Sowell Financial Services LLC Makes New Investment in ON Semiconductor Corporation (NASDAQ:ON)

Sowell Financial Services LLC bought a new stake in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 5,445 shares of the semiconductor company's stock, valued at approximately $222,000.

Other hedge funds have also recently made changes to their positions in the company. Elequin Capital LP grew its position in shares of ON Semiconductor by 108.3% during the 4th quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 274 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of ON Semiconductor during the 1st quarter valued at $41,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of ON Semiconductor during the 4th quarter valued at $43,000. Plato Investment Management Ltd bought a new stake in ON Semiconductor in the 4th quarter valued at $51,000. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in ON Semiconductor by 69.5% in the 1st 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 in the last quarter. 97.70% of the stock is owned by institutional investors.

ON Semiconductor Trading Up 1.1%

Shares of ON stock opened at $52.82 on Monday. The firm has a market capitalization of $22.07 billion, a P/E ratio of 36.68, a price-to-earnings-growth ratio of 4.31 and a beta of 1.39. ON Semiconductor Corporation has a 1 year low of $31.04 and a 1 year high of $80.08. The firm's fifty day simple moving average is $43.53 and its 200 day simple moving average is $49.05. The company has a current ratio of 4.95, a quick ratio of 3.32 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 analysts' consensus estimates 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%. The firm's revenue for the quarter was down 22.4% compared to the same quarter last year. During the same period last year, the firm earned $1.08 EPS. As a group, sell-side analysts predict that ON Semiconductor Corporation will post 2.6 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ON. Robert W. Baird cut their target price on ON Semiconductor from $42.00 to $34.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. Needham & Company LLC decreased their price target on shares of ON Semiconductor from $57.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. B. Riley restated a "neutral" rating and set a $56.00 price target (up previously from $40.00) on shares of ON Semiconductor in a research note on Wednesday, June 18th. KeyCorp decreased their price target 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. Finally, TD Cowen lifted their price objective on shares of ON Semiconductor from $38.00 to $44.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Thirteen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $55.62.

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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