Red Spruce Capital LLC Takes $1.86 Million Position in ON Semiconductor Corp (NASDAQ:ON)
Red Spruce Capital LLC acquired a new stake in ON Semiconductor Corp (NASDAQ:ON) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 76,411 shares of the semiconductor company’s stock, valued at approximately $1,863,000. ON Semiconductor accounts for about 1.6% of Red Spruce Capital LLC’s investment portfolio, making the stock its 18th biggest holding.
Several other hedge funds and other institutional investors have also bought and sold shares of ON. Simon Quick Advisors LLC purchased a new position in ON Semiconductor in the fourth quarter worth approximately $32,000. Steward Partners Investment Advisory LLC increased its stake in shares of ON Semiconductor by 76.0% during the 3rd quarter. Steward Partners Investment Advisory LLC now owns 1,894 shares of the semiconductor company’s stock valued at $36,000 after acquiring an additional 818 shares during the last quarter. Stonebridge Capital Advisors LLC acquired a new position in shares of ON Semiconductor during the 2nd quarter valued at about $71,000. ETF Managers Group LLC increased its stake in shares of ON Semiconductor by 44.6% during the 2nd quarter. ETF Managers Group LLC now owns 8,458 shares of the semiconductor company’s stock valued at $172,000 after acquiring an additional 2,607 shares during the last quarter. Finally, Park Avenue Securities LLC acquired a new position in shares of ON Semiconductor during the 3rd quarter valued at about $205,000. 96.83% of the stock is owned by institutional investors and hedge funds.
NASDAQ:ON opened at $24.88 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.54 and a debt-to-equity ratio of 0.89. ON Semiconductor Corp has a 1-year low of $16.65 and a 1-year high of $25.92. The firm has a market capitalization of $10.52 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.61 and a beta of 2.23. The stock has a fifty day simple moving average of $23.56 and a 200 day simple moving average of $20.55.
In related news, VP Paul E. Rolls sold 10,837 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $25.02, for a total value of $271,141.74. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Vince Craig Hopkin sold 2,457 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $20.95, for a total value of $51,474.15. Following the completion of the transaction, the executive vice president now directly owns 103,853 shares in the company, valued at $2,175,720.35. The disclosure for this sale can be found here. Insiders have sold a total of 222,858 shares of company stock valued at $5,390,884 over the last 90 days. Corporate insiders own 1.40% of the company’s stock.
ON has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of ON Semiconductor from a “hold” rating to a “sell” rating and set a $19.00 target price for the company. in a research report on Wednesday, October 9th. Needham & Company LLC reissued a “buy” rating and set a $25.00 target price on shares of ON Semiconductor in a research report on Wednesday, December 18th. B. Riley set a $28.00 target price on shares of ON Semiconductor and gave the stock a “buy” rating in a research report on Monday, October 21st. BidaskClub raised shares of ON Semiconductor from a “hold” rating to a “buy” rating in a research report on Tuesday, December 17th. Finally, Citigroup increased their target price on shares of ON Semiconductor from $21.00 to $24.50 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. ON Semiconductor currently has a consensus rating of “Buy” and an average target price of $25.25.
ON Semiconductor Company Profile
ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. The company operates in three segments: Power Solutions Group, Analog Solutions Group, and Intelligent Sensing Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor products for various applications, such as power switching and conversion, signal conditioning, circuit protection, signal amplification, and voltage reference.
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