Vivaldi Capital Management LP Makes New Investment in Onsemi (NASDAQ:ON)

Vivaldi Capital Management LP purchased a new position in shares of Onsemi (NASDAQ:ON) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 143,866 shares of the semiconductor company’s stock, valued at approximately $9,071,000. Onsemi accounts for about 1.4% of Vivaldi Capital Management LP’s portfolio, making the stock its 22nd biggest position.

Other institutional investors also recently added to or reduced their stakes in the company. Truvestments Capital LLC raised its stake in shares of Onsemi by 3.8% in the 4th quarter. Truvestments Capital LLC now owns 5,661 shares of the semiconductor company’s stock worth $357,000 after buying an additional 207 shares in the last quarter. Assetmark Inc. raised its stake in shares of Onsemi by 0.3% in the 4th quarter. Assetmark Inc. now owns 78,495 shares of the semiconductor company’s stock worth $4,949,000 after buying an additional 235 shares in the last quarter. V Square Quantitative Management LLC raised its position in shares of Onsemi by 3.9% during the fourth quarter. V Square Quantitative Management LLC now owns 6,727 shares of the semiconductor company’s stock worth $424,000 after purchasing an additional 252 shares during the period. Huntington National Bank raised its position in shares of Onsemi by 8.9% during the fourth quarter. Huntington National Bank now owns 3,310 shares of the semiconductor company’s stock worth $209,000 after purchasing an additional 271 shares during the period. Finally, Clear Creek Financial Management LLC raised its position in shares of Onsemi by 6.9% during the fourth quarter. Clear Creek Financial Management LLC now owns 4,366 shares of the semiconductor company’s stock worth $275,000 after purchasing an additional 282 shares during the period. Institutional investors and hedge funds own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

ON has been the topic of a number of recent analyst reports. The Goldman Sachs Group cut their target price on Onsemi from $77.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Jefferies Financial Group dropped their price target on Onsemi from $100.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Benchmark dropped their price target on Onsemi from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Susquehanna dropped their price target on Onsemi from $70.00 to $60.00 and set a “positive” rating on the stock in a research report on Tuesday, February 11th. Finally, Loop Capital dropped their price target on Onsemi from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Eleven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.12.

Onsemi Stock Performance

ON opened at $44.92 on Monday. The company has a market cap of $18.77 billion, a PE ratio of 12.37, a price-to-earnings-growth ratio of 16.74 and a beta of 1.39. The stock has a 50-day moving average of $39.76 and a 200-day moving average of $52.84. Onsemi has a 52-week low of $31.04 and a 52-week high of $80.08. 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 released its quarterly earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.04. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. Onsemi had a return on equity of 20.10% and a net margin of 22.21%. The firm’s revenue was down 22.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.08 EPS. As a group, equities research analysts forecast that Onsemi will post 2.6 earnings per share for the current fiscal year.

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.