State of Alaska Department of Revenue Has $4.08 Million Holdings in ON Semiconductor Corporation (NASDAQ:ON)

State of Alaska Department of Revenue grew its stake in ON Semiconductor Corporation (NASDAQ:ON) by 34.6% in the 1st quarter, Holdings Channel reports. The institutional investor owned 100,314 shares of the semiconductor company’s stock after buying an additional 25,805 shares during the quarter. State of Alaska Department of Revenue’s holdings in ON Semiconductor were worth $4,081,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Elequin Capital LP boosted its holdings in ON Semiconductor by 108.3% during the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 274 shares during the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new position in ON Semiconductor during the fourth quarter worth $43,000. Plato Investment Management Ltd acquired a new position in ON Semiconductor during the fourth quarter worth $51,000. Rakuten Securities Inc. boosted its holdings in ON Semiconductor by 434.6% during the fourth quarter. Rakuten Securities Inc. now owns 850 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 691 shares during the last quarter. Finally, Quarry LP boosted its holdings in ON Semiconductor by 7,766.7% during the fourth quarter. Quarry LP now owns 944 shares of the semiconductor company’s stock worth $60,000 after purchasing an additional 932 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Stifel Nicolaus cut their price target on shares of ON Semiconductor from $52.00 to $42.00 and set a “hold” rating for the company in a research note on Thursday, April 17th. Citigroup cut their price target on shares of ON Semiconductor from $52.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Robert W. Baird cut their price target on shares of ON Semiconductor from $42.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, May 6th. UBS Group cut their price target on shares of ON Semiconductor from $55.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, April 29th. Finally, Cantor Fitzgerald started coverage on shares of ON Semiconductor in a research note on Wednesday. They issued a “neutral” rating and a $55.00 price target for the company. Thirteen equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.62.

ON Semiconductor Price Performance

NASDAQ:ON opened at $52.82 on Friday. ON Semiconductor Corporation has a 52 week low of $31.04 and a 52 week high of $80.08. The firm has a market cap of $22.07 billion, a price-to-earnings ratio of 36.68, a P/E/G ratio of 4.26 and a beta of 1.39. The firm’s 50-day simple moving average is $43.53 and its 200 day simple moving average is $49.29. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.32 and a current ratio of 4.95.

ON Semiconductor (NASDAQ:ON) last released its quarterly earnings results on Monday, May 5th. The semiconductor company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. ON Semiconductor had a net margin of 9.51% and a return on equity of 17.40%. ON Semiconductor’s revenue for the quarter was down 22.4% compared to the same quarter last year. During the same period last year, the firm earned $1.08 earnings per share. As a group, sell-side analysts predict that ON Semiconductor Corporation will post 2.6 earnings per share for the current year.

About ON Semiconductor

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.