Oppenheimer & Co. Inc. Sells 14,451 Shares of ON Semiconductor Corporation (NASDAQ:ON)

Oppenheimer & Co. Inc. reduced its position in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 51.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,770 shares of the semiconductor company's stock after selling 14,451 shares during the period. Oppenheimer & Co. Inc.'s holdings in ON Semiconductor were worth $560,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in ON. Elequin Capital LP grew its position in ON Semiconductor by 108.3% in the 4th quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 274 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of ON Semiconductor in the fourth quarter worth $43,000. Plato Investment Management Ltd purchased a new stake in ON Semiconductor during the fourth quarter valued at $51,000. Rakuten Securities Inc. lifted its holdings in ON Semiconductor by 434.6% in the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company's stock valued at $54,000 after acquiring an additional 691 shares during the period. Finally, Quarry LP boosted its position in ON Semiconductor by 7,766.7% in the fourth quarter. Quarry LP now owns 944 shares of the semiconductor company's stock worth $60,000 after purchasing an additional 932 shares during the last quarter. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

ON Semiconductor Trading Up 4.4%

Shares of NASDAQ:ON traded up $2.35 during trading on Wednesday, reaching $55.95. The company's stock had a trading volume of 10,422,462 shares, compared to its average volume of 8,292,968. The stock has a market capitalization of $23.38 billion, a PE ratio of 38.85, a price-to-earnings-growth ratio of 4.42 and a beta of 1.43. ON Semiconductor Corporation has a 12 month low of $31.04 and a 12 month high of $80.08. The company has a current ratio of 4.95, a quick ratio of 3.32 and a debt-to-equity ratio of 0.42. The firm's 50 day simple moving average is $46.10 and its two-hundred day simple moving average is $48.52.

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, beating the consensus estimate of $0.51 by $0.04. The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The company's revenue for the quarter was down 22.4% on a year-over-year basis. During the same period last year, the company earned $1.08 EPS. On average, research analysts predict that ON Semiconductor Corporation will post 2.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of ON Semiconductor from $60.00 to $48.00 and set a "neutral" rating for the company in a research report on Tuesday, May 6th. Stifel Nicolaus cut their price objective on shares of ON Semiconductor from $52.00 to $42.00 and set a "hold" rating for the company in a research report on Thursday, April 17th. UBS Group reduced their price target on ON Semiconductor from $55.00 to $40.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th. Cantor Fitzgerald assumed coverage on shares of ON Semiconductor in a research note on Wednesday, June 18th. They set a "neutral" rating and a $55.00 target price on the stock. Finally, KeyCorp dropped their target price on shares of ON Semiconductor from $60.00 to $55.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Thirteen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $56.08.

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.