Ameriprise Financial Inc. Reduces Stock Holdings in Onsemi (NASDAQ:ON)

Ameriprise Financial Inc. lowered its holdings in shares of Onsemi (NASDAQ:ON) by 70.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,798,828 shares of the semiconductor company’s stock after selling 25,636,437 shares during the quarter. Ameriprise Financial Inc. owned approximately 2.52% of Onsemi worth $740,248,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Onsemi by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 50,341,366 shares of the semiconductor company’s stock valued at $4,205,014,000 after purchasing an additional 321,682 shares during the period. Capital World Investors bought a new position in shares of Onsemi during the 4th quarter valued at approximately $697,276,000. Dimensional Fund Advisors LP increased its holdings in Onsemi by 18.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock worth $289,088,000 after acquiring an additional 665,633 shares in the last quarter. Capital International Investors raised its stake in Onsemi by 1.0% during the 1st quarter. Capital International Investors now owns 4,107,006 shares of the semiconductor company’s stock worth $302,070,000 after acquiring an additional 42,117 shares during the period. Finally, Rafferty Asset Management LLC lifted its holdings in Onsemi by 35.6% during the fourth quarter. Rafferty Asset Management LLC now owns 2,989,554 shares of the semiconductor company’s stock valued at $249,717,000 after purchasing an additional 785,305 shares in the last quarter. Institutional investors own 97.70% of the company’s stock.

Insider Activity at Onsemi

In related news, insider Simon Keeton sold 30,939 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the completion of the sale, the insider now directly owns 231,092 shares of the company’s stock, valued at approximately $18,011,310.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $70.80, for a total value of $106,200.00. Following the transaction, the chief executive officer now directly owns 840,620 shares in the company, valued at approximately $59,515,896. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Simon Keeton sold 30,939 shares of Onsemi stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the sale, the insider now directly owns 231,092 shares of the company’s stock, valued at approximately $18,011,310.48. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ON. Morgan Stanley cut shares of Onsemi from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $70.00 to $65.00 in a research note on Thursday, July 11th. Rosenblatt Securities increased their price target on Onsemi from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their price objective on Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. lifted their target price on Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $92.00 price target on shares of Onsemi in a research note on Thursday, June 13th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Onsemi currently has an average rating of “Hold” and a consensus target price of $85.61.

Onsemi Price Performance

NASDAQ:ON opened at $69.65 on Thursday. The firm has a market capitalization of $29.84 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 3.74 and a beta of 1.66. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.01 and a quick ratio of 1.95. The business has a 50 day simple moving average of $72.43 and a 200-day simple moving average of $71.97. Onsemi has a 1 year low of $59.34 and a 1 year high of $95.67.

Onsemi (NASDAQ:ON) last posted its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.92 by $0.04. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the firm earned $1.33 earnings per share. Onsemi’s quarterly revenue was down 17.2% compared to the same quarter last year. Equities analysts forecast that Onsemi will post 4.01 EPS 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.