Truist Financial Corp Reduces Position in Onsemi (NASDAQ:ON)

Truist Financial Corp lowered its position in Onsemi (NASDAQ:ON) by 10.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 135,070 shares of the semiconductor company’s stock after selling 16,134 shares during the quarter. Truist Financial Corp’s holdings in Onsemi were worth $11,282,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Provence Wealth Management Group acquired a new stake in Onsemi during the 3rd quarter worth approximately $25,000. Turtle Creek Wealth Advisors LLC purchased a new position in Onsemi in the 4th quarter valued at $32,000. Hanseatic Management Services Inc. acquired a new position in Onsemi in the 3rd quarter valued at $38,000. Headinvest LLC purchased a new position in Onsemi during the 3rd quarter worth $44,000. Finally, Planned Solutions Inc. acquired a new position in Onsemi during the 4th quarter worth approximately $46,000. 97.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ON has been the topic of several recent analyst reports. B. Riley restated a “buy” rating and set a $103.00 target price (down from $115.00) on shares of Onsemi in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $92.00 price target on shares of Onsemi in a report on Tuesday. Roth Mkm lifted their price target on shares of Onsemi from $75.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Mizuho dropped their price objective on Onsemi from $92.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday. Finally, TD Cowen reduced their target price on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.24.

Onsemi Stock Performance

Shares of ON opened at $69.01 on Thursday. The stock has a market capitalization of $29.69 billion, a PE ratio of 14.08, a price-to-earnings-growth ratio of 8.39 and a beta of 1.78. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35. The business’s fifty day moving average price is $72.80 and its 200 day moving average price is $74.99. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.87 and a quick ratio of 1.74.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period last year, the company earned $1.19 earnings per share. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. Equities research analysts forecast that Onsemi will post 4.12 EPS for the current 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.