Bayforest Capital Ltd Invests $535,000 in ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• Bayforest Capital Ltd invested approximately $535,000 in ON Semiconductor, acquiring 13,139 shares in the first quarter, as disclosed in a recent SEC filing.
• ON Semiconductor's most recent quarterly earnings report revealed an EPS of $0.55, surpassing expectations, and revenue of $1.45 billion, which was slightly above forecasts.
• The stock currently holds a consensus rating of "Hold" from analysts, with a target price averaging $56.13, reflecting mixed expectations for future performance.

Bayforest Capital Ltd acquired a new position in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,139 shares of the semiconductor company's stock, valued at approximately $535,000.

A number of other hedge funds also recently bought and sold shares of ON. Golden State Wealth Management LLC lifted its position in ON Semiconductor by 83.3% in 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 last quarter. Elequin Capital LP lifted its position 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 last quarter. Opal Wealth Advisors LLC bought a new stake in ON Semiconductor in the first quarter valued at approximately $41,000. Pilgrim Partners Asia Pte Ltd bought a new stake in ON Semiconductor in the fourth quarter valued at approximately $43,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in ON Semiconductor by 69.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,263 shares of the semiconductor company's stock valued at $51,000 after purchasing an additional 518 shares during the last quarter. Institutional investors own 97.70% of the company's stock.

Wall Street Analysts Forecast Growth

ON has been the subject of several recent research reports. KGI Securities initiated coverage on ON Semiconductor in a research report on Friday, May 23rd. They issued a "neutral" rating for the company. Susquehanna boosted their price objective on ON Semiconductor from $50.00 to $75.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. Roth Capital restated a "buy" rating and set a $70.00 target price (up previously from $50.00) on shares of ON Semiconductor in a report on Tuesday, June 17th. B. Riley restated a "neutral" rating and set a $56.00 target price (up previously from $40.00) on shares of ON Semiconductor in a report on Wednesday, June 18th. Finally, UBS Group restated a "neutral" rating and set a $55.00 target price (up previously from $45.00) on shares of ON Semiconductor in a report on Monday, July 7th. Fourteen equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $56.13.

ON Semiconductor Stock Performance

Shares of ON traded up $0.46 during trading hours on Friday, hitting $56.82. The stock had a trading volume of 14,272,434 shares, compared to its average volume of 8,418,702. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.95 and a quick ratio of 3.32. ON Semiconductor Corporation has a 12 month low of $31.04 and a 12 month high of $78.61. The firm has a market capitalization of $23.74 billion, a PE ratio of 39.46, a PEG ratio of 4.63 and a beta of 1.45. The stock has a fifty day moving average price of $53.83 and a 200 day moving average price of $47.85.

ON Semiconductor (NASDAQ:ON - Get Free Report) last posted its earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.04. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the company earned $1.08 earnings per share. ON Semiconductor's revenue was down 22.4% on a year-over-year basis. Analysts anticipate 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.