Federated Hermes Inc. Buys 368,874 Shares of ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• Federated Hermes Inc. significantly increased its stake in ON Semiconductor Corporation, acquiring an additional 368,874 shares, bringing its total holdings to approximately 479,478 shares, valued at $19.5 million.
• ON Semiconductor's quarterly earnings exceeded analysts' estimates with an EPS of $0.55 and revenue of $1.45 billion, although the revenue reflects a 22.4% decline year-over-year.
• Institutional investors hold a dominant 97.70% of ON Semiconductor's shares, indicating strong institutional support for the stock.

Federated Hermes Inc. raised its stake in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 333.5% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 479,478 shares of the semiconductor company's stock after buying an additional 368,874 shares during the quarter. Federated Hermes Inc. owned approximately 0.11% of ON Semiconductor worth $19,510,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC raised its stake in shares of ON Semiconductor by 83.3% during 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 in the last quarter. Sowell Financial Services LLC bought a new stake in shares of ON Semiconductor during the first quarter valued at about $222,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of ON Semiconductor by 15.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,975 shares of the semiconductor company's stock valued at $1,070,000 after purchasing an additional 2,209 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of ON Semiconductor by 57.0% during the first quarter. Exchange Traded Concepts LLC now owns 6,482 shares of the semiconductor company's stock valued at $264,000 after purchasing an additional 2,353 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in shares of ON Semiconductor by 1,453.0% during the first quarter. Teacher Retirement System of Texas now owns 62,274 shares of the semiconductor company's stock valued at $2,534,000 after purchasing an additional 58,264 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ON shares. TD Cowen lifted their price objective on shares of ON Semiconductor from $38.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Roth Capital reissued a "buy" rating and issued a $70.00 price target (up previously from $50.00) on shares of ON Semiconductor in a research note on Tuesday, June 17th. KGI Securities initiated coverage on ON Semiconductor in a research note on Friday, May 23rd. They issued a "neutral" rating on the stock. Loop Capital dropped their price target on ON Semiconductor from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Citigroup lifted their price target on ON Semiconductor from $40.00 to $60.00 and gave the stock a "neutral" rating in a research note on Monday, July 7th. Fourteen analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $56.13.

ON Semiconductor Stock Performance

Shares of ON stock traded up $0.46 during trading hours on Friday, reaching $56.82. 14,272,434 shares of the company's stock were exchanged, compared to its average volume of 8,418,702. ON Semiconductor Corporation has a fifty-two week low of $31.04 and a fifty-two week high of $78.61. The stock has a market capitalization of $23.74 billion, a P/E ratio of 39.46, a P/E/G ratio of 4.67 and a beta of 1.45. The business has a fifty day moving average price of $53.83 and a 200-day moving average price of $47.80. 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 (NASDAQ:ON - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The semiconductor company reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.04. The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The company's quarterly revenue was down 22.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.08 earnings per share. Analysts predict 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.