Principal Financial Group Inc. Has $19.32 Million Stock Position in ON Semiconductor Corporation (NASDAQ:ON)

Principal Financial Group Inc. cut its stake in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 474,881 shares of the semiconductor company's stock after selling 10,659 shares during the period. Principal Financial Group Inc. owned about 0.11% of ON Semiconductor worth $19,323,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC increased its holdings 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 worth $29,000 after buying an additional 320 shares in the last quarter. Elequin Capital LP increased its holdings in shares of ON Semiconductor by 108.3% during 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 acquired a new position in shares of ON Semiconductor during the first quarter worth $41,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of ON Semiconductor in the fourth quarter worth $43,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of ON Semiconductor by 69.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,263 shares of the semiconductor company's stock worth $51,000 after purchasing an additional 518 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors and hedge funds.

ON Semiconductor Stock Up 3.0%

ON Semiconductor stock opened at $59.52 on Friday. ON Semiconductor Corporation has a twelve month low of $31.04 and a twelve month high of $80.08. The firm has a 50 day moving average price of $48.60 and a 200-day moving average price of $48.21. The company has a market capitalization of $24.87 billion, a P/E ratio of 41.33, a P/E/G ratio of 4.76 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 released its quarterly earnings data on Monday, May 5th. The semiconductor company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.51 by $0.04. The company 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 revenue for the quarter was down 22.4% on a year-over-year basis. During the same period last year, the firm earned $1.08 EPS. As a group, equities analysts predict that ON Semiconductor Corporation will post 2.6 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ON shares. Roth Capital reissued a "buy" rating and issued a $70.00 price objective (up previously from $50.00) on shares of ON Semiconductor in a research note on Tuesday, June 17th. Loop Capital reduced their price objective on shares of ON Semiconductor from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Stifel Nicolaus reduced their price objective on shares of ON Semiconductor from $52.00 to $42.00 and set a "hold" rating on the stock in a research note on Thursday, April 17th. The Goldman Sachs Group began coverage on shares of ON Semiconductor in a research report on Thursday. They set a "neutral" rating and a $60.00 price target on the stock. Finally, Robert W. Baird cut their price target on shares of ON Semiconductor from $42.00 to $34.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. Fourteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $57.65.

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.

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