ASR Vermogensbeheer N.V. Makes New Investment in ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• ASR Vermogensbeheer N.V. has established a new stake in ON Semiconductor Corporation, acquiring 69,130 shares valued at approximately $2.81 million during the first quarter.
• Several hedge funds increased their positions in ON Semiconductor, with notable purchases including Costello Asset Management and MassMutual Private Wealth & Trust, contributing to institutional ownership reaching 97.70%.
• Analyst ratings for ON Semiconductor have varied, with Needham & Company raising their price target to $58.00 while Wells Fargo decreased it to $62.00, emphasizing the mixed expectations in the market.

ASR Vermogensbeheer N.V. bought a new stake in ON Semiconductor Corporation (NASDAQ:ON - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 69,130 shares of the semiconductor company's stock, valued at approximately $2,813,000.

Other hedge funds have also made changes to their positions in the company. Costello Asset Management INC purchased a new stake in ON Semiconductor in the 1st quarter valued at about $26,000. Golden State Wealth Management LLC boosted its position in shares of ON Semiconductor by 83.3% in the first quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock worth $29,000 after acquiring an additional 320 shares during the last quarter. Elequin Capital LP grew its holdings in ON Semiconductor by 108.3% in the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 274 shares during the period. Opal Wealth Advisors LLC acquired a new position in ON Semiconductor during the first quarter worth approximately $41,000. Finally, MassMutual Private Wealth & Trust FSB raised its stake in ON Semiconductor by 69.5% during the first 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 period. Hedge funds and other institutional investors own 97.70% of the company's stock.

Analyst Ratings Changes

ON has been the subject of several research reports. Needham & Company LLC boosted their price objective on shares of ON Semiconductor from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Monday. Wells Fargo & Company cut their price objective on ON Semiconductor from $65.00 to $62.00 and set an "overweight" rating on the stock in a report on Tuesday. Cantor Fitzgerald began coverage on ON Semiconductor in a research note on Wednesday, June 18th. They issued a "neutral" rating and a $55.00 price objective on the stock. Morgan Stanley began coverage on shares of ON Semiconductor in a research report on Monday, May 12th. They set an "equal weight" rating and a $39.00 target price for the company. Finally, Susquehanna restated a "positive" rating and issued a $65.00 price target (down previously from $75.00) on shares of ON Semiconductor in a report on Tuesday. Fifteen investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $56.84.

ON Semiconductor Stock Performance

ON stock opened at $47.59 on Friday. ON Semiconductor Corporation has a twelve month low of $31.04 and a twelve month high of $78.61. The company has a quick ratio of 3.32, a current ratio of 5.02 and a debt-to-equity ratio of 0.42. The company has a market cap of $19.46 billion, a P/E ratio of 44.48, a price-to-earnings-growth ratio of 2.37 and a beta of 1.45. The business's fifty day moving average is $54.22 and its 200-day moving average is $47.65.

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

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