Aberdeen Group plc Boosts Stock Position in ON Semiconductor Corporation $ON

Key Points

• Aberdeen Group plc significantly increased its stake in ON Semiconductor Corporation by 140.6% in the first quarter, owning approximately 0.08% of the company valued at $13.68 million.
• CEO Hassane El-Khoury sold 15,000 shares of ON Semiconductor at an average price of $51.22, reducing his ownership by 1.51% to approximately $50.08 million.
• Analysts gave ON Semiconductor an average rating of "Hold" with a target price of $56.84, reflecting varied investor confidence in the stock.

Aberdeen Group plc increased its stake in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 140.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 343,839 shares of the semiconductor company's stock after purchasing an additional 200,933 shares during the quarter. Aberdeen Group plc owned approximately 0.08% of ON Semiconductor worth $13,680,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. purchased a new stake in ON Semiconductor in the 1st quarter valued at about $219,001,000. Pacer Advisors Inc. grew its holdings in ON Semiconductor by 2,735.5% in the 1st quarter. Pacer Advisors Inc. now owns 2,146,221 shares of the semiconductor company's stock valued at $87,330,000 after buying an additional 2,070,529 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in ON Semiconductor by 26.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,061,245 shares of the semiconductor company's stock valued at $203,462,000 after buying an additional 1,055,461 shares during the period. Janus Henderson Group PLC grew its holdings in ON Semiconductor by 9.2% in the 4th quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company's stock valued at $780,387,000 after buying an additional 1,041,989 shares during the period. Finally, Freestone Grove Partners LP purchased a new stake in ON Semiconductor in the 4th quarter valued at about $62,426,000. Hedge funds and other institutional investors own 97.70% of the company's stock.

Insider Activity

In other ON Semiconductor news, CEO Hassane El-Khoury sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $51.22, for a total value of $768,300.00. Following the transaction, the chief executive officer directly owned 977,814 shares of the company's stock, valued at $50,083,633.08. This represents a 1.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.31% of the stock is currently owned by insiders.

ON Semiconductor Stock Performance

Shares of ON opened at $50.53 on Tuesday. The business's 50 day moving average is $54.54 and its two-hundred day moving average is $47.34. ON Semiconductor Corporation has a 52-week low of $31.04 and a 52-week high of $78.61. The firm has a market cap of $20.67 billion, a price-to-earnings ratio of 47.22, a PEG ratio of 2.54 and a beta of 1.45. The company has a quick ratio of 3.37, a current ratio of 5.02 and a debt-to-equity ratio of 0.42.

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

Analyst Upgrades and Downgrades

Several research firms have commented on ON. Piper Sandler restated an "overweight" rating on shares of ON Semiconductor in a report on Monday, August 4th. Cantor Fitzgerald assumed coverage on ON Semiconductor in a report on Wednesday, June 18th. They issued a "neutral" rating and a $55.00 price target for the company. Truist Financial lifted their price objective on ON Semiconductor from $43.00 to $49.00 and gave the company a "hold" rating in a research note on Tuesday, August 5th. Stifel Nicolaus lifted 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. Finally, Loop Capital reduced their price objective on ON Semiconductor from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Fifteen investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $56.84.

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.

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