Todd Asset Management LLC Sells 432,527 Shares of ON Semiconductor Corporation (NASDAQ:ON)

Key Points

• Todd Asset Management LLC has sold 432,527 shares of ON Semiconductor, reducing its holdings by 93.2% to 31,660 shares, valued at approximately $1.29 million.
• Several brokerages have recently revised their price targets for ON Semiconductor, with UBS Group lowering its target from $55.00 to $50.00 while Roth Capital raised it to $70.00 with a "buy" rating.
• ON Semiconductor's latest earnings report showed a decrease of 15.4% in revenue year-over-year, with an earnings per share of $0.53, slightly missing analysts' expectations.

Todd Asset Management LLC lowered its stake in ON Semiconductor Corporation (NASDAQ:ON - Free Report) by 93.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,660 shares of the semiconductor company's stock after selling 432,527 shares during the period. Todd Asset Management LLC's holdings in ON Semiconductor were worth $1,288,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Costello Asset Management INC purchased a new position in shares of ON Semiconductor during the 1st quarter valued at $26,000. Golden State Wealth Management LLC boosted its holdings in ON Semiconductor by 83.3% in the first quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 320 shares in the last quarter. Elequin Capital LP boosted its holdings in ON Semiconductor by 108.3% in the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 274 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in ON Semiconductor in the first quarter worth $41,000. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in 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 in the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

ON Semiconductor Stock Down 1.0%

Shares of NASDAQ ON traded down $0.53 during midday trading on Friday, hitting $51.09. The stock had a trading volume of 7,498,362 shares, compared to its average volume of 10,053,326. The business's 50 day moving average is $54.55 and its 200-day moving average is $47.46. The company has a market cap of $20.89 billion, a P/E ratio of 47.75, a PEG ratio of 2.58 and a beta of 1.45. ON Semiconductor Corporation has a 52 week low of $31.04 and a 52 week high of $78.61. The company has a quick ratio of 3.37, a current ratio of 5.02 and a debt-to-equity ratio of 0.42.

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

Analyst Ratings Changes

ON has been the subject of a number of research analyst reports. Stifel Nicolaus upped their price objective on shares of ON Semiconductor from $42.00 to $50.00 and gave the company a "hold" rating in a research report on Friday, July 18th. Mizuho lifted their price target on shares of ON Semiconductor from $60.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Truist Financial boosted their price objective on shares of ON Semiconductor from $43.00 to $49.00 and gave the company a "hold" rating in a research report on Tuesday, August 5th. Roth Capital reaffirmed a "buy" rating and issued a $70.00 price objective (up from $50.00) on shares of ON Semiconductor in a research report on Tuesday, June 17th. Finally, Piper Sandler reissued an "overweight" rating on shares of ON Semiconductor in a research report on Monday, August 4th. Fifteen research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $56.84.

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.