Swiss National Bank Has $48.87 Million Holdings in ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• The Swiss National Bank reduced its holdings in ON Semiconductor by 0.8%, owning 1,200,900 shares valued at approximately $48.87 million after selling 9,200 shares during the first quarter.
• Recent analyst ratings indicate a mixture of optimism and caution, with firms like Needham & Company raising the price target to $58 and others, such as Bank of America, lowering it from $70 to $56, affecting the average target price to $56.84.
• ON Semiconductor reported quarterly earnings of $0.53 per share, slightly below analysts' expectations, with a 15.4% decline in revenue year-over-year.

Swiss National Bank reduced its position in shares of ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 0.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,200,900 shares of the semiconductor company's stock after selling 9,200 shares during the quarter. Swiss National Bank owned approximately 0.29% of ON Semiconductor worth $48,865,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Costello Asset Management INC bought a new position in shares of ON Semiconductor in the 1st quarter worth about $26,000. Golden State Wealth Management LLC grew its position in ON Semiconductor by 83.3% during the 1st quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock valued at $29,000 after purchasing an additional 320 shares during the last quarter. Elequin Capital LP grew its position in 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 purchasing an additional 274 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in ON Semiconductor during the 1st quarter valued at about $41,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in ON Semiconductor by 69.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,263 shares of the semiconductor company's stock valued at $51,000 after purchasing an additional 518 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ON has been the subject of several research reports. KeyCorp increased their price objective on shares of ON Semiconductor from $50.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group initiated coverage on shares of ON Semiconductor in a research note on Thursday, July 10th. They set a "neutral" rating and a $60.00 price objective for the company. KGI Securities initiated coverage on shares of ON Semiconductor in a research note on Friday, May 23rd. They set a "neutral" rating for the company. Wells Fargo & Company lowered their target price on shares of ON Semiconductor from $65.00 to $62.00 and set an "overweight" rating for the company in a research note on Tuesday, August 5th. Finally, Rosenblatt Securities lowered their target price on shares of ON Semiconductor from $55.00 to $50.00 and set a "neutral" rating for the company in a research note on Tuesday, August 5th. Fifteen analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, ON Semiconductor presently has an average rating of "Hold" and a consensus target price of $56.84.

ON Semiconductor Stock Down 0.4%

NASDAQ ON traded down $0.20 during mid-day trading on Thursday, reaching $51.70. 5,428,964 shares of the company's stock traded hands, compared to its average volume of 10,076,170. ON Semiconductor Corporation has a 1-year low of $31.04 and a 1-year high of $78.61. The company has a fifty day simple moving average of $54.51 and a 200-day simple moving average of $47.47. The company has a current ratio of 5.02, a quick ratio of 3.37 and a debt-to-equity ratio of 0.42. The company has a market cap of $21.14 billion, a price-to-earnings ratio of 48.31, a P/E/G ratio of 2.49 and a beta of 1.45.

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