Onsemi (NASDAQ:ON) Holdings Boosted by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd grew its stake in shares of Onsemi (NASDAQ:ON) by 7.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,610 shares of the semiconductor company’s stock after acquiring an additional 637 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Onsemi were worth $798,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Provence Wealth Management Group purchased a new position in shares of Onsemi during the 3rd quarter valued at $25,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Onsemi in the 4th quarter valued at $32,000. Hanseatic Management Services Inc. acquired a new stake in shares of Onsemi in the 3rd quarter valued at $38,000. Headinvest LLC acquired a new stake in shares of Onsemi in the 3rd quarter valued at $44,000. Finally, First Pacific Financial acquired a new stake in shares of Onsemi in the 3rd quarter valued at $45,000. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ON shares. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $75.00 price objective on shares of Onsemi in a research note on Tuesday, February 6th. The Goldman Sachs Group reduced their price objective on shares of Onsemi from $91.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. Truist Financial cut their target price on shares of Onsemi from $94.00 to $89.00 and set a “buy” rating for the company in a research report on Tuesday, February 6th. Morgan Stanley cut their target price on shares of Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Onsemi from $95.00 to $90.00 and set a “neutral” rating for the company in a research report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $95.28.

Onsemi Price Performance

Onsemi stock traded up $1.03 during trading hours on Tuesday, hitting $61.68. 6,890,262 shares of the stock were exchanged, compared to its average volume of 7,314,261. Onsemi has a 12 month low of $59.34 and a 12 month high of $111.35. The business’s 50-day moving average is $73.93 and its two-hundred day moving average is $75.84. The stock has a market capitalization of $26.51 billion, a P/E ratio of 12.61, a P/E/G ratio of 5.92 and a beta of 1.80. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.74 and a current ratio of 2.71.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, February 5th. The semiconductor company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.04. Onsemi had a net margin of 26.46% and a return on equity of 31.36%. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2 billion. During the same period in the prior year, the business earned $1.32 earnings per share. Onsemi’s quarterly revenue was down 4.1% on a year-over-year basis. Equities research analysts expect that Onsemi will post 4.31 EPS for the current fiscal year.

About Onsemi

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.