AlphaQuest LLC Raises Stock Holdings in ON Semiconductor Corporation $ON

AlphaQuest LLC lifted its stake in ON Semiconductor Corporation (NASDAQ:ON) by 206.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,667 shares of the semiconductor company’s stock after buying an additional 9,203 shares during the quarter. AlphaQuest LLC’s holdings in ON Semiconductor were worth $674,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Private Trust Co. NA raised its stake in ON Semiconductor by 72.8% during the 3rd quarter. Private Trust Co. NA now owns 522 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 220 shares during the period. Quent Capital LLC purchased a new stake in shares of ON Semiconductor in the third quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of ON Semiconductor by 68.7% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 577 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 235 shares during the period. Deseret Mutual Benefit Administrators raised its position in shares of ON Semiconductor by 62.3% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 568 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 218 shares during the period. Finally, Trust Co. of Toledo NA OH purchased a new position in shares of ON Semiconductor during the 2nd quarter valued at $29,000. 97.70% of the stock is currently owned by institutional investors.

Key Headlines Impacting ON Semiconductor

Here are the key news stories impacting ON Semiconductor this week:

• Positive Sentiment: Recent track record includes an earnings beat last quarter (reported $0.63 vs. $0.59 est.) and analysts still expect roughly 2.6 EPS for the current fiscal year, which provides a baseline for upside if management reiterates or raises guidance.
• Neutral Sentiment: The company is projected to post quarterly results on Monday — a scheduled earnings release that creates a catalyst but not new information until the report and any guidance are released. ON Semiconductor Projected to Post Earnings
• Negative Sentiment: Fundamentals and valuation raise downside sensitivity: last quarter revenue declined ~12% year-over-year, the stock trades at a high P/E (~77), and near-term guidance that disappoints could amplify the sell-off given elevated expectations.

Insider Activity

In related news, CFO Trent Thad sold 20,000 shares of ON Semiconductor stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $55.05, for a total value of $1,101,000.00. Following the sale, the chief financial officer owned 379,448 shares of the company’s stock, valued at approximately $20,888,612.40. This trade represents a 5.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by company insiders.

ON Semiconductor Price Performance

Shares of ON Semiconductor stock opened at $59.43 on Wednesday. The firm has a market cap of $23.91 billion, a PE ratio of 77.18, a P/E/G ratio of 2.67 and a beta of 1.56. ON Semiconductor Corporation has a twelve month low of $31.04 and a twelve month high of $66.86. The company has a quick ratio of 3.54, a current ratio of 5.23 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $57.28 and a 200 day moving average price of $52.88.

ON Semiconductor (NASDAQ:ON) last issued its quarterly earnings results on Monday, November 3rd. The semiconductor company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. ON Semiconductor had a return on equity of 13.60% and a net margin of 5.16%.ON Semiconductor’s revenue for the quarter was down 12.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.99 earnings per share. Sell-side analysts predict that ON Semiconductor Corporation will post 2.6 earnings per share for the current fiscal year.

ON Semiconductor announced that its Board of Directors has approved a stock buyback program on Tuesday, November 18th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the semiconductor company to purchase up to 32.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

ON has been the subject of a number of analyst reports. Bank of America increased their price target on ON Semiconductor from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 21st. Morgan Stanley upped their price objective on ON Semiconductor from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Monday, November 24th. Cfra reiterated a “buy” rating and set a $64.00 target price on shares of ON Semiconductor in a research report on Tuesday, November 4th. Truist Financial boosted their price target on ON Semiconductor from $51.00 to $57.00 and gave the stock a “hold” rating in a report on Friday, December 19th. Finally, BNP Paribas Exane set a $62.00 price target on ON Semiconductor and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Thirteen investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, ON Semiconductor presently has a consensus rating of “Hold” and a consensus price target of $61.30.

ON Semiconductor Company Profile

ON Semiconductor, which operates under the onsemi brand, is a global supplier of semiconductor components and related solutions. The company designs, manufactures and sells a broad portfolio that includes power and analog devices, discrete components, sensors and custom mixed-signal products. Its offerings are used to manage, convert and sense electrical power and signals across a wide range of electronic systems.

ON Semiconductor serves customers in key end markets such as automotive, industrial, cloud power and communications, as well as consumer and computing applications.