Teacher Retirement System of Texas Boosts Position in ON Semiconductor Corporation (NASDAQ:ON)

Teacher Retirement System of Texas boosted its stake in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 1,453.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,274 shares of the semiconductor company's stock after purchasing an additional 58,264 shares during the period. Teacher Retirement System of Texas' holdings in ON Semiconductor were worth $2,534,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Elequin Capital LP increased its stake 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 valued at $33,000 after buying an additional 274 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of ON Semiconductor during the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC increased its stake 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 valued at $29,000 after buying an additional 320 shares during the period. Rakuten Securities Inc. increased its stake in shares of ON Semiconductor by 434.6% during the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company's stock valued at $54,000 after buying an additional 691 shares during the period. Finally, Quarry LP increased its stake in shares of ON Semiconductor by 7,766.7% during the fourth quarter. Quarry LP now owns 944 shares of the semiconductor company's stock valued at $60,000 after buying an additional 932 shares during the period. 97.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ON has been the topic of several research reports. Stifel Nicolaus dropped their price target on ON Semiconductor from $52.00 to $42.00 and set a "hold" rating on the stock in a research report on Thursday, April 17th. Benchmark dropped their price target on ON Semiconductor from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Cantor Fitzgerald initiated coverage on ON Semiconductor in a research report on Wednesday, June 18th. They set a "neutral" rating and a $55.00 price target on the stock. Rosenblatt Securities restated a "neutral" rating and set a $42.00 price target on shares of ON Semiconductor in a research report on Tuesday, May 6th. Finally, Mizuho lifted their price target on ON Semiconductor from $60.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, June 26th. Fourteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $57.65.

ON Semiconductor Stock Performance

Shares of NASDAQ:ON traded down $0.39 during midday trading on Friday, reaching $59.13. 2,613,174 shares of the company's stock traded hands, compared to its average volume of 8,329,310. The company has a market cap of $24.71 billion, a price-to-earnings ratio of 40.99, a P/E/G ratio of 4.76 and a beta of 1.43. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.32 and a current ratio of 4.95. ON Semiconductor Corporation has a one year low of $31.04 and a one year high of $80.08. The stock has a 50 day moving average of $48.60 and a 200 day moving average of $48.21.

ON Semiconductor (NASDAQ:ON - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.04. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The company's quarterly revenue was down 22.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.08 earnings per share. As a group, equities research analysts anticipate that ON Semiconductor Corporation will post 2.6 EPS for the current fiscal year.

ON Semiconductor 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.