Carmel Capital Partners LLC Raises Stake in ON Semiconductor Corporation (NASDAQ:ON)

Carmel Capital Partners LLC grew its stake in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 56.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 41,841 shares of the semiconductor company's stock after buying an additional 15,043 shares during the period. Carmel Capital Partners LLC's holdings in ON Semiconductor were worth $1,703,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in ON. Golden State Wealth Management LLC lifted its holdings in ON Semiconductor by 83.3% in the 1st quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock worth $29,000 after buying an additional 320 shares in the last quarter. Sowell Financial Services LLC acquired a new position in ON Semiconductor in the 1st quarter worth $222,000. Wealth Enhancement Advisory Services LLC lifted its holdings in ON Semiconductor by 15.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,975 shares of the semiconductor company's stock worth $1,070,000 after buying an additional 2,209 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in 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 in the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in ON Semiconductor by 1,453.0% in the 1st quarter. Teacher Retirement System of Texas now owns 62,274 shares of the semiconductor company's stock worth $2,534,000 after buying an additional 58,264 shares in the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ON has been the topic of a number of recent analyst reports. Benchmark cut their target price on shares of ON Semiconductor from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Roth Capital reiterated a "buy" rating and set a $70.00 price objective (up previously from $50.00) on shares of ON Semiconductor in a research note on Tuesday, June 17th. B. Riley restated a "neutral" rating and issued a $56.00 target price (up previously from $40.00) on shares of ON Semiconductor in a research report on Wednesday, June 18th. Stifel Nicolaus upped their target price on shares of ON Semiconductor from $42.00 to $50.00 and gave the stock a "hold" rating in a research report on Friday. Finally, Loop Capital decreased their target price on shares of ON Semiconductor from $65.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Fourteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $58.15.

ON Semiconductor Price Performance

ON Semiconductor stock traded up $1.31 during trading hours on Friday, reaching $60.72. 5,751,914 shares of the stock were exchanged, compared to its average volume of 8,362,506. The company has a market cap of $25.37 billion, a P/E ratio of 42.17, a price-to-earnings-growth ratio of 5.01 and a beta of 1.43. The company has a current ratio of 4.95, a quick ratio of 3.32 and a debt-to-equity ratio of 0.42. ON Semiconductor Corporation has a twelve month low of $31.04 and a twelve month high of $80.08. The stock has a 50 day moving average of $50.98 and a two-hundred day moving average of $47.74.

ON Semiconductor (NASDAQ:ON - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the company posted $1.08 earnings per share. The business's revenue for the quarter was down 22.4% on a year-over-year basis. Equities analysts expect that ON Semiconductor Corporation will post 2.6 EPS for the current fiscal year.

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.