ON Semiconductor Corporation (NASDAQ:ON) Holdings Lowered by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in ON Semiconductor by selling 10,837 shares, retaining ownership of 51,124,466 shares, equivalent to 12.23% worth approximately $2.08 billion.
• Institutional investors such as Janus Henderson Group and Allspring Global Investments increased their stakes in ON Semiconductor, signifying ongoing interest in the company.
• ON Semiconductor's recent earnings report revealed a missed earnings estimate of $0.53 per share compared to the expected $0.54, alongside a year-over-year revenue decline of 15.4%.

Vanguard Group Inc. reduced its stake in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 0.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 51,124,466 shares of the semiconductor company's stock after selling 10,837 shares during the period. Vanguard Group Inc. owned approximately 12.23% of ON Semiconductor worth $2,080,255,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Janus Henderson Group PLC boosted its stake in shares of ON Semiconductor by 9.2% during the fourth quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company's stock valued at $780,387,000 after acquiring an additional 1,041,989 shares during the last quarter. Baillie Gifford & Co. acquired a new position in shares of ON Semiconductor in the 1st quarter valued at about $219,001,000. Allspring Global Investments Holdings LLC lifted its stake in shares of ON Semiconductor by 26.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,061,245 shares of the semiconductor company's stock valued at $203,462,000 after purchasing an additional 1,055,461 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of ON Semiconductor by 18.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company's stock valued at $316,195,000 after purchasing an additional 771,610 shares in the last quarter. Finally, Capital International Investors lifted its position in ON Semiconductor by 0.7% during the 4th quarter. Capital International Investors now owns 4,214,441 shares of the semiconductor company's stock worth $265,737,000 after acquiring an additional 31,365 shares in the last quarter. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Needham & Company LLC boosted their price target on ON Semiconductor from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. KGI Securities assumed coverage on ON Semiconductor in a research report on Friday, May 23rd. They set a "neutral" rating on the stock. Bank of America reissued a "neutral" rating and set a $56.00 price target (down from $70.00) on shares of ON Semiconductor in a research report on Tuesday, August 5th. KeyCorp boosted their price target on ON Semiconductor from $50.00 to $65.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company reduced their price target on ON Semiconductor from $65.00 to $62.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 5th. Fifteen analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $56.84.

ON Semiconductor Stock Performance

Shares of NASDAQ ON traded up $2.91 during trading on Tuesday, reaching $50.01. The stock had a trading volume of 13,409,411 shares, compared to its average volume of 10,992,372. The stock has a market cap of $20.45 billion, a PE ratio of 46.74, a P/E/G ratio of 2.35 and a beta of 1.45. The firm's 50 day moving average price is $54.48 and its two-hundred day moving average price is $47.44. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.37 and a current ratio of 5.02. ON Semiconductor Corporation has a one year low of $31.04 and a one year high of $78.61.

ON Semiconductor (NASDAQ:ON - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.01). ON Semiconductor had a return on equity of 15.33% and a net margin of 7.28%. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same period in the previous year, the company posted $0.96 EPS. The company's revenue for the quarter was down 15.4% compared to the same quarter last year. On average, research analysts forecast that ON Semiconductor Corporation will post 2.6 earnings per share for the current fiscal year.

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.