ON Semiconductor Corporation (NASDAQ:ON) Position Cut by M&T Bank Corp

M&T Bank Corp decreased its holdings in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 19.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 23,855 shares of the semiconductor company's stock after selling 5,867 shares during the period. M&T Bank Corp's holdings in ON Semiconductor were worth $970,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of ON. China Universal Asset Management Co. Ltd. lifted its holdings in shares of ON Semiconductor by 50.2% during the first quarter. China Universal Asset Management Co. Ltd. now owns 10,409 shares of the semiconductor company's stock worth $424,000 after purchasing an additional 3,480 shares during the period. Crossmark Global Holdings Inc. lifted its holdings in shares of ON Semiconductor by 2.6% during the first quarter. Crossmark Global Holdings Inc. now owns 18,315 shares of the semiconductor company's stock worth $745,000 after purchasing an additional 469 shares during the period. Penserra Capital Management LLC lifted its holdings in shares of ON Semiconductor by 39.7% during the first quarter. Penserra Capital Management LLC now owns 242,668 shares of the semiconductor company's stock worth $9,872,000 after purchasing an additional 68,991 shares during the period. Simmons Bank lifted its holdings in shares of ON Semiconductor by 89.0% during the first quarter. Simmons Bank now owns 39,357 shares of the semiconductor company's stock worth $1,601,000 after purchasing an additional 18,529 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of ON Semiconductor by 295.4% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,475 shares of the semiconductor company's stock worth $60,000 after purchasing an additional 1,102 shares during the period. Hedge funds and other institutional investors own 97.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ON shares. Mizuho lifted their target price on ON Semiconductor from $60.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. JPMorgan Chase & Co. decreased their target price on ON Semiconductor from $60.00 to $48.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Cantor Fitzgerald began coverage on ON Semiconductor in a report on Wednesday, June 18th. They issued a "neutral" rating and a $55.00 price target for the company. Benchmark decreased their price target on ON Semiconductor from $60.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Rosenblatt Securities restated a "neutral" rating and issued a $42.00 price objective on shares of ON Semiconductor in a research report on Tuesday, May 6th. Fourteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $58.15.

ON Semiconductor Stock Up 1.6%

Shares of NASDAQ:ON traded up $0.96 during trading on Friday, hitting $60.37. The company's stock had a trading volume of 2,273,487 shares, compared to its average volume of 8,330,829. 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 fifty-two week low of $31.04 and a fifty-two week high of $80.08. The stock's 50-day moving average price is $50.58 and its two-hundred day moving average price is $47.96. The company has a market capitalization of $25.23 billion, a PE ratio of 41.94, a PEG ratio of 4.91 and a beta of 1.43.

ON Semiconductor (NASDAQ:ON - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The firm had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the prior year, the firm posted $1.08 earnings per share. ON Semiconductor's revenue for the quarter was down 22.4% compared to the same quarter last year. As a group, sell-side analysts expect that ON Semiconductor Corporation will post 2.6 EPS for the current year.

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.