Clark Asset Management LLC Reduces Stake in ON Semiconductor Corporation (NASDAQ:ON)

Clark Asset Management LLC lessened its holdings in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 52.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,753 shares of the semiconductor company's stock after selling 6,248 shares during the period. Clark Asset Management LLC's holdings in ON Semiconductor were worth $234,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in ON Semiconductor during the 4th quarter worth $378,312,000. Allspring Global Investments Holdings LLC increased its position in ON Semiconductor by 26.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,061,245 shares of the semiconductor company's stock worth $203,462,000 after buying an additional 1,055,461 shares during the period. Janus Henderson Group PLC increased its position in ON Semiconductor by 9.2% during the 4th quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company's stock worth $780,387,000 after buying an additional 1,041,989 shares during the period. Freestone Grove Partners LP bought a new position in ON Semiconductor during the 4th quarter worth $62,426,000. Finally, Dimensional Fund Advisors LP increased its position in ON Semiconductor by 18.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company's stock worth $316,195,000 after buying an additional 771,610 shares during the period. Institutional investors own 97.70% of the company's stock.

ON Semiconductor Stock Performance

ON stock traded up $0.85 during midday trading on Thursday, hitting $56.80. The company's stock had a trading volume of 5,572,172 shares, compared to its average volume of 8,299,633. The stock's 50-day moving average price is $46.49 and its 200 day moving average price is $48.57. 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 Corporation has a 1 year low of $31.04 and a 1 year high of $80.08. The stock has a market cap of $23.73 billion, a price-to-earnings ratio of 39.44, a PEG ratio of 4.61 and a beta of 1.43.

ON Semiconductor (NASDAQ:ON - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The semiconductor company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.04. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The business had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the previous year, the firm earned $1.08 earnings per share. The business's revenue was down 22.4% on a year-over-year basis. On average, equities analysts forecast that ON Semiconductor Corporation will post 2.6 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on ON. Cantor Fitzgerald began coverage on ON Semiconductor in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $55.00 price target on the stock. Citigroup decreased their price target on ON Semiconductor from $52.00 to $40.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Mizuho raised their price target on ON Semiconductor from $60.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Wells Fargo & Company raised their price objective on ON Semiconductor from $45.00 to $60.00 and gave the company an "overweight" rating in a research note on Monday, June 16th. Finally, TD Cowen raised their price objective on ON Semiconductor from $38.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Thirteen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.