Envestnet Asset Management Inc. Sells 32,727 Shares of ON Semiconductor Corporation (NASDAQ:ON)

Envestnet Asset Management Inc. trimmed its position in shares of ON Semiconductor Corporation (NASDAQ:ON) by 8.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 373,428 shares of the semiconductor company’s stock after selling 32,727 shares during the period. Envestnet Asset Management Inc. owned approximately 0.09% of ON Semiconductor worth $15,195,000 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 company. Golden State Wealth Management LLC boosted its stake 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. Elequin Capital LP lifted its position in 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 buying an additional 274 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in ON Semiconductor during the 1st quarter worth about $41,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of ON Semiconductor during the 4th quarter worth about $43,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of ON Semiconductor by 69.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,263 shares of the semiconductor company’s stock worth $51,000 after purchasing an additional 518 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ON shares. The Goldman Sachs Group assumed coverage on shares of ON Semiconductor in a research report on Thursday, July 10th. They set a “neutral” rating and a $60.00 target price on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and set a $42.00 price target on shares of ON Semiconductor in a research note on Tuesday, May 6th. Mizuho raised their price target on shares of ON Semiconductor from $60.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, June 26th. Loop Capital dropped their price target on shares of ON Semiconductor from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Finally, Morgan Stanley began coverage on shares of ON Semiconductor in a research note on Monday, May 12th. They set an “equal weight” rating and a $39.00 price target for the company. Fourteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $58.15.

ON Semiconductor Stock Up 2.2%

ON opened at $60.72 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.95 and a quick ratio of 3.32. The company’s 50-day moving average is $50.98 and its 200 day moving average is $47.95. ON Semiconductor Corporation has a fifty-two week low of $31.04 and a fifty-two week high of $80.08. The firm has a market capitalization of $25.37 billion, a P/E ratio of 42.17, a PEG ratio of 4.90 and a beta of 1.43.

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

ON Semiconductor Company Profile

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.