ON Semiconductor (NASDAQ:ON) Stock Price Down 1.3% - Here's What Happened

ON Semiconductor Corporation (NASDAQ:ON - Get Free Report) traded down 1.3% on Wednesday . The stock traded as low as $56.80 and last traded at $56.85. 1,792,251 shares traded hands during trading, a decline of 78% from the average session volume of 8,310,605 shares. The stock had previously closed at $57.62.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group started coverage on ON Semiconductor in a research report on Thursday. They issued a "neutral" rating and a $60.00 price objective for the company. Rosenblatt Securities reissued a "neutral" rating and set a $42.00 price objective on shares of ON Semiconductor in a report on Tuesday, May 6th. Loop Capital reduced their target price on ON Semiconductor from $65.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Cantor Fitzgerald initiated coverage on shares of ON Semiconductor in a report on Wednesday, June 18th. They set a "neutral" rating and a $55.00 price objective on the stock. Finally, Needham & Company LLC dropped their target price on ON Semiconductor from $57.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Fourteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, ON Semiconductor presently has a consensus rating of "Hold" and an average target price of $57.65.

ON Semiconductor Stock Performance

The company has a current ratio of 4.95, a quick ratio of 3.32 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $24.87 billion, a price-to-earnings ratio of 41.33, a price-to-earnings-growth ratio of 4.76 and a beta of 1.43. The stock's 50 day moving average is $48.60 and its two-hundred day moving average is $48.21.

ON Semiconductor (NASDAQ:ON - Get Free Report) last released its 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 business 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%. ON Semiconductor's quarterly revenue was down 22.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.08 earnings per share. Analysts expect that ON Semiconductor Corporation will post 2.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ON Semiconductor

Institutional investors and hedge funds have recently modified their holdings of the stock. Moody National Bank Trust Division boosted its position in shares of ON Semiconductor by 1.5% in the second quarter. Moody National Bank Trust Division now owns 11,404 shares of the semiconductor company's stock valued at $598,000 after acquiring an additional 169 shares during the period. Truvestments Capital LLC boosted its holdings in ON Semiconductor by 3.8% in the 4th quarter. Truvestments Capital LLC now owns 5,661 shares of the semiconductor company's stock valued at $357,000 after purchasing an additional 207 shares during the period. Huntington National Bank grew its position in shares of ON Semiconductor by 8.9% during the 4th quarter. Huntington National Bank now owns 3,310 shares of the semiconductor company's stock worth $209,000 after purchasing an additional 271 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 purchasing an additional 274 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. raised its position in shares of ON Semiconductor by 2.3% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,025 shares of the semiconductor company's stock valued at $530,000 after buying an additional 289 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors and hedge funds.

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.