ON Semiconductor Corporation (NASDAQ:ON) Holdings Lowered by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its position in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 8.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 373,428 shares of the semiconductor company's stock after selling 32,727 shares during the period. Envestnet Asset Management Inc. owned 0.09% of ON Semiconductor worth $15,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of ON Semiconductor during the 4th quarter worth approximately $378,312,000. Allspring Global Investments Holdings LLC boosted its position in shares of 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 purchasing an additional 1,055,461 shares during the period. Janus Henderson Group PLC increased its holdings in ON Semiconductor by 9.2% in the 4th quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company's stock valued at $780,387,000 after purchasing an additional 1,041,989 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in ON Semiconductor in the 4th quarter valued at approximately $62,426,000. Finally, Dimensional Fund Advisors LP raised its position in ON Semiconductor by 18.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company's stock valued at $316,195,000 after purchasing an additional 771,610 shares during the period. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

ON Semiconductor Trading Up 2.2%

ON Semiconductor stock traded up $1.31 during midday trading on Friday, reaching $60.72. The stock had a trading volume of 5,751,914 shares, compared to its average volume of 8,362,506. The stock has a market capitalization of $25.37 billion, a PE ratio of 42.17, a price-to-earnings-growth ratio of 5.01 and a beta of 1.43. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.32 and a current ratio of 4.95. The stock's 50-day simple moving average is $50.98 and its 200 day simple moving average is $47.84. ON Semiconductor Corporation has a twelve month low of $31.04 and a twelve month high of $80.08.

ON Semiconductor (NASDAQ:ON - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The firm's quarterly revenue was down 22.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.08 EPS. Analysts expect that ON Semiconductor Corporation will post 2.6 EPS for the current year.

Analyst Ratings Changes

ON has been the subject of several recent research reports. Cantor Fitzgerald started coverage on shares of ON Semiconductor in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $55.00 price target for the company. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $65.00 target price (up previously from $60.00) on shares of ON Semiconductor in a report on Wednesday. Robert W. Baird lowered their price target on shares of 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 reduced their price objective on shares of ON Semiconductor from $65.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, Rosenblatt Securities reiterated a "neutral" rating and set a $42.00 target price on shares of ON Semiconductor in a research note on Tuesday, May 6th. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $58.15.

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.