Allspring Global Investments Holdings LLC Buys 1,055,461 Shares of ON Semiconductor Corporation (NASDAQ:ON)

Allspring Global Investments Holdings LLC boosted its holdings in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 26.3% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 5,061,245 shares of the semiconductor company's stock after buying an additional 1,055,461 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.20% of ON Semiconductor worth $203,462,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Elequin Capital LP lifted its stake in shares of ON Semiconductor by 108.3% in the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock worth $33,000 after acquiring an additional 274 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in ON Semiconductor during the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC raised its stake 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 buying an additional 320 shares in the last quarter. Plato Investment Management Ltd acquired a new stake in ON Semiconductor during the fourth quarter valued at approximately $51,000. Finally, Rakuten Securities Inc. raised its stake in ON Semiconductor by 434.6% during the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company's stock valued at $54,000 after buying an additional 691 shares in the last quarter. Hedge funds and other institutional investors own 97.70% of the company's stock.

ON Semiconductor Stock Down 1.3%

Shares of ON traded down $0.72 during mid-day trading on Friday, reaching $52.93. The company's stock had a trading volume of 7,894,458 shares, compared to its average volume of 8,262,768. The business has a fifty day moving average of $45.39 and a 200 day moving average of $48.71. The company has a market cap of $22.12 billion, a price-to-earnings ratio of 36.76, a price-to-earnings-growth ratio of 4.32 and a beta of 1.39. ON Semiconductor Corporation has a 1 year low of $31.04 and a 1 year 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 - Get Free Report) last released its earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.04. The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The company's revenue for the quarter was down 22.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.08 earnings per share. As a group, analysts forecast that ON Semiconductor Corporation will post 2.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ON has been the subject of several recent research reports. JPMorgan Chase & Co. lowered 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. Robert W. Baird lowered their target price on ON Semiconductor from $42.00 to $34.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Loop Capital decreased their price objective on ON Semiconductor from $65.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Citigroup decreased their price objective on ON Semiconductor from $52.00 to $40.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Finally, Benchmark decreased their price objective on ON Semiconductor from $60.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Thirteen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $56.08.

ON Semiconductor 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.