Gateway Investment Advisers LLC Increases Holdings in Onsemi (NASDAQ:ON)

Gateway Investment Advisers LLC lifted its position in Onsemi (NASDAQ:ON) by 166.0% in the 1st quarter, HoldingsChannel reports. The firm owned 100,753 shares of the semiconductor company’s stock after purchasing an additional 62,877 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Onsemi were worth $4,100,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Onsemi by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock valued at $3,224,081,000 after acquiring an additional 344,354 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Onsemi by 9.2% in the fourth quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company’s stock valued at $780,387,000 after purchasing an additional 1,041,989 shares during the period. Norges Bank acquired a new stake in Onsemi in the fourth quarter valued at approximately $378,312,000. Dimensional Fund Advisors LP grew its holdings in Onsemi by 18.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company’s stock valued at $316,195,000 after purchasing an additional 771,610 shares during the period. Finally, Capital International Investors grew its holdings in Onsemi by 0.7% in the fourth quarter. Capital International Investors now owns 4,214,441 shares of the semiconductor company’s stock valued at $265,737,000 after purchasing an additional 31,365 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 analysts have commented on ON shares. Loop Capital dropped their price objective on Onsemi from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. TD Cowen raised their price objective on Onsemi from $38.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, May 6th. Wells Fargo & Company dropped their price objective on Onsemi from $60.00 to $45.00 and set an “overweight” rating on the stock in a report on Tuesday, May 6th. Citigroup dropped their price objective on Onsemi from $52.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Finally, Needham & Company LLC dropped their price objective on Onsemi from $57.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Twelve investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.12.

Onsemi Stock Performance

NASDAQ ON opened at $50.17 on Friday. The stock’s fifty day moving average is $40.16 and its two-hundred day moving average is $50.40. The firm has a market capitalization of $20.97 billion, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 16.74 and a beta of 1.39. 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 has a fifty-two week low of $31.04 and a fifty-two week high of $80.08.

Onsemi (NASDAQ:ON) last released its quarterly earnings data on Monday, May 5th. The semiconductor company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. Onsemi had a return on equity of 20.10% and a net margin of 22.21%. The firm’s revenue for the quarter was down 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. On average, research analysts anticipate that Onsemi will post 2.6 earnings per share for the current 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.