NuWave Investment Management LLC Purchases New Position in ON Semiconductor Corp (NASDAQ:ON)

NuWave Investment Management LLC purchased a new stake in ON Semiconductor Corp (NASDAQ:ONGet Rating) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,506 shares of the semiconductor company’s stock, valued at approximately $157,000.

A number of other hedge funds also recently made changes to their positions in ON. Tsfg LLC acquired a new stake in ON Semiconductor in the 4th quarter valued at $27,000. IronBridge Private Wealth LLC bought a new position in ON Semiconductor in the 4th quarter valued at $27,000. Allworth Financial LP raised its position in ON Semiconductor by 265.6% in the 4th quarter. Allworth Financial LP now owns 457 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 332 shares during the last quarter. Johnson Financial Group Inc. bought a new position in ON Semiconductor in the 4th quarter valued at $44,000. Finally, CWM LLC bought a new position in ON Semiconductor in the 4th quarter valued at $46,000. 92.86% of the stock is currently owned by institutional investors and hedge funds.

In related news, EVP Vince Craig Hopkin sold 6,296 shares of the stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $52.10, for a total value of $328,021.60. Following the completion of the transaction, the executive vice president now directly owns 169,073 shares of the company’s stock, valued at $8,808,703.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul Anthony Mascarenas sold 20,000 shares of the stock in a transaction dated Monday, March 28th. The stock was sold at an average price of $65.00, for a total transaction of $1,300,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,378 shares of company stock valued at $1,632,409. 0.40% of the stock is currently owned by company insiders.

ON has been the subject of a number of recent research reports. Wells Fargo & Company upgraded ON Semiconductor from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $58.00 to $65.00 in a research report on Wednesday, May 11th. StockNews.com initiated coverage on ON Semiconductor in a research report on Thursday, March 31st. They set a “buy” rating for the company. Morgan Stanley dropped their target price on ON Semiconductor from $60.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, June 10th. Deutsche Bank Aktiengesellschaft dropped their target price on ON Semiconductor from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, April 20th. Finally, Truist Financial dropped their target price on ON Semiconductor from $73.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, April 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.68.

NASDAQ ON opened at $51.01 on Thursday. The company has a 50-day simple moving average of $56.29 and a two-hundred day simple moving average of $59.58. The company has a quick ratio of 1.83, a current ratio of 2.79 and a debt-to-equity ratio of 0.60. ON Semiconductor Corp has a 12-month low of $34.01 and a 12-month high of $71.25. The firm has a market cap of $22.16 billion, a price-to-earnings ratio of 15.65 and a beta of 1.72.

ON Semiconductor (NASDAQ:ONGet Rating) last posted its quarterly earnings results on Monday, May 2nd. The semiconductor company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.17. The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.91 billion. ON Semiconductor had a net margin of 20.13% and a return on equity of 38.08%. The company’s revenue was up 31.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 earnings per share. Equities analysts expect that ON Semiconductor Corp will post 4.91 earnings per share for the current fiscal year.

About ON Semiconductor (Get Rating)

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.

Further Reading

Institutional Ownership by Quarter for ON Semiconductor (NASDAQ:ON)

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