Allworth Financial LP Trims Stock Position in ON Semiconductor Corporation (NASDAQ:ON)

Allworth Financial LP decreased its stake in shares of ON Semiconductor Corporation (NASDAQ:ON) by 24.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,921 shares of the semiconductor company’s stock after selling 631 shares during the quarter. Allworth Financial LP’s holdings in ON Semiconductor were worth $77,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Huntington National Bank increased its stake in ON Semiconductor by 8.9% during the fourth quarter. Huntington National Bank now owns 3,310 shares of the semiconductor company’s stock worth $209,000 after purchasing an additional 271 shares during the period. Elequin Capital LP raised its position in shares of ON Semiconductor by 108.3% during the 4th quarter. Elequin Capital LP now owns 527 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 274 shares during the last quarter. NewEdge Advisors LLC raised its holdings in ON Semiconductor by 1.2% in the 4th quarter. NewEdge Advisors LLC now owns 26,552 shares of the semiconductor company’s stock valued at $1,674,000 after acquiring an additional 312 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in ON Semiconductor by 83.3% in the first quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 320 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position in ON Semiconductor by 1.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 22,369 shares of the semiconductor company’s stock worth $1,304,000 after purchasing an additional 378 shares during the period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

ON Semiconductor Price Performance

Shares of NASDAQ:ON opened at $59.41 on Friday. The company’s fifty day moving average is $50.58 and its two-hundred day moving average is $47.96. The company has a market cap of $24.83 billion, a P/E ratio of 41.26, a price-to-earnings-growth ratio of 4.91 and a beta of 1.43. ON Semiconductor Corporation has a 12-month low of $31.04 and a 12-month high of $80.08. The company has a quick ratio of 3.32, a current ratio of 4.95 and a debt-to-equity ratio of 0.42.

ON Semiconductor (NASDAQ:ON) last announced its earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. ON Semiconductor had a net margin of 9.51% and a return on equity of 17.40%. The company’s revenue was down 22.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.08 earnings per share. Equities analysts expect that ON Semiconductor Corporation will post 2.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on ON. Benchmark dropped their price target on shares of ON Semiconductor from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Stifel Nicolaus decreased their target price on ON Semiconductor from $52.00 to $42.00 and set a “hold” rating for the company in a research note on Thursday, April 17th. JPMorgan Chase & Co. dropped their target price on ON Semiconductor from $60.00 to $48.00 and set a “neutral” rating for the company in a report on Tuesday, May 6th. Morgan Stanley began coverage on shares of ON Semiconductor in a research report on Monday, May 12th. They set an “equal weight” rating and a $39.00 target price on the stock. Finally, Citigroup boosted their price objective on shares of ON Semiconductor from $40.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, July 7th. Fourteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $57.85.

About ON Semiconductor

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.