Kentucky Retirement Systems Insurance Trust Fund Invests $503,000 in ON Semiconductor Corporation (NASDAQ:ON)

Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,355 shares of the semiconductor company's stock, valued at approximately $503,000.

Other large investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of ON Semiconductor during the fourth quarter valued at about $378,312,000. Janus Henderson Group PLC increased its position in shares of ON Semiconductor by 9.2% during 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 buying an additional 1,041,989 shares during the period. Freestone Grove Partners LP bought a new stake in shares of ON Semiconductor during the fourth quarter valued at about $62,426,000. Dimensional Fund Advisors LP boosted its stake in ON Semiconductor by 18.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company's stock valued at $316,195,000 after buying an additional 771,610 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in ON Semiconductor by 226.0% during the first quarter. Assenagon Asset Management S.A. now owns 888,364 shares of the semiconductor company's stock valued at $36,148,000 after buying an additional 615,825 shares during the period. 97.70% of the stock is owned by institutional investors.

ON Semiconductor Trading Down 1.3%

Shares of ON traded down $0.72 during trading hours on Friday, hitting $52.93. The company had a trading volume of 7,894,458 shares, compared to its average volume of 8,262,768. ON Semiconductor Corporation has a 52-week low of $31.04 and a 52-week high of $80.08. The firm has a market cap of $22.12 billion, a P/E ratio of 36.76, a P/E/G ratio of 4.32 and a beta of 1.39. The company has a quick ratio of 3.32, a current ratio of 4.95 and a debt-to-equity ratio of 0.42. The stock's 50 day moving average price is $45.39 and its 200 day moving average price is $48.71.

ON Semiconductor (NASDAQ:ON - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.04. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate 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 was down 22.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.08 EPS. On average, research analysts predict that ON Semiconductor Corporation will post 2.6 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ON. Loop Capital dropped their price objective 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. Cantor Fitzgerald began coverage on ON Semiconductor in a research note on Wednesday, June 18th. They set a "neutral" rating and a $55.00 price objective for the company. Roth Capital reissued a "buy" rating and set a $70.00 price objective (up previously from $50.00) on shares of ON Semiconductor in a research note on Tuesday, June 17th. Stifel Nicolaus dropped their price objective on ON Semiconductor from $52.00 to $42.00 and set a "hold" rating for the company in a research note on Thursday, April 17th. Finally, KGI Securities began coverage on ON Semiconductor in a research note on Friday, May 23rd. They set a "neutral" rating for the company. Thirteen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, ON Semiconductor has an average rating of "Moderate Buy" and a consensus target price of $56.08.

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.