Pier 88 Investment Partners LLC Decreases Stake in Onsemi (NASDAQ:ON)

Pier 88 Investment Partners LLC reduced its stake in shares of Onsemi (NASDAQ:ON) by 27.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,860 shares of the semiconductor company’s stock after selling 4,520 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Onsemi were worth $748,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Brandywine Global Investment Management LLC increased its holdings in Onsemi by 12.4% during the 4th quarter. Brandywine Global Investment Management LLC now owns 1,319,560 shares of the semiconductor company’s stock valued at $83,198,000 after acquiring an additional 145,378 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of Onsemi by 1.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 22,369 shares of the semiconductor company’s stock worth $1,304,000 after purchasing an additional 378 shares in the last quarter. Allstate Corp acquired a new position in shares of Onsemi during the 4th quarter worth approximately $800,000. Heartland Advisors Inc. lifted its stake in Onsemi by 129.8% in the 4th quarter. Heartland Advisors Inc. now owns 219,972 shares of the semiconductor company’s stock valued at $13,869,000 after buying an additional 124,252 shares in the last quarter. Finally, DnB Asset Management AS increased its position in Onsemi by 57.5% during the fourth quarter. DnB Asset Management AS now owns 535,262 shares of the semiconductor company’s stock worth $33,748,000 after buying an additional 195,367 shares in the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ON. KeyCorp decreased their price target on shares of Onsemi from $90.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 14th. Mizuho reduced their price target on Onsemi from $71.00 to $62.00 and set an “outperform” rating on the stock in a research note on Monday, March 24th. JPMorgan Chase & Co. lowered their price objective on Onsemi from $88.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, February 11th. Craig Hallum decreased their price target on Onsemi from $78.00 to $50.00 and set a “hold” rating on the stock in a research note on Tuesday, February 11th. Finally, Citigroup dropped their price objective on shares of Onsemi from $77.00 to $52.00 and set a “neutral” rating for the company in a research note on Tuesday, February 11th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Onsemi Stock Down 6.4 %

Shares of NASDAQ:ON opened at $40.94 on Monday. Onsemi has a 12-month low of $40.29 and a 12-month high of $80.08. 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 firm has a market cap of $17.25 billion, a PE ratio of 11.28, a price-to-earnings-growth ratio of 16.74 and a beta of 1.59. The company has a fifty day simple moving average of $48.92 and a 200 day simple moving average of $61.14.

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