Allianz SE Purchases 7,441 Shares of ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• Allianz SE significantly increased its stake in ON Semiconductor Corporation by acquiring an additional 7,441 shares, raising its total holdings to 7,500 shares, valued at $305,000.
• Multiple institutional investors, including Golden State Wealth Management LLC and the Teacher Retirement System of Texas, have also increased their investments in ON Semiconductor, reflecting growing interest in the company.
• ON Semiconductor reported a net margin of 9.51% and a revenue of $1.45 billion for the latest quarter, exceeding analysts' expectations despite a year-over-year revenue decline of 22.4%.

Allianz SE boosted its holdings in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 12,611.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,500 shares of the semiconductor company's stock after acquiring an additional 7,441 shares during the quarter. Allianz SE's holdings in ON Semiconductor were worth $305,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ON. Golden State Wealth Management LLC lifted its position in ON Semiconductor by 83.3% during the first 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 period. Sowell Financial Services LLC purchased a new stake in ON Semiconductor during the 1st quarter valued at $222,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of ON Semiconductor by 15.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,975 shares of the semiconductor company's stock valued at $1,070,000 after buying an additional 2,209 shares during the period. Exchange Traded Concepts LLC boosted its stake in shares of ON Semiconductor by 57.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,482 shares of the semiconductor company's stock worth $264,000 after buying an additional 2,353 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in shares of ON Semiconductor by 1,453.0% in the first quarter. Teacher Retirement System of Texas now owns 62,274 shares of the semiconductor company's stock worth $2,534,000 after acquiring an additional 58,264 shares during the period. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

ON Semiconductor Stock Performance

Shares of NASDAQ:ON opened at $56.82 on Monday. The firm has a 50 day moving average of $53.83 and a 200 day moving average of $47.76. The company has a quick ratio of 3.32, a current ratio of 4.95 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $23.74 billion, a price-to-earnings ratio of 39.46, a price-to-earnings-growth ratio of 4.67 and a beta of 1.45. ON Semiconductor Corporation has a 52 week low of $31.04 and a 52 week high of $78.61.

ON Semiconductor (NASDAQ:ON - Get Free Report) last posted its earnings results on Monday, May 5th. The semiconductor company reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.04. ON Semiconductor had a net margin of 9.51% and a return on equity of 17.40%. The company had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the prior year, the company posted $1.08 earnings per share. ON Semiconductor's revenue for the quarter was down 22.4% compared to the same quarter last year. On average, sell-side analysts predict that ON Semiconductor Corporation will post 2.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ON shares. B. Riley reiterated a "neutral" rating and set a $56.00 price target (up previously from $40.00) on shares of ON Semiconductor in a research note on Wednesday, June 18th. Wells Fargo & Company reiterated an "overweight" rating and set a $65.00 target price (up from $60.00) on shares of ON Semiconductor in a research report on Wednesday, July 16th. Rosenblatt Securities reissued a "neutral" rating and set a $42.00 price target on shares of ON Semiconductor in a report on Tuesday, May 6th. Stifel Nicolaus raised their price objective on ON Semiconductor from $42.00 to $50.00 and gave the stock a "hold" rating in a research note on Friday, July 18th. Finally, KGI Securities initiated coverage on ON Semiconductor in a research report on Friday, May 23rd. They set a "neutral" rating on the stock. Fourteen research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $56.13.

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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