TCW Group Inc. Has $12.03 Million Holdings in ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• TCW Group Inc. increased its stake in ON Semiconductor by 1.8% in the first quarter, owning 295,673 shares worth approximately $12 million.
• ON Semiconductor reported earnings of $0.55 per share for the latest quarter, exceeding analysts' expectations of $0.51, despite a 22.4% decline in revenue year-over-year.
• The stock has received mixed ratings from analysts, with 14 holding a "hold" rating and 13 issuing a "buy" rating, alongside a consensus price target of $58.73.

TCW Group Inc. grew its position in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 1.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 295,673 shares of the semiconductor company's stock after purchasing an additional 5,277 shares during the period. TCW Group Inc. owned approximately 0.07% of ON Semiconductor worth $12,031,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ON. Norges Bank purchased a new stake in shares of ON Semiconductor during the fourth quarter worth $378,312,000. Baillie Gifford & Co. acquired a new stake in shares of ON Semiconductor during the first quarter worth about $219,001,000. Pacer Advisors Inc. boosted its stake in shares of ON Semiconductor by 2,735.5% during the first quarter. Pacer Advisors Inc. now owns 2,146,221 shares of the semiconductor company's stock worth $87,330,000 after buying an additional 2,070,529 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of ON Semiconductor by 26.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,061,245 shares of the semiconductor company's stock worth $203,462,000 after buying an additional 1,055,461 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in ON Semiconductor by 9.2% in the 4th quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company's stock valued at $780,387,000 after purchasing an additional 1,041,989 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. KeyCorp raised their price objective on ON Semiconductor from $50.00 to $65.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Loop Capital lowered their target price on shares of ON Semiconductor from $65.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Mizuho boosted their price objective on shares of ON Semiconductor from $60.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Morgan Stanley assumed coverage on shares of ON Semiconductor in a research note on Monday, May 12th. They set an "equal weight" rating and a $39.00 price objective for the company. Finally, TD Cowen lifted their target price on shares of ON Semiconductor from $38.00 to $44.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Fourteen equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $56.13.

ON Semiconductor Stock Down 3.1%

Shares of ON traded down $1.83 during mid-day trading on Thursday, hitting $56.22. 3,986,595 shares of the company's stock were exchanged, compared to its average volume of 9,869,770. The firm has a fifty day moving average of $53.24 and a two-hundred day moving average of $47.83. ON Semiconductor Corporation has a twelve month low of $31.04 and a twelve month high of $79.45. The stock has a market cap of $23.50 billion, a price-to-earnings ratio of 39.03, a P/E/G ratio of 4.80 and a beta of 1.43. The company has a quick ratio of 3.32, a current ratio of 4.95 and a debt-to-equity ratio of 0.42.

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