Iridian Asset Management LLC CT Acquires 17,105 Shares of ON Semiconductor Corporation (NASDAQ:ON)

Iridian Asset Management LLC CT raised its holdings in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 19.4% during 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 approximately 1.3% of Iridian Asset Management LLC CT's holdings, making the stock its 24th largest holding. Iridian Asset Management LLC CT's holdings in ON Semiconductor were worth $4,291,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of ON Semiconductor in the 4th quarter worth approximately $378,312,000. Allspring Global Investments Holdings LLC increased its stake 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 last quarter. Janus Henderson Group PLC raised its position in shares of ON Semiconductor by 9.2% in the fourth 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 period. Freestone Grove Partners LP bought a new position in ON Semiconductor in the 4th quarter worth $62,426,000. Finally, Dimensional Fund Advisors LP increased its position in ON Semiconductor by 18.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company's stock worth $316,195,000 after buying an additional 771,610 shares during the period. 97.70% of the stock is owned by institutional investors and hedge funds.

ON Semiconductor Price Performance

Shares of NASDAQ ON traded up $0.21 during mid-day trading on Friday, reaching $59.73. The company had a trading volume of 6,355,578 shares, compared to its average volume of 8,343,725. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.32 and a current ratio of 4.95. ON Semiconductor Corporation has a one year low of $31.04 and a one year high of $80.08. The firm has a market cap of $24.96 billion, a price-to-earnings ratio of 41.48, a PEG ratio of 4.76 and a beta of 1.43. The business's 50-day simple moving average is $48.60 and its 200 day simple moving average is $48.21.

ON Semiconductor (NASDAQ:ON - Get Free Report) last posted its 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 firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. ON Semiconductor had a net margin of 9.51% and a return on equity of 17.40%. The company's revenue for the quarter was down 22.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.08 EPS. On average, research analysts predict that ON Semiconductor Corporation will post 2.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ON has been the topic of several research reports. JPMorgan Chase & Co. reduced their price target on shares of ON Semiconductor from $60.00 to $48.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. B. Riley restated a "neutral" rating and set a $56.00 price target (up from $40.00) on shares of ON Semiconductor in a report on Wednesday, June 18th. Loop Capital reduced their target price on ON Semiconductor from $65.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Needham & Company LLC dropped their target price on shares of ON Semiconductor from $57.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $70.00 target price (up from $50.00) on shares of ON Semiconductor in a research note on Tuesday, June 17th. Fourteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, ON Semiconductor has a consensus rating of "Hold" and a consensus price target of $57.65.

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.