ING Groep NV Purchases New Position in ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• ING Groep NV has acquired 24,718 shares of ON Semiconductor Corporation, valuing the investment at approximately $1,006,000.
• Institutional ownership of ON Semiconductor is significantly high, with 97.70% of the stock held by hedge funds and other institutional investors.
• The company's stock recently traded at $47.66, with a P/E ratio of 44.54 and a market cap of $19.49 billion.

ING Groep NV acquired a new position in ON Semiconductor Corporation (NASDAQ:ON - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 24,718 shares of the semiconductor company's stock, valued at approximately $1,006,000.

A number of other large investors have also modified their holdings of ON. Golden State Wealth Management LLC boosted its holdings in ON Semiconductor by 83.3% in the 1st quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock valued at $29,000 after purchasing an additional 320 shares during the last quarter. Avantax Advisory Services Inc. raised its position in shares of ON Semiconductor by 4.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 10,026 shares of the semiconductor company's stock valued at $408,000 after buying an additional 463 shares during the period. Sowell Financial Services LLC acquired a new position in ON Semiconductor in the first quarter valued at approximately $222,000. Wealth Enhancement Advisory Services LLC grew its position in ON Semiconductor by 15.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,975 shares of the semiconductor company's stock worth $1,070,000 after acquiring an additional 2,209 shares during the period. Finally, Exchange Traded Concepts LLC increased its stake in ON Semiconductor by 57.0% during the first quarter. Exchange Traded Concepts LLC now owns 6,482 shares of the semiconductor company's stock worth $264,000 after acquiring an additional 2,353 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company's stock.

Wall Street Analysts Forecast Growth

ON has been the subject of several recent research reports. Wells Fargo & Company decreased their price target on shares of ON Semiconductor from $65.00 to $62.00 and set an "overweight" rating for the company in a research report on Tuesday, August 5th. Stifel Nicolaus increased their price objective on ON Semiconductor from $42.00 to $50.00 and gave the company a "hold" rating in a research note on Friday, July 18th. Susquehanna reissued a "positive" rating and set a $65.00 target price (down from $75.00) on shares of ON Semiconductor in a research note on Tuesday, August 5th. B. Riley reaffirmed a "neutral" rating on shares of ON Semiconductor in a research report on Tuesday, August 5th. Finally, Needham & Company LLC boosted their price objective on ON Semiconductor from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Fifteen analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $56.84.

ON Semiconductor Price Performance

ON traded up $0.91 during midday trading on Monday, reaching $48.57. 1,828,208 shares of the company's stock were exchanged, compared to its average volume of 10,055,516. The company has a debt-to-equity ratio of 0.42, a current ratio of 5.02 and a quick ratio of 3.37. The business's 50-day moving average price is $54.34 and its 200 day moving average price is $47.48. ON Semiconductor Corporation has a 1-year low of $31.04 and a 1-year high of $78.61. The stock has a market capitalization of $19.86 billion, a PE ratio of 45.50, a P/E/G ratio of 2.37 and a beta of 1.45.

ON Semiconductor (NASDAQ:ON - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.01). The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.45 billion. ON Semiconductor had a return on equity of 15.33% and a net margin of 7.28%. ON Semiconductor's revenue for the quarter was down 15.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.96 earnings per share. As a group, equities analysts anticipate that ON Semiconductor Corporation will post 2.6 EPS for the current fiscal year.

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.