Meeder Asset Management Inc. reduced its position in shares of ON Semiconductor Corp (NASDAQ:ON) by 66.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 30,682 shares of the semiconductor company’s stock after selling 61,897 shares during the quarter. Meeder Asset Management Inc.’s holdings in ON Semiconductor were worth $565,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently bought and sold shares of ON. Comerica Bank grew its stake in ON Semiconductor by 3.4% during the 2nd quarter. Comerica Bank now owns 74,521 shares of the semiconductor company’s stock worth $1,782,000 after buying an additional 2,478 shares during the last quarter. Independent Advisor Alliance grew its stake in ON Semiconductor by 13.9% during the 2nd quarter. Independent Advisor Alliance now owns 20,734 shares of the semiconductor company’s stock worth $285,000 after buying an additional 2,526 shares during the last quarter. Lido Advisors LLC grew its stake in ON Semiconductor by 28.0% during the 2nd quarter. Lido Advisors LLC now owns 12,589 shares of the semiconductor company’s stock worth $279,000 after buying an additional 2,754 shares during the last quarter. Centaurus Financial Inc. grew its stake in ON Semiconductor by 6.1% during the 2nd quarter. Centaurus Financial Inc. now owns 52,124 shares of the semiconductor company’s stock worth $1,159,000 after buying an additional 2,999 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its stake in ON Semiconductor by 10.8% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 33,363 shares of the semiconductor company’s stock worth $742,000 after buying an additional 3,242 shares during the last quarter. 90.36% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ:ON opened at $17.88 on Friday. ON Semiconductor Corp has a 1 year low of $14.55 and a 1 year high of $27.10. The firm has a market capitalization of $7.75 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 0.75 and a beta of 2.00. The company has a quick ratio of 1.44, a current ratio of 2.36 and a debt-to-equity ratio of 0.82.
ON Semiconductor (NASDAQ:ON) last released its quarterly earnings results on Sunday, October 28th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.07. ON Semiconductor had a return on equity of 25.97% and a net margin of 17.24%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the prior year, the business posted $0.44 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, sell-side analysts predict that ON Semiconductor Corp will post 1.9 earnings per share for the current year.
ON has been the subject of a number of recent research reports. Nomura initiated coverage on ON Semiconductor in a research note on Wednesday, July 18th. They set a “buy” rating and a $30.00 price objective for the company. Zacks Investment Research upgraded ON Semiconductor from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Tuesday, July 24th. Mizuho restated a “buy” rating and set a $27.00 price objective on shares of ON Semiconductor in a research note on Monday, July 30th. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of ON Semiconductor in a research note on Monday, July 30th. Finally, B. Riley upped their price objective on ON Semiconductor from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Three analysts have rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $24.57.
In other news, Director Paul Anthony Mascarenas sold 9,100 shares of the stock in a transaction on Friday, September 28th. The stock was sold at an average price of $18.16, for a total value of $165,256.00. Following the completion of the transaction, the director now owns 57,104 shares of the company’s stock, valued at $1,037,008.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Bernard Raymond Colpitts, Jr. sold 1,214 shares of the company’s stock in a transaction on Monday, August 13th. The shares were sold at an average price of $21.44, for a total value of $26,028.16. Following the completion of the sale, the insider now owns 18,357 shares of the company’s stock, valued at approximately $393,574.08. The disclosure for this sale can be found here. In the last three months, insiders sold 39,494 shares of company stock valued at $768,883. Company insiders own 1.60% of the company’s stock.
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About ON Semiconductor
ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. It operates through three segments: Power Solutions Group, Analog Solutions Group, and Image Sensor Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor products for various applications, such as power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage reference.
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