ON Semiconductor Corporation (NASDAQ:ON) Shares Bought by Iridian Asset Management LLC CT

Iridian Asset Management LLC CT raised its position in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 19.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 105,460 shares of the semiconductor company's stock after purchasing an additional 17,105 shares during the period. ON Semiconductor comprises 1.3% of Iridian Asset Management LLC CT's portfolio, making the stock its 24th biggest position. Iridian Asset Management LLC CT's holdings in ON Semiconductor were worth $4,291,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Golden State Wealth Management LLC raised its position in ON Semiconductor by 83.3% during the 1st 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. Elequin Capital LP increased its holdings in shares of ON Semiconductor by 108.3% in the 4th quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 274 shares during the period. Opal Wealth Advisors LLC purchased a new position in shares of ON Semiconductor in the 1st quarter valued at $41,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of ON Semiconductor in the 4th quarter valued at $43,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of ON Semiconductor by 69.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,263 shares of the semiconductor company's stock valued at $51,000 after acquiring an additional 518 shares during the period. 97.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Loop Capital cut their price target on ON Semiconductor from $65.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Roth Capital reiterated a "buy" rating and issued a $70.00 price target (up from $50.00) on shares of ON Semiconductor in a report on Tuesday, June 17th. Rosenblatt Securities reiterated a "neutral" rating and issued a $42.00 price target on shares of ON Semiconductor in a report on Tuesday, May 6th. Morgan Stanley started coverage on ON Semiconductor in a report on Monday, May 12th. They issued an "equal weight" rating and a $39.00 price target on the stock. Finally, Robert W. Baird dropped their target price on ON Semiconductor from $42.00 to $34.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. Fourteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $57.65.

ON Semiconductor Stock Performance

Shares of ON stock traded up $1.75 on Thursday, hitting $59.52. The company had a trading volume of 8,442,527 shares, compared to its average volume of 8,351,676. The firm has a market cap of $24.87 billion, a P/E ratio of 41.33, a price-to-earnings-growth ratio of 4.76 and a beta of 1.43. The company has a 50-day moving average price of $48.60 and a 200-day moving average price of $48.21. 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 twelve month low of $31.04 and a twelve month high of $80.08.

ON Semiconductor (NASDAQ:ON - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share 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 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 quarterly revenue was down 22.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 EPS. As a group, equities research analysts predict that ON Semiconductor Corporation will post 2.6 earnings per share for the current fiscal year.

About ON Semiconductor

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.