Raymond James Trust N.A. reduced its position in shares of ON Semiconductor Corporation (NASDAQ:ON – Get Rating) by 18.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,257 shares of the semiconductor company’s stock after selling 966 shares during the period. Raymond James Trust N.A.’s holdings in ON Semiconductor were worth $265,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its holdings in ON Semiconductor by 188.7% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 3,309,872 shares of the semiconductor company’s stock valued at $206,305,000 after buying an additional 2,163,419 shares during the period. Artisan Partners Limited Partnership raised its holdings in ON Semiconductor by 12.5% in the 3rd quarter. Artisan Partners Limited Partnership now owns 14,869,886 shares of the semiconductor company’s stock valued at $926,840,000 after buying an additional 1,656,105 shares during the period. Vanguard Group Inc. raised its holdings in ON Semiconductor by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 41,662,400 shares of the semiconductor company’s stock valued at $2,608,483,000 after buying an additional 1,494,114 shares during the period. Prudential Financial Inc. raised its holdings in ON Semiconductor by 2,051.5% in the 1st quarter. Prudential Financial Inc. now owns 1,326,098 shares of the semiconductor company’s stock valued at $83,028,000 after buying an additional 1,264,461 shares during the period. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in ON Semiconductor in the 3rd quarter valued at about $66,824,000. 96.84% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several brokerages recently issued reports on ON. Piper Sandler boosted their price objective on shares of ON Semiconductor from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, January 27th. Morgan Stanley boosted their price target on shares of ON Semiconductor from $70.40 to $89.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 7th. Needham & Company LLC reiterated a “strong-buy” rating and set a $100.00 price target on shares of ON Semiconductor in a research note on Friday, March 10th. B. Riley boosted their price target on shares of ON Semiconductor from $80.00 to $105.00 in a research note on Monday, February 6th. Finally, Craig Hallum boosted their price target on shares of ON Semiconductor from $75.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, February 7th. Seven investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ON Semiconductor presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.84.
ON Semiconductor Stock Performance
ON Semiconductor (NASDAQ:ON – Get Rating) last posted its quarterly earnings data on Monday, February 6th. The semiconductor company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.05. The business had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.08 billion. ON Semiconductor had a return on equity of 42.09% and a net margin of 22.85%. The company’s revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.09 earnings per share. Research analysts predict that ON Semiconductor Corporation will post 4.42 EPS for the current fiscal year.
ON Semiconductor declared that its board has initiated a stock buyback program on Monday, February 6th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 8.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Insider Activity
In related news, CEO Hassane El-Khoury sold 5,000 shares of the stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $79.18, for a total transaction of $395,900.00. Following the completion of the sale, the chief executive officer now directly owns 606,212 shares of the company’s stock, valued at $47,999,866.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Simon Keeton sold 4,000 shares of the stock in a transaction on Thursday, February 2nd. The stock was 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 directly owns 209,781 shares of the company’s stock, valued at $16,782,480. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hassane El-Khoury sold 5,000 shares of the stock in a transaction 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 of the company’s stock, valued at $47,999,866.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,000 shares of company stock valued at $1,101,400. 0.27% of the stock is currently owned by company insiders.
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.
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