Grimes & Company Inc. Purchases Shares of 7,088 ON Semiconductor Corporation (NASDAQ:ON)

Grimes & Company Inc. bought a new position in ON Semiconductor Corporation (NASDAQ:ON - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 7,088 shares of the semiconductor company's stock, valued at approximately $288,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Elequin Capital LP grew its position in ON Semiconductor by 108.3% during 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 in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of ON Semiconductor during the 4th quarter valued at $43,000. Plato Investment Management Ltd purchased a new position in shares of ON Semiconductor during the 4th quarter valued at $51,000. Rakuten Securities Inc. increased its stake in shares of ON Semiconductor by 434.6% in the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company's stock worth $54,000 after acquiring an additional 691 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of ON Semiconductor by 7,766.7% during the fourth quarter. Quarry LP now owns 944 shares of the semiconductor company's stock worth $60,000 after acquiring an additional 932 shares in the last quarter. Hedge funds and other institutional investors own 97.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ON shares. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $42.00 target price on shares of ON Semiconductor in a research report on Tuesday, May 6th. Wells Fargo & Company increased their price objective on ON Semiconductor from $45.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday. Robert W. Baird cut their price objective on shares of ON Semiconductor from $42.00 to $34.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. KeyCorp decreased their target price on shares of ON Semiconductor from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Roth Capital restated a "buy" rating and set a $70.00 price target (up previously from $50.00) on shares of ON Semiconductor in a report on Tuesday. Thirteen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $55.62.

ON Semiconductor Stock Performance

NASDAQ:ON traded down $0.68 during mid-day trading on Thursday, hitting $52.26. 7,174,727 shares of the company's stock traded hands, compared to its average volume of 8,194,944. The firm has a market capitalization of $21.84 billion, a price-to-earnings ratio of 36.29, a price-to-earnings-growth ratio of 4.31 and a beta of 1.39. The firm has a 50 day moving average of $42.83 and a two-hundred day moving average of $49.55. 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 12 month low of $31.04 and a 12 month high of $80.08.

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, beating the consensus estimate of $0.51 by $0.04. The company had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.40 billion. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. ON Semiconductor's revenue for the quarter was down 22.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.08 earnings per share. On average, equities analysts forecast that ON Semiconductor Corporation will post 2.6 earnings per share 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.