Norges Bank Makes New $378.31 Million Investment in Onsemi (NASDAQ:ON)

Norges Bank bought a new position in Onsemi (NASDAQ:ON) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,000,190 shares of the semiconductor company’s stock, valued at approximately $378,312,000. Norges Bank owned about 1.41% of Onsemi as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Safe Harbor Fiduciary LLC acquired a new position in Onsemi during the 3rd quarter valued at approximately $43,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Onsemi during the fourth quarter valued at $41,000. Synergy Asset Management LLC bought a new position in shares of Onsemi during the fourth quarter worth about $51,000. Plato Investment Management Ltd acquired a new stake in shares of Onsemi in the 4th quarter worth about $51,000. Finally, Rakuten Securities Inc. lifted its position in Onsemi by 434.6% in the 4th quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 691 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Onsemi Stock Down 6.4 %

Onsemi stock opened at $40.94 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38. Onsemi has a fifty-two week low of $40.62 and a fifty-two week high of $80.08. The firm has a fifty day moving average price of $48.92 and a two-hundred day moving average price of $61.21. The firm has a market cap of $17.25 billion, a price-to-earnings ratio of 11.28, a P/E/G ratio of 16.74 and a beta of 1.59.

Onsemi (NASDAQ:ON) last announced 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 return on equity of 20.10% and a net margin of 22.21%. As a group, analysts forecast that Onsemi will post 2.6 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ON has been the subject of several analyst reports. 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. Rosenblatt Securities reiterated a “neutral” rating and set a $49.00 price target on shares of Onsemi in a research report on Thursday, February 27th. Morgan Stanley lowered their price target on Onsemi from $52.00 to $44.00 and set an “underweight” rating on the stock in a report on Tuesday, February 11th. Truist Financial reduced their price objective on shares of Onsemi from $60.00 to $52.00 and set a “hold” rating for the company in a report on Tuesday, February 11th. Finally, Stifel Nicolaus lowered their target price on shares of Onsemi from $60.00 to $52.00 and set a “hold” rating on the stock in a research note on Tuesday, February 11th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.

Onsemi Company 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.