Heartland Advisors Inc. Purchases 4,510 Shares of ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• Heartland Advisors Inc. increased its stake in ON Semiconductor Corporation by 2.1% in Q1, acquiring an additional 4,510 shares, bringing its total ownership to 224,482 shares valued at approximately $9.13 million.
• The company reported $1.45 billion in revenue for the past quarter, exceeding analysts' expectations, although its revenue was down 22.4% year-over-year.
• Analyst ratings for ON Semiconductor include a mix of holds and buys, with the average price target currently set at $58.73.

Heartland Advisors Inc. lifted its position in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 224,482 shares of the semiconductor company's stock after acquiring an additional 4,510 shares during the period. Heartland Advisors Inc. owned approximately 0.05% of ON Semiconductor worth $9,134,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Equitable Trust Co. lifted its stake in ON Semiconductor by 154.4% in the 1st quarter. Equitable Trust Co. now owns 62,431 shares of the semiconductor company's stock valued at $2,540,000 after purchasing an additional 37,886 shares during the last quarter. Baillie Gifford & Co. bought a new position in ON Semiconductor in the 1st quarter valued at approximately $219,001,000. Pacer Advisors Inc. lifted its stake in ON Semiconductor by 2,735.5% in the 1st quarter. Pacer Advisors Inc. now owns 2,146,221 shares of the semiconductor company's stock valued at $87,330,000 after purchasing an additional 2,070,529 shares during the last quarter. Assetmark Inc. lifted its stake in ON Semiconductor by 7.2% in the 1st quarter. Assetmark Inc. now owns 84,165 shares of the semiconductor company's stock valued at $3,425,000 after purchasing an additional 5,670 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its stake in ON Semiconductor by 4.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 10,026 shares of the semiconductor company's stock valued at $408,000 after purchasing an additional 463 shares during the last quarter. Institutional investors own 97.70% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on ON. UBS Group reissued a "neutral" rating and issued a $55.00 price objective (up previously from $45.00) on shares of ON Semiconductor in a research note on Monday, July 7th. Citigroup increased their price objective on shares of ON Semiconductor from $40.00 to $60.00 and gave the stock a "neutral" rating in a research report on Monday, July 7th. Stifel Nicolaus increased their target price on shares of ON Semiconductor from $42.00 to $50.00 and gave the stock a "hold" rating in a research note on Friday, July 18th. Rosenblatt Securities reissued a "neutral" rating and set a $42.00 target price on shares of ON Semiconductor in a research note on Tuesday, May 6th. Finally, B. Riley reissued a "neutral" rating and set a $56.00 target price (up from $40.00) on shares of ON Semiconductor in a research note on Wednesday, June 18th. Fourteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, ON Semiconductor currently has a consensus rating of "Hold" and a consensus price target of $58.73.

ON Semiconductor Price Performance

NASDAQ:ON traded up $1.74 during trading hours on Monday, hitting $58.66. 9,867,871 shares of the stock traded hands, compared to its average volume of 9,934,831. 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 company has a market cap of $24.51 billion, a price-to-earnings ratio of 40.74, a price-to-earnings-growth ratio of 4.68 and a beta of 1.43. The stock has a 50 day moving average price of $52.38 and a 200 day moving average price of $47.65.

ON Semiconductor (NASDAQ:ON - Get Free Report) last issued its quarterly earnings results 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. ON Semiconductor had a net margin of 9.51% and a return on equity of 17.40%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the firm earned $1.08 earnings per share. The company's revenue for the quarter was down 22.4% on a year-over-year basis. Sell-side analysts forecast that ON Semiconductor Corporation will post 2.6 EPS for the current fiscal year.

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.