Skandinaviska Enskilda Banken AB publ Decreases Stake in ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its stake in ON Semiconductor by 11.7%, selling 19,217 shares and holding a total of 144,646 shares valued at approximately $5,887,000.
• Multiple hedge funds are actively altering their positions, with Teacher Retirement System of Texas increasing its stake by an astounding 1,453.0% during the first quarter.
• Analysts have varying price targets for ON Semiconductor, with KeyCorp raising its target from $50.00 to $65.00, while others have decreased their targets, indicating a mixed outlook for the stock.

Skandinaviska Enskilda Banken AB publ reduced its holdings in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 11.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 144,646 shares of the semiconductor company's stock after selling 19,217 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in ON Semiconductor were worth $5,887,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Golden State Wealth Management LLC increased its position in shares of ON Semiconductor by 83.3% during the first quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock valued at $29,000 after buying an additional 320 shares during the period. Elequin Capital LP lifted its stake in shares of ON Semiconductor by 108.3% in the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock worth $33,000 after buying an additional 274 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in ON Semiconductor during the first quarter valued at approximately $41,000. Pilgrim Partners Asia Pte Ltd bought a new position in ON Semiconductor during the fourth quarter valued at approximately $43,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in ON Semiconductor by 69.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,263 shares of the semiconductor company's stock valued at $51,000 after purchasing an additional 518 shares during the period. 97.70% of the stock is owned by institutional investors.

ON Semiconductor Price Performance

Shares of NASDAQ:ON traded down $1.49 during midday trading on Thursday, hitting $56.56. The company's stock had a trading volume of 3,477,532 shares, compared to its average volume of 9,866,401. The business's 50 day simple moving average is $53.24 and its 200 day simple moving average is $47.83. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.32 and a current ratio of 4.95. The company has a market cap of $23.64 billion, a P/E ratio of 39.35, a price-to-earnings-growth ratio of 4.80 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.

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 for the quarter, beating 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 business had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same period last year, the business earned $1.08 earnings per share. The business's revenue for the quarter was down 22.4% on a year-over-year basis. On average, analysts forecast that ON Semiconductor Corporation will post 2.6 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on ON shares. 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 report on Tuesday, May 6th. UBS Group reaffirmed a "neutral" rating and set a $55.00 target price (up from $45.00) on shares of ON Semiconductor in a research note on Monday, July 7th. Loop Capital dropped their price objective 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. Cantor Fitzgerald assumed coverage on shares of ON Semiconductor in a research note on Wednesday, June 18th. They issued a "neutral" rating and a $55.00 price objective for the company. Finally, Citigroup lifted their price target on shares of ON Semiconductor from $40.00 to $60.00 and gave the stock a "neutral" rating in a research note on Monday, July 7th. Fourteen research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $56.13.

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.