction of $106,500.00. Following the transaction, the chief executive officer now owns 837,710 shares of the company’s stock, valued at approximately $59,477,410. This trade represents a 0.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.31% of the stock is owned by insiders.

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.