ON Semiconductor Corporation (ON)
Onsemi aims to improve AI power efficiency with silicon carbide chips
Onsemi on Wednesday unveiled a lineup of chips designed to make the data centers that power artificial intelligence services more energy efficient by borrowing a technology it already sells for electric vehicles.
ON Semiconductor: Short-Term Pain For Long-Term Gain
Onsemi's revenues have declined by 4-5% due to negative sentiment in the auto and industrial sectors, but this is not as bad as expected. The company's margins have also been affected by the downturn, but improvements in efficiency and cost-cutting measures are expected to lead to margin expansion. Despite short-term concerns, the company's financial position is strong, and its long-term outlook is positive, especially in the automotive sector with the rise of hybrid electric vehicles.
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Onsemi (NASDAQ:ON) Shares Sold by Janney Montgomery Scott LLC
Janney Montgomery Scott LLC decreased its holdings in Onsemi (NASDAQ:ON – Free Report) by 25.6% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 84,034 shares of the semiconductor company’s stock after selling 28,951 shares during the period. Janney Montgomery Scott LLC’s holdings in Onsemi were worth $7,020,000 at the end of the most recent reporting period. Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Apollon Wealth Management LLC raised its holdings in shares of Onsemi by 26.4% during the 4th quarter. Apollon Wealth Management LLC now owns 7,089 shares of the semiconductor company’s stock valued at $592,000 after buying an additional 1,482 shares during the period. International Assets Investment Management LLC increased its stake in Onsemi by 7,749.6% during the 4th quarter. International Assets Investment Management LLC now owns 83,363 shares of the semiconductor company’s stock worth $6,963,000 after buying an additional 82,301 shares during the period. Harvest Fund Management Co. Ltd lifted its holdings in Onsemi by 7.1% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 9,610 shares of the semiconductor company’s stock worth $798,000 after buying an additional 637 shares in the last quarter. State of Michigan Retirement System lifted its holdings in Onsemi by 3.6% in the 4th quarter. State of Michigan Retirement System now owns 140,536 shares of the semiconductor company’s stock worth $11,739,000 after buying an additional 4,900 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Onsemi by 6.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 480,948 shares of the semiconductor company’s stock valued at $38,144,000 after buying an additional 27,426 shares during the last quarter. 97.70% of the stock is owned by institutional investors and hedge funds. Insider Buying and Selling In related news, Director Paul Anthony Mascarenas sold 911 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total transaction of $67,833.06. Following the completion of the sale, the director now directly owns 48,929 shares in the company, valued at $3,643,253.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is owned by corporate insiders. Onsemi Stock Up 0.2 % Onsemi stock opened at $73.17 on Monday. The company’s 50-day moving average price is $70.98 and its two-hundred day moving average price is $74.11. The stock has a market cap of $31.48 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 3.32 and a beta of 1.78. Onsemi has a 52 week low of $59.34 and a 52 week high of $111.35. The company has a current ratio of 2.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.32. Onsemi (NASDAQ:ON – Get Free Report) last announced its earnings results on Monday, April 29th. The semiconductor company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.04 by $0.04. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the company earned $1.19 earnings per share. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. On average, analysts expect that Onsemi will post 3.85 EPS for the current fiscal year. Analyst Upgrades and Downgrades ON has been the topic of several recent analyst reports. Evercore ISI assumed coverage on Onsemi in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $104.00 price target on the stock. Morgan Stanley cut their target price on Onsemi from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Monday, April 22nd. Stifel Nicolaus decreased their price target on shares of Onsemi from $82.00 to $72.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Wells Fargo & Company cut their price target on shares of Onsemi from $110.00 to $95.00 and set an “overweight” rating on the stock in a report on Tuesday, April 23rd. Finally, Jefferies Financial Group assumed coverage on shares of Onsemi in a report on Monday, May 13th. They set a “buy” rating and a $100.00 price objective for the company. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Onsemi currently has an average rating of “Moderate Buy” and an average price target of $90.28. Check Out Our Latest Analysis on Onsemi Onsemi 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.
