ON Semiconductor Corporation (NASDAQ:ON) Shares Sold by Jensen Investment Management Inc.

Key Points

• Jensen Investment Management Inc. reduced its stake in ON Semiconductor Corporation by 13.4%, now holding 41,450 shares worth approximately $1.69 million.
• Other institutional investors have significantly increased their positions in ON Semiconductor, with Baillie Gifford & Co. acquiring a new stake valued at $219 million in the same quarter.
• ON Semiconductor's most recent earnings report showed a 15.4% year-over-year revenue decline, with an EPS of $0.53, missing analysts' expectations by $0.01.

Jensen Investment Management Inc. cut its holdings in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 13.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,450 shares of the semiconductor company's stock after selling 6,390 shares during the quarter. Jensen Investment Management Inc.'s holdings in ON Semiconductor were worth $1,687,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Elequin Capital LP lifted its holdings in ON Semiconductor by 108.3% in the 4th quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock worth $33,000 after buying an additional 274 shares in the last quarter. Exencial Wealth Advisors LLC increased its position in shares of ON Semiconductor by 5.2% during the first quarter. Exencial Wealth Advisors LLC now owns 6,034 shares of the semiconductor company's stock worth $246,000 after acquiring an additional 296 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of ON Semiconductor by 1.2% during the fourth quarter. NewEdge Advisors LLC now owns 26,552 shares of the semiconductor company's stock worth $1,674,000 after acquiring an additional 312 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in shares of ON Semiconductor by 83.3% in the first quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock worth $29,000 after acquiring an additional 320 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its stake in ON Semiconductor by 4.8% during 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 in the last quarter. 97.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ON. Loop Capital decreased their price target on shares of ON Semiconductor from $65.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. KeyCorp raised their price objective on shares of ON Semiconductor from $50.00 to $65.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Robert W. Baird cut their target price on shares of ON Semiconductor from $42.00 to $34.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. The Goldman Sachs Group started coverage on ON Semiconductor in a research note on Thursday, July 10th. They issued a "neutral" rating and a $60.00 price target for the company. Finally, KGI Securities began coverage on ON Semiconductor in a report on Friday, May 23rd. They issued a "neutral" rating for the company. Fifteen equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, ON Semiconductor has a consensus rating of "Hold" and an average target price of $56.84.

ON Semiconductor Stock Performance

Shares of NASDAQ:ON traded up $0.61 during trading hours on Thursday, hitting $47.59. The stock had a trading volume of 9,866,399 shares, compared to its average volume of 10,746,045. The stock's fifty day simple moving average is $54.22 and its 200 day simple moving average is $47.65. The firm has a market capitalization of $19.46 billion, a price-to-earnings ratio of 44.48, a PEG ratio of 2.37 and a beta of 1.45. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.32 and a current ratio of 5.02. ON Semiconductor Corporation has a 1-year low of $31.04 and a 1-year high of $78.61.

ON Semiconductor (NASDAQ:ON - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.01). The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.45 billion. ON Semiconductor had a return on equity of 15.33% and a net margin of 7.28%. The business's quarterly revenue was down 15.4% compared to the same quarter last year. During the same period last year, the company earned $0.96 earnings per share. Sell-side analysts anticipate 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.