Equitable Trust Co. Boosts Holdings in ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• Equitable Trust Co. significantly increased its holdings in ON Semiconductor by 154.4%, acquiring an additional 37,886 shares in Q1, bringing its total to 62,431 shares valued at $2.54 million.
• Multiple hedge funds, including Baillie Gifford & Co., also made considerable investments, with some **increases** in holdings by up to 2,735.5%, indicating strong institutional interest in ON Semiconductor.
• ON Semiconductor's recent earnings report revealed an EPS of $0.55, surpassing consensus estimates and demonstrating a 9.51% net margin, although revenue decreased by 22.4% year-over-year.

Equitable Trust Co. raised its position in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 154.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,431 shares of the semiconductor company's stock after purchasing an additional 37,886 shares during the quarter. Equitable Trust Co.'s holdings in ON Semiconductor were worth $2,540,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Baillie Gifford & Co. acquired a new position in ON Semiconductor in the 1st quarter valued at approximately $219,001,000. Pacer Advisors Inc. lifted its holdings in shares of ON Semiconductor by 2,735.5% in the first quarter. Pacer Advisors Inc. now owns 2,146,221 shares of the semiconductor company's stock valued at $87,330,000 after purchasing an additional 2,070,529 shares in the last quarter. Assetmark Inc. increased its position in ON Semiconductor by 7.2% during the first quarter. Assetmark Inc. now owns 84,165 shares of the semiconductor company's stock worth $3,425,000 after buying an additional 5,670 shares during the last quarter. Avantax Advisory Services Inc. grew its position in shares of ON Semiconductor by 4.8% in the first 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 during the last quarter. Finally, Unison Advisors LLC bought a new stake in shares of ON Semiconductor in the first quarter valued at approximately $2,116,000. Hedge funds and other institutional investors own 97.70% of the company's stock.

Wall Street Analyst Weigh In

ON has been the subject of several recent analyst reports. KeyCorp upped their target price on ON Semiconductor from $50.00 to $65.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. KGI Securities initiated coverage on ON Semiconductor in a research report on Friday, May 23rd. They issued a "neutral" rating for the company. Cantor Fitzgerald initiated coverage on ON Semiconductor in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $55.00 target price for the company. The Goldman Sachs Group initiated coverage on ON Semiconductor in a research report on Thursday, July 10th. They issued a "neutral" rating and a $60.00 target price for the company. Finally, Needham & Company LLC decreased their price objective on ON Semiconductor from $57.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Fourteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $58.73.

ON Semiconductor Price Performance

ON stock traded up $0.25 during mid-day trading on Wednesday, hitting $58.63. The company had a trading volume of 2,366,632 shares, compared to its average volume of 9,877,156. The company has a market capitalization of $24.50 billion, a price-to-earnings ratio of 40.71, a P/E/G ratio of 4.82 and a beta of 1.43. ON Semiconductor Corporation has a 12-month low of $31.04 and a 12-month high of $79.45. 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 company has a 50-day moving average price of $52.67 and a 200 day moving average price of $47.69.

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. ON Semiconductor had a net margin of 9.51% and a return on equity of 17.40%. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm posted $1.08 EPS. The business's quarterly revenue was down 22.4% on a year-over-year basis. On average, research analysts anticipate that ON Semiconductor Corporation will post 2.6 earnings per share for the current 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.