Envestnet Portfolio Solutions Inc. Reduces Stock Holdings in Onsemi (NASDAQ:ON)

Envestnet Portfolio Solutions Inc. trimmed its holdings in Onsemi (NASDAQ:ON) by 18.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 26,043 shares of the semiconductor company’s stock after selling 6,074 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Onsemi were worth $1,642,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Safe Harbor Fiduciary LLC acquired a new position in shares of Onsemi in the third quarter worth $43,000. Newbridge Financial Services Group Inc. purchased a new position in Onsemi in the 4th quarter valued at about $41,000. Synergy Asset Management LLC acquired a new stake in shares of Onsemi during the 4th quarter worth about $51,000. Plato Investment Management Ltd purchased a new stake in shares of Onsemi during the fourth quarter worth about $51,000. Finally, Rakuten Securities Inc. lifted its stake in shares of Onsemi by 434.6% during the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 691 shares during the period. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Citigroup cut their price target on Onsemi from $77.00 to $52.00 and set a “neutral” rating for the company in a report on Tuesday, February 11th. The Goldman Sachs Group dropped their target price on Onsemi from $77.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Morgan Stanley decreased their price target on Onsemi from $52.00 to $44.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 11th. UBS Group dropped their price objective on shares of Onsemi from $72.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Finally, B. Riley decreased their target price on shares of Onsemi from $90.00 to $73.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.85.

Onsemi Stock Performance

Shares of NASDAQ:ON opened at $43.78 on Friday. The company has a market cap of $18.45 billion, a P/E ratio of 12.06, a PEG ratio of 16.74 and a beta of 1.59. Onsemi has a one year low of $41.59 and a one year high of $80.08. The business’s 50-day simple moving average is $50.00 and its 200 day simple moving average is $62.14. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.38 and a current ratio of 5.06.

Onsemi (NASDAQ:ON) last posted its quarterly earnings data 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, sell-side analysts forecast that Onsemi will post 2.6 earnings per share 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.