Legato Capital Management LLC Has $2.44 Million Stock Position in ON Semiconductor Corporation (NASDAQ:ON)

Legato Capital Management LLC grew its holdings in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 135.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 60,000 shares of the semiconductor company's stock after buying an additional 34,513 shares during the quarter. Legato Capital Management LLC's holdings in ON Semiconductor were worth $2,441,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC raised its stake in ON Semiconductor by 83.3% in the 1st quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock valued at $29,000 after acquiring an additional 320 shares during the period. Sowell Financial Services LLC bought a new stake in ON Semiconductor in the 1st quarter worth approximately $222,000. Wealth Enhancement Advisory Services LLC boosted its holdings in ON Semiconductor by 15.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,975 shares of the semiconductor company's stock valued at $1,070,000 after acquiring an additional 2,209 shares during the period. Exchange Traded Concepts LLC increased its position in ON Semiconductor by 57.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 6,482 shares of the semiconductor company's stock valued at $264,000 after buying an additional 2,353 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in shares of ON Semiconductor by 1,453.0% in the first quarter. Teacher Retirement System of Texas now owns 62,274 shares of the semiconductor company's stock valued at $2,534,000 after purchasing an additional 58,264 shares during the period. Institutional investors and hedge funds own 97.70% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on ON shares. Wells Fargo & Company restated an "overweight" rating and set a $65.00 price objective (up from $60.00) on shares of ON Semiconductor in a report on Wednesday, July 16th. Morgan Stanley began coverage on shares of ON Semiconductor in a research note on Monday, May 12th. They issued an "equal weight" rating and a $39.00 price target on the stock. TD Cowen boosted their target price on shares of ON Semiconductor from $38.00 to $44.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Benchmark decreased their price objective on shares of ON Semiconductor from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Roth Capital restated a "buy" rating and issued a $70.00 price target (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 assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $58.73.

ON Semiconductor Price Performance

ON stock opened at $62.45 on Wednesday. The firm has a 50 day moving average of $51.63 and a 200-day moving average of $47.82. ON Semiconductor Corporation has a 12-month low of $31.04 and a 12-month high of $80.08. The company has a current ratio of 4.95, a quick ratio of 3.32 and a debt-to-equity ratio of 0.42. The company has a market cap of $26.10 billion, a price-to-earnings ratio of 43.37, a PEG ratio of 4.99 and a beta of 1.43.

ON Semiconductor (NASDAQ:ON - Get Free Report) last released its earnings results on Monday, May 5th. The semiconductor company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.51 by $0.04. The business had revenue of $1.45 billion during 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 business's quarterly revenue was down 22.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.08 earnings per share. As a group, equities analysts expect that ON Semiconductor Corporation will post 2.6 EPS 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.

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