Pier 88 Investment Partners LLC Purchases 3,850 Shares of Onsemi (NASDAQ:ON)

Pier 88 Investment Partners LLC raised its position in Onsemi (NASDAQ:ON) by 30.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,380 shares of the semiconductor company’s stock after acquiring an additional 3,850 shares during the period. Pier 88 Investment Partners LLC’s holdings in Onsemi were worth $1,189,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of ON. Mizuho Securities Co. Ltd. raised its position in shares of Onsemi by 122.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 3,730 shares of the semiconductor company’s stock valued at $271,000 after purchasing an additional 2,050 shares during the last quarter. ICICI Prudential Asset Management Co Ltd increased its stake in Onsemi by 18.3% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 5,591 shares of the semiconductor company’s stock valued at $406,000 after purchasing an additional 865 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Onsemi by 6.3% in the third quarter. Oppenheimer & Co. Inc. now owns 29,674 shares of the semiconductor company’s stock worth $2,155,000 after buying an additional 1,755 shares during the last quarter. Simmons Bank lifted its stake in shares of Onsemi by 7.2% during the third quarter. Simmons Bank now owns 20,518 shares of the semiconductor company’s stock worth $1,490,000 after buying an additional 1,379 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Onsemi by 2.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,061,823 shares of the semiconductor company’s stock valued at $77,099,000 after buying an additional 20,405 shares during the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ON shares. KeyCorp dropped their target price on Onsemi from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 8th. BNP Paribas decreased their target price on shares of Onsemi from $60.00 to $55.00 in a research report on Friday, October 25th. Benchmark reaffirmed a “buy” rating and set a $90.00 price target on shares of Onsemi in a research report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price objective on Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, Needham & Company LLC lowered their target price on Onsemi from $92.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Onsemi currently has an average rating of “Moderate Buy” and an average target price of $86.30.

Insider Activity

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total value of $109,065.00. Following the completion of the transaction, the chief executive officer now owns 839,210 shares in the company, valued at $61,018,959.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Onsemi Trading Down 2.5 %

Shares of ON opened at $68.49 on Thursday. The firm has a market capitalization of $29.16 billion, a P/E ratio of 17.00, a P/E/G ratio of 7.53 and a beta of 1.65. The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $70.55 and a 200 day moving average price of $71.94. Onsemi has a 12-month low of $59.34 and a 12-month high of $86.77.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. Onsemi had a return on equity of 22.38% and a net margin of 23.80%. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same period in the prior year, the business posted $1.39 EPS. The company’s revenue was down 19.2% compared to the same quarter last year. Sell-side analysts forecast that Onsemi will post 4 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.