Sumitomo Mitsui Trust Holdings Inc. Reduces Holdings in ON Semiconductor Corporation (NASDAQ:ON)

Posted by Defense World Staff on Apr 14th, 2023

Sumitomo Mitsui Trust Holdings Inc. lessened its position in shares of ON Semiconductor Corporation (NASDAQ:ON – Get Rating) by 1.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,506,429 shares of the semiconductor company’s stock after selling 19,751 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.35% of ON Semiconductor worth $93,956,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ON. Godsey & Gibb Inc. purchased a new stake in ON Semiconductor during the 4th quarter worth about $25,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in ON Semiconductor during the 3rd quarter worth about $30,000. Mizuho Securities Co. Ltd. purchased a new stake in ON Semiconductor during the 3rd quarter worth about $37,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in ON Semiconductor during the 4th quarter worth about $37,000. Finally, First National Bank of South Miami purchased a new stake in ON Semiconductor during the 4th quarter worth about $45,000. Hedge funds and other institutional investors own 96.84% of the company’s stock.

Analyst Upgrades and Downgrades

ON has been the topic of a number of recent research reports. Mizuho increased their price objective on ON Semiconductor from $72.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, February 7th. Rosenblatt Securities raised their price target on ON Semiconductor from $75.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, February 7th. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $100.00 price target on shares of ON Semiconductor in a report on Friday, March 10th. Raymond James cut ON Semiconductor from an “outperform” rating to a “market perform” rating in a report on Thursday, March 2nd. They noted that the move was a valuation call. Finally, William Blair cut ON Semiconductor from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 10th. Seven analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.84.

ON Semiconductor Price Performance

ON opened at $77.59 on Friday. The stock’s 50 day simple moving average is $79.84 and its 200 day simple moving average is $71.33. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.78 and a quick ratio of 2.00. ON Semiconductor Corporation has a 1 year low of $44.76 and a 1 year high of $87.55. The firm has a market cap of $33.49 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 4.78 and a beta of 1.75.

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

ON Semiconductor declared that its board has approved a share buyback plan on Monday, February 6th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the semiconductor company to buy up to 8.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

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

ON Semiconductor Profile

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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.