Toronto Dominion Bank Reduces Stake in Onsemi Shares by 30.5%

Toronto Dominion Bank has announced a reduction in its holdings of Onsemi (NASDAQ:ON - Free Report) by 30.5% during the third quarter, according to the bank's latest filing with the Securities and Exchange Commission. After selling 73,566 shares within the quarter, Toronto Dominion Bank now holds 167,828 shares of the semiconductor firm, which are valued at approximately $12,186,000 based on the most recent disclosures.

In addition to Toronto Dominion Bank, various institutional investors and hedge funds have made adjustments to their positions in Onsemi. Coldstream Capital Management Inc. increased its stake by 19.6%, owning 6,498 shares valued at $468,000 after purchasing an extra 1,066 shares in the last quarter. Similarly, Geode Capital Management LLC grew its position by 3.0% in the third quarter, now holding 10,602,000 shares valued at about $767,646,000 after gaining 309,445 shares. M&T Bank Corp also raised its holdings in Onsemi by 6.9%, now owning 32,519 shares worth $2,362,000 after buying 2,110 additional shares during this period. Another investor, the Public Employees Retirement System of Ohio, upped its stake by 18.7%, with 194,409 shares valued at $14,116,000 after adding 30,695 shares to its portfolio. Lastly, Hodges Capital Management Inc. saw a slight increase of 0.3% to reach a total of 183,314 shares valued at $13,310,000 after acquiring an additional 537 shares. Collectively, institutional investors and hedge funds currently control approximately 97.70% of Onsemi's stock.

Changes in Analyst Ratings

Recently, several research analysts have updated their ratings on Onsemi shares. BNP Paribas reduced its price target from $60.00 to $55.00 in a report released on October 25. On the same day, TD Cowen adjusted its price target from $90.00 to $85.00 and maintained a "buy" rating on the stock. Truist Financial also decreased its target from $97.00 to $89.00, designating a "buy" rating as well. Meanwhile, Morgan Stanley raised its price target slightly from $63.00 to $64.00, but assigned an "underweight" rating to Onsemi. Wells Fargo & Company began coverage with an "overweight" rating and set a price target of $85.00 on November 22. Among analysts, there are two ratings for "sell," six ratings for "hold," and sixteen ratings for "buy." According to MarketBeat, Onsemi holds an average rating of "Moderate Buy" with a consensus target price of $85.87.

Current Status of Onsemi Shares

As of Friday, shares of Onsemi traded at $65.96, with a total market capitalization of $28.09 billion. The company has a price-to-earnings ratio of 16.37 and a price-to-earnings-growth ratio of 7.29, with a beta of 1.63. The stock's 50-day moving average stands at $69.45, while the 200-day moving average is $71.39. In terms of recent performance, Onsemi reached a 52-week low of $59.34 and a high of $86.77. Key financial ratios include a quick ratio of 2.02, a current ratio of 3.07, and a debt-to-equity ratio of 0.30.

Onsemi's Recent Earnings Report

On October 28, Onsemi reported its quarterly earnings, revealing earnings per share of $0.99, which slightly exceeded analysts' expectations of $0.97. The company recorded a net margin of 23.80% and a return on equity of 22.38%. Revenue for the quarter amounted to $1.76 billion, comparable to analyst forecasts of $1.75 billion. However, revenue reflects a year-over-year decline of 19.2%, with a forecast of four earnings per share for the current fiscal year.

Insider Transactions and Company Overview

In related developments, CEO Hassane El-Khoury sold 1,500 shares of Onsemi on September 16 at an average price of $70.80, amounting to a total transaction value of $106,200. This sale slightly decreased his ownership stake to 840,620 shares, valued at $59,515,896. Over the past ninety days, insiders have sold a total of 4,500 shares valued at approximately $321,765, with current insider ownership at 0.31%.

Onsemi is known for its innovations in power and analog semiconductors, focusing on areas such as vehicle electrification, industrial automation, 5G infrastructure, and sustainable energy grids.

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