Pictet Asset Management Holding SA Buys 314,203 Shares of onsemi $ON

by · The Markets Daily

Pictet Asset Management Holding SA grew its stake in onsemi (NASDAQ:ON – Free Report) by 7.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,550,913 shares of the semiconductor company’s stock after acquiring an additional 314,203 shares during the quarter. Pictet Asset Management Holding SA owned 1.17% of onsemi worth $349,788,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Engineers Gate Manager LP grew its stake in onsemi by 570.3% in the second quarter. Engineers Gate Manager LP now owns 304,377 shares of the semiconductor company’s stock valued at $28,776,000 after acquiring an additional 258,968 shares during the period. Iridian Asset Management LLC CT increased its holdings in shares of onsemi by 20.8% in the third quarter. Iridian Asset Management LLC CT now owns 88,134 shares of the semiconductor company’s stock worth $6,775,000 after acquiring an additional 15,155 shares in the last quarter. First Citizens Bank & Trust Co. bought a new stake in shares of onsemi in the third quarter worth about $635,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of onsemi during the third quarter worth about $10,637,000. Finally, Baird Financial Group Inc. acquired a new stake in shares of onsemi during the second quarter worth about $680,000. 97.70% of the stock is currently owned by institutional investors and hedge funds.

onsemi Stock Performance

Shares of onsemi stock opened at $63.31 on Friday. The firm has a market cap of $24.65 billion, a price-to-earnings ratio of 36.81, a price-to-earnings-growth ratio of 0.51 and a beta of 2.11. The stock’s 50-day moving average is $74.22 and its 200-day moving average is $82.16. onsemi has a one year low of $44.56 and a one year high of $134.92. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.55 and a quick ratio of 2.49.

onsemi (NASDAQ:ON – Get Free Report) last posted its quarterly earnings data on Monday, November 2nd. The semiconductor company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.02. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.71 billion. onsemi had a return on equity of 15.53% and a net margin of 10.82%. onsemi’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 earnings per share. Equities analysts predict that onsemi will post 3.27 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Sudhir Gopalswamy sold 15,578 shares of the business’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $80.00, for a total value of $1,246,240.00. Following the sale, the insider owned 158,177 shares of the company’s stock, valued at $12,654,160. The trade was a 8.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.35% of the stock is owned by company insiders.

Key Stories Impacting onsemi

Here are the key news stories impacting onsemi this week:

  • Positive Sentiment: onsemi’s AI data-center sales were reportedly up 175%, giving investors a fast-growing business line to watch as demand for AI infrastructure supports semiconductor suppliers. Article: Onsemi’s AI Data Center Sales Reportedly Grew 175%
  • Neutral Sentiment: Analyst opinions are divided: Craig Hallum upgraded the stock and Truist maintained an optimistic outlook, while TD Cowen and Cantor Fitzgerald were more cautious. This mix may limit the impact of any one rating on the shares. Article: onsemi Rating Upgraded by Craig Hallum
  • Negative Sentiment: Several firms have lowered price expectations, including Citigroup, B. Riley, Goldman Sachs and Mizuho, signaling continued concern about valuation or the near-term outlook. Article: onsemi Price Target Cut by Citigroup
  • Negative Sentiment: onsemi has also been caught in a broader post-midterm selloff in AI-related semiconductor stocks, alongside Navitas and STMicroelectronics; the report cited no new company-specific news behind that sector pressure. Article: AI Chip Stocks Slide After Midterms

Analysts Set New Price Targets

ON has been the topic of several recent analyst reports. Citigroup cut their price objective on onsemi from $98.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $116.00 target price on shares of onsemi in a research note on Tuesday. Wall Street Zen upgraded shares of onsemi from a “buy” rating to a “strong-buy” rating in a report on Saturday. TD Cowen reaffirmed a “hold” rating and issued a $75.00 price target on shares of onsemi in a research note on Tuesday, November 3rd. Finally, Stifel Nicolaus lifted their price target on shares of onsemi from $75.00 to $80.00 and gave the company a “hold” rating in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and sixteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, onsemi currently has an average rating of “Moderate Buy” and an average price target of $95.03.

Read Our Latest Stock Report on ON

onsemi Company Profile

(Free Report)

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. The Power Solutions Group segment offers discrete, module, and semiconductor products that perform multiple application functions, including power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage reference functions.

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