Onsemi (NASDAQ:ON) Holdings Decreased by Corebridge Financial Inc.

Corebridge Financial Inc. cut its position in shares of Onsemi (NASDAQ:ON) by 5.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 128,506 shares of the semiconductor company’s stock after selling 7,090 shares during the quarter. Corebridge Financial Inc.’s holdings in Onsemi were worth $8,102,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its position in shares of Onsemi by 35.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock worth $247,226,000 after buying an additional 1,037,624 shares during the last quarter. Vanguard Group Inc. raised its stake in Onsemi by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock worth $3,224,081,000 after acquiring an additional 344,354 shares during the period. Andra AP fonden lifted its holdings in Onsemi by 2,388.4% in the fourth quarter. Andra AP fonden now owns 343,400 shares of the semiconductor company’s stock worth $21,651,000 after acquiring an additional 329,600 shares during the last quarter. Geode Capital Management LLC boosted 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 valued at $767,646,000 after acquiring an additional 309,445 shares during the period. Finally, Talos Asset Management LP bought a new position in shares of Onsemi during the fourth quarter valued at approximately $13,328,000. Institutional investors and hedge funds own 97.70% of the company’s stock.

Onsemi Stock Performance

ON opened at $43.76 on Friday. The business has a fifty day simple moving average of $49.20 and a 200-day simple moving average of $61.45. The firm has a market cap of $18.44 billion, a PE ratio of 12.06, a P/E/G ratio of 16.74 and a beta of 1.59. The company has a quick ratio of 3.38, a current ratio of 5.06 and a debt-to-equity ratio of 0.38. Onsemi has a fifty-two week low of $41.59 and a fifty-two week high of $80.08.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results on Monday, February 10th. The semiconductor company reported $0.95 earnings per share 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%. As a group, equities analysts predict that Onsemi will post 2.6 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on ON shares. Stifel Nicolaus lowered their price objective on Onsemi from $60.00 to $52.00 and set a “hold” rating for the company in a research note on Tuesday, February 11th. Morgan Stanley dropped their price objective on shares of Onsemi from $52.00 to $44.00 and set an “underweight” rating on the stock in a report on Tuesday, February 11th. B. Riley reduced their target price on shares of Onsemi from $90.00 to $73.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Rosenblatt Securities restated a “neutral” rating and issued a $49.00 price target on shares of Onsemi in a research note on Thursday, February 27th. Finally, UBS Group reduced their price objective on Onsemi from $72.00 to $65.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.50.

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.