PNC Financial Services Group Inc. Sells 12,876 Shares of ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• PNC Financial Services Group Inc. reduced its stake in ON Semiconductor Corporation by 14.7% during Q1, now holding 74,903 shares worth approximately $3.05 million.
• Several institutional investors have made significant moves, with Baillie Gifford & Co. acquiring a new position worth about $219 million and Pacer Advisors Inc. increasing its stake by a staggering 2,735.5%.
• ON Semiconductor's recent earnings report showed a decline in EPS to $0.53, missing estimates, while revenues decreased by 15.4% year-over-year.

PNC Financial Services Group Inc. reduced its stake in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 14.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 74,903 shares of the semiconductor company's stock after selling 12,876 shares during the quarter. PNC Financial Services Group Inc.'s holdings in ON Semiconductor were worth $3,048,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Elequin Capital LP increased its holdings in shares of ON Semiconductor by 108.3% in the 4th quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 274 shares during the period. Golden State Wealth Management LLC raised its stake in ON Semiconductor by 83.3% during the first quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock worth $29,000 after acquiring an additional 320 shares in the last quarter. Quarry LP raised its stake in ON Semiconductor by 7,766.7% during the fourth quarter. Quarry LP now owns 944 shares of the semiconductor company's stock worth $60,000 after acquiring an additional 932 shares in the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of ON Semiconductor in the first quarter valued at $41,000. Finally, Kayne Anderson Rudnick Investment Management LLC increased its position in ON Semiconductor by 3,005.9% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,056 shares of the semiconductor company's stock worth $67,000 after purchasing an additional 1,022 shares during the period. 97.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ON. Bank of America reiterated a "neutral" rating and set a $56.00 price objective (down previously from $70.00) on shares of ON Semiconductor in a report on Tuesday, August 5th. Wells Fargo & Company reduced their price target on ON Semiconductor from $65.00 to $62.00 and set an "overweight" rating for the company in a research note on Tuesday, August 5th. B. Riley restated a "neutral" rating on shares of ON Semiconductor in a research report on Tuesday, August 5th. Mizuho upped their target price on ON Semiconductor from $60.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Finally, Citigroup decreased their price target on ON Semiconductor from $60.00 to $54.00 and set a "neutral" rating for the company in a research note on Tuesday, August 5th. Fifteen equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $56.84.

ON Semiconductor Stock Performance

NASDAQ:ON traded up $0.07 during trading hours on Friday, reaching $47.66. The stock had a trading volume of 7,812,574 shares, compared to its average volume of 10,829,576. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.32 and a current ratio of 5.02. The stock has a 50 day simple moving average of $54.34 and a 200 day simple moving average of $47.54. ON Semiconductor Corporation has a 12-month low of $31.04 and a 12-month high of $78.61. The stock has a market cap of $19.49 billion, a P/E ratio of 44.54, a price-to-earnings-growth ratio of 2.37 and a beta of 1.45.

ON Semiconductor (NASDAQ:ON - Get Free Report) last posted its quarterly earnings data 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). The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.45 billion. ON Semiconductor had a net margin of 7.28% and a return on equity of 15.33%. ON Semiconductor's quarterly revenue was down 15.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.96 EPS. On average, research analysts forecast that ON Semiconductor Corporation will post 2.6 EPS for the current fiscal 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.