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Highlights:
Fisher Asset Management LLC increased its stake in Onsemi by 6.2%, adding over 18,000 shares in Q3 2024.
Onsemi's quarterly earnings surpassed analysts' expectations, reporting a net margin of 23.8%.
Institutional ownership remains high, with institutional investors holding 97.7% of the company’s shares.
Onsemi (NASDAQ:ON) , a prominent player in the semiconductor industry, has experienced significant institutional interest, with Fisher Asset Management LLC boosting its holdings by 6.2% in the third quarter of 2024. This increase, comprising more than 18,000 additional shares, brings the firm’s total holdings to 318,633 shares, reflecting continued confidence in Onsemi's long-term prospects. Institutional investors collectively own 97.7% of Onsemi’s stock, demonstrating strong institutional backing.
Onsemi recently reported its third-quarter earnings, revealing a positive performance. The company surpassed analysts' expectations, posting earnings per share (EPS) of $0.99, which exceeded the consensus estimate of $0.97. Despite a year-over-year revenue decline of 19.2%, the company achieved a net margin of 23.8%, signaling strong operational efficiency. The revenue for the quarter totaled $1.76 billion, which slightly exceeded analysts' expectations of $1.75 billion. Onsemi’s ability to maintain profitability amid challenges in revenue reflects its strong market position and focus on high-demand sectors such as automotive electrification and industrial automation.
Shares of Onsemi have faced some market fluctuations, with the stock recently down by 0.7%. The company’s market capitalization stands at nearly $30 billion, with a price-to-earnings (P/E) ratio of 17.46, indicating a moderate valuation. Despite recent price movements, Onsemi remains a key player in the power and analog semiconductor space, serving industries such as automotive, industrial automation, and 5G infrastructure.
Onsemi’s stock performance, bolstered by strong institutional support and robust quarterly results, continues to reflect its leadership in innovative technologies. As the company expands its presence in high-growth markets, it remains well-positioned for future growth within the semiconductor sector.
