New York State Teachers Retirement System Has $29.85 Million Stock Position in ON Semiconductor Corporation (NASDAQ:ON)

Posted by Defense World Staff on Apr 12th, 2023

New York State Teachers Retirement System increased its position in shares of ON Semiconductor Corporation (NASDAQ:ON – Get Rating) by 7.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 478,523 shares of the semiconductor company’s stock after purchasing an additional 34,005 shares during the period. New York State Teachers Retirement System owned about 0.11% of ON Semiconductor worth $29,845,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. HighTower Advisors LLC boosted its holdings in ON Semiconductor by 3.2% during the first quarter. HighTower Advisors LLC now owns 27,412 shares of the semiconductor company’s stock valued at $1,716,000 after purchasing an additional 845 shares in the last quarter. MetLife Investment Management LLC bought a new position in shares of ON Semiconductor during the first quarter valued at $1,171,000. Yousif Capital Management LLC boosted its stake in shares of ON Semiconductor by 4.2% in the 1st quarter. Yousif Capital Management LLC now owns 9,877 shares of the semiconductor company’s stock valued at $618,000 after purchasing an additional 395 shares in the last quarter. Raymond James Trust N.A. grew its holdings in shares of ON Semiconductor by 15.4% in the 1st quarter. Raymond James Trust N.A. now owns 5,938 shares of the semiconductor company’s stock worth $372,000 after purchasing an additional 793 shares during the last quarter. Finally, Blair William & Co. IL increased its position in shares of ON Semiconductor by 22.0% during the 1st quarter. Blair William & Co. IL now owns 4,258 shares of the semiconductor company’s stock worth $267,000 after purchasing an additional 768 shares in the last quarter. 96.84% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Simon Keeton sold 4,000 shares of the company’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $80.00, for a total value of $320,000.00. Following the completion of the transaction, the executive vice president now directly owns 209,781 shares of the company’s stock, valued at approximately $16,782,480. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Hassane El-Khoury sold 5,000 shares of the stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $79.18, for a total transaction of $395,900.00. Following the completion of the transaction, the chief executive officer now owns 606,212 shares in the company, valued at $47,999,866.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Simon Keeton sold 4,000 shares of ON Semiconductor stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $80.00, for a total transaction of $320,000.00. Following the completion of the sale, the executive vice president now owns 209,781 shares in the company, valued at $16,782,480. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

ON Semiconductor Stock Down 0.6 %

ON Semiconductor stock opened at $77.22 on Wednesday. ON Semiconductor Corporation has a fifty-two week low of $44.76 and a fifty-two week high of $87.55. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.78 and a quick ratio of 2.00. The firm has a market capitalization of $33.36 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 4.64 and a beta of 1.75. The company’s 50 day simple moving average is $79.96 and its 200 day simple moving average is $71.25.

ON Semiconductor (NASDAQ:ON – Get Rating) last announced its quarterly earnings results on Monday, February 6th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.05. The company had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.08 billion. ON Semiconductor had a net margin of 22.85% and a return on equity of 42.09%. The firm’s revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.09 EPS. As a group, sell-side analysts anticipate that ON Semiconductor Corporation will post 4.42 EPS for the current year.

ON Semiconductor announced that its board has approved a stock repurchase plan on Monday, February 6th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 8.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ON. Wells Fargo & Company upped their price objective on shares of ON Semiconductor from $75.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 7th. Morgan Stanley raised their price target on ON Semiconductor from $70.40 to $89.00 and gave the company an “equal weight” rating in a report on Tuesday, February 7th. Needham & Company LLC reissued a “strong-buy” rating and issued a $100.00 price objective on shares of ON Semiconductor in a research note on Friday, March 10th. Piper Sandler raised their target price on ON Semiconductor from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, January 27th. Finally, Benchmark upped their price target on shares of ON Semiconductor from $69.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, February 7th. Seven research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.84.

About ON Semiconductor

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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.