HighTower Advisors LLC Cuts Stock Position in ON Semiconductor Corporation (NASDAQ:ON)

HighTower Advisors LLC decreased its stake in shares of ON Semiconductor Corporation (NASDAQ:ON – Get Rating) by 1.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 25,922 shares of the semiconductor company’s stock after selling 374 shares during the quarter. HighTower Advisors LLC’s holdings in ON Semiconductor were worth $1,609,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV grew its holdings in shares of ON Semiconductor by 12.6% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 104,538 shares of the semiconductor company’s stock valued at $6,520,000 after buying an additional 11,668 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of ON Semiconductor by 12.7% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 125,883 shares of the semiconductor company’s stock worth $7,851,000 after purchasing an additional 14,215 shares in the last quarter. Orion Portfolio Solutions LLC purchased a new position in shares of ON Semiconductor in the fourth quarter worth $265,000. Prospera Financial Services Inc lifted its holdings in shares of ON Semiconductor by 19.8% during the fourth quarter. Prospera Financial Services Inc now owns 28,455 shares of the semiconductor company’s stock valued at $1,775,000 after purchasing an additional 4,693 shares in the last quarter. Finally, Jag Capital Management LLC boosted its position in shares of ON Semiconductor by 20.9% during the fourth quarter. Jag Capital Management LLC now owns 214,681 shares of the semiconductor company’s stock valued at $13,390,000 after buying an additional 37,087 shares during the last quarter. 96.84% of the stock is owned by institutional investors.

ON Semiconductor Stock Up 2.8 %

NASDAQ ON opened at $82.00 on Friday. The stock has a 50 day moving average price of $78.72 and a 200-day moving average price of $74.57. ON Semiconductor Corporation has a one year low of $44.76 and a one year high of $87.55. The company has a market capitalization of $35.42 billion, a P/E ratio of 20.00, a P/E/G ratio of 2.77 and a beta of 1.74. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.51 and a current ratio of 2.22.

ON Semiconductor (NASDAQ:ON – Get Rating) last issued its quarterly earnings data on Monday, May 1st. The semiconductor company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.10. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.93 billion. ON Semiconductor had a net margin of 21.98% and a return on equity of 39.27%. The business’s revenue was up .8% on a year-over-year basis. During the same period last year, the company posted $1.22 EPS. As a group, equities analysts predict that ON Semiconductor Corporation will post 4.85 EPS for the current fiscal year.

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

Insider Buying and Selling at ON Semiconductor

In other news, CEO Hassane El-Khoury sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $77.10, for a total transaction of $385,500.00. Following the transaction, the chief executive officer now owns 601,312 shares of the company’s stock, valued at approximately $46,361,155.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 15,000 shares of company stock worth $1,190,200 over the last ninety days. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Summit Insights upgraded shares of ON Semiconductor from a “hold” rating to a “buy” rating in a research note on Monday, February 6th. Bank of America boosted their target price on shares of ON Semiconductor from $100.00 to $110.00 in a research note on Wednesday, May 17th. Jefferies Financial Group raised their price target on ON Semiconductor from $93.00 to $99.00 in a research note on Wednesday, May 17th. Rosenblatt Securities upped their price objective on ON Semiconductor from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, February 7th. Finally, Truist Financial raised their target price on ON Semiconductor from $83.00 to $93.00 and gave the stock a “buy” rating in a research report on Tuesday, February 7th. Seven equities research 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 stock. According to MarketBeat.com, ON Semiconductor presently has a consensus rating of “Moderate Buy” and an average target price of $91.08.

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.