5,275 Shares in ON Semiconductor Corporation $ON Bought by Corton Capital Inc.

Corton Capital Inc. acquired a new stake in ON Semiconductor Corporation (NASDAQ:ON) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 5,275 shares of the semiconductor company’s stock, valued at approximately $276,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. raised its position in ON Semiconductor by 1.0% in the first quarter. Ameriprise Financial Inc. now owns 11,328,463 shares of the semiconductor company’s stock valued at $460,958,000 after purchasing an additional 110,735 shares during the period. Allspring Global Investments Holdings LLC raised its position in ON Semiconductor by 15.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 5,835,332 shares of the semiconductor company’s stock valued at $312,774,000 after purchasing an additional 774,087 shares during the period. Baillie Gifford & Co. purchased a new position in ON Semiconductor in the first quarter valued at about $219,001,000. Charles Schwab Investment Management Inc. raised its position in ON Semiconductor by 2.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,544,230 shares of the semiconductor company’s stock valued at $103,525,000 after purchasing an additional 55,976 shares during the period. Finally, Pacer Advisors Inc. raised its position in ON Semiconductor by 2,735.5% in the first quarter. Pacer Advisors Inc. now owns 2,146,221 shares of the semiconductor company’s stock valued at $87,330,000 after purchasing an additional 2,070,529 shares during the period. 97.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ON has been the subject of several recent analyst reports. Susquehanna restated a “positive” rating and set a $65.00 target price (down from $75.00) on shares of ON Semiconductor in a research note on Tuesday, August 5th. Weiss Ratings restated a “hold (c-)” rating on shares of ON Semiconductor in a research note on Wednesday, October 8th. TD Cowen lowered their target price on ON Semiconductor from $68.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, August 5th. JPMorgan Chase & Co. raised their target price on ON Semiconductor from $48.00 to $56.00 and gave the company a “neutral” rating in a research note on Tuesday, August 5th. Finally, KeyCorp raised their target price on ON Semiconductor from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $56.96.

ON Semiconductor Stock Down 1.5%

NASDAQ:ON opened at $50.08 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.37 and a current ratio of 5.02. The stock has a 50-day simple moving average of $50.21 and a 200 day simple moving average of $49.54. ON Semiconductor Corporation has a one year low of $31.04 and a one year high of $74.52. The company has a market capitalization of $20.48 billion, a price-to-earnings ratio of 46.80, a price-to-earnings-growth ratio of 2.58 and a beta of 1.49.

ON Semiconductor (NASDAQ:ON) last issued its earnings results on Monday, August 4th. The semiconductor company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). ON Semiconductor had a net margin of 7.28% and a return on equity of 15.33%. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.45 billion. During the same quarter in the previous year, the firm earned $0.96 earnings per share. The business’s revenue was down 15.4% on a year-over-year basis. Sell-side analysts predict that ON Semiconductor Corporation will post 2.6 EPS for the current fiscal year.

Insider Activity

In other news, CEO Hassane El-Khoury sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $51.22, for a total transaction of $768,300.00. Following the completion of the transaction, the chief executive officer directly owned 977,814 shares in the company, valued at approximately $50,083,633.08. The trade was a 1.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.31% of the company’s stock.

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.