Commonwealth Equity Services LLC Has $2.37 Million Position in ON Semiconductor Corporation (NASDAQ:ON)

Commonwealth Equity Services LLC cut its holdings in shares of ON Semiconductor Corporation (NASDAQ:ON – Get Rating) by 20.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,020 shares of the semiconductor company’s stock after selling 9,942 shares during the period. Commonwealth Equity Services LLC’s holdings in ON Semiconductor were worth $2,371,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bleakley Financial Group LLC bought a new position in shares of ON Semiconductor in the 4th quarter valued at $559,000. Metis Global Partners LLC lifted its stake in shares of ON Semiconductor by 94.2% in the 4th quarter. Metis Global Partners LLC now owns 12,508 shares of the semiconductor company’s stock valued at $780,000 after acquiring an additional 6,066 shares during the last quarter. LPL Financial LLC lifted its stake in shares of ON Semiconductor by 59.1% in the 4th quarter. LPL Financial LLC now owns 391,349 shares of the semiconductor company’s stock valued at $24,408,000 after acquiring an additional 145,358 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of ON Semiconductor by 37.2% in the 4th quarter. IFP Advisors Inc now owns 4,184 shares of the semiconductor company’s stock valued at $166,000 after acquiring an additional 1,135 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of ON Semiconductor by 14.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 463,127 shares of the semiconductor company’s stock valued at $28,885,000 after acquiring an additional 57,681 shares during the last quarter. 96.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Bank of America increased their price target on ON Semiconductor from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, March 8th. Summit Insights raised ON Semiconductor from a “hold” rating to a “buy” rating in a research report on Monday, February 6th. Piper Sandler raised their target price on ON Semiconductor from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, January 27th. StockNews.com assumed coverage on ON Semiconductor in a research report on Thursday, March 16th. They set a “hold” rating for the company. Finally, Wells Fargo & Company raised their target price on ON Semiconductor from $75.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 7th. Seven equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.58.

ON Semiconductor Price Performance

ON Semiconductor stock opened at $82.39 on Tuesday. ON Semiconductor Corporation has a 52 week low of $44.76 and a 52 week high of $87.55. The company’s 50 day moving average price is $78.11 and its two-hundred day moving average price is $73.53. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.40. The stock has a market cap of $35.58 billion, a P/E ratio of 20.10, a P/E/G ratio of 4.53 and a beta of 1.74.

ON Semiconductor (NASDAQ:ON – Get Rating) last posted its earnings results on Monday, May 1st. The semiconductor company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.09 by $0.10. ON Semiconductor had a net margin of 21.98% and a return on equity of 39.27%. The firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter last year, the firm earned $1.22 EPS. The company’s quarterly revenue was up .8% compared to the same quarter last year. On average, equities analysts predict that ON Semiconductor Corporation will post 4.83 earnings per share for the current year.

ON Semiconductor declared that its board has authorized a share repurchase plan on Monday, February 6th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to purchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Hassane El-Khoury sold 5,000 shares of ON Semiconductor stock in a transaction that occurred on Monday, April 17th. The shares were sold at an average price of $77.10, for a total value of $385,500.00. Following the sale, the chief executive officer now owns 601,312 shares of the company’s stock, valued at approximately $46,361,155.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is currently owned by insiders.

ON Semiconductor Profile

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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.