Penserra Capital Management LLC Has $27.31 Million Position in ON Semiconductor Corporation $ON

Penserra Capital Management LLC raised its holdings in shares of ON Semiconductor Corporation (NASDAQ:ON) by 47.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 553,871 shares of the semiconductor company’s stock after purchasing an additional 178,076 shares during the quarter. Penserra Capital Management LLC’s holdings in ON Semiconductor were worth $27,309,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of ON Semiconductor during the second quarter worth about $228,835,000. Fisher Funds Management LTD boosted its stake in ON Semiconductor by 42.0% during the 3rd quarter. Fisher Funds Management LTD now owns 87,729 shares of the semiconductor company’s stock valued at $4,326,000 after purchasing an additional 25,949 shares during the last quarter. Polianta Ltd bought a new stake in ON Semiconductor during the 3rd quarter worth approximately $1,420,000. Merit Financial Group LLC raised its stake in shares of ON Semiconductor by 75.2% in the third quarter. Merit Financial Group LLC now owns 51,748 shares of the semiconductor company’s stock worth $2,552,000 after purchasing an additional 22,211 shares during the last quarter. Finally, Mizuho Markets Cayman LP raised its stake in shares of ON Semiconductor by 2,345.0% in the second quarter. Mizuho Markets Cayman LP now owns 150,807 shares of the semiconductor company’s stock worth $7,904,000 after purchasing an additional 144,639 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Insider Buying and Selling

In other ON Semiconductor news, CFO Trent Thad sold 20,000 shares of ON Semiconductor stock in a transaction dated 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. The trade was a 5.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.31% of the company’s stock.

ON Semiconductor Stock Down 3.4%

Shares of NASDAQ:ON opened at $59.43 on Wednesday. ON Semiconductor Corporation has a 1 year low of $31.04 and a 1 year high of $66.86. The company has a market capitalization of $23.91 billion, a PE ratio of 77.18, a price-to-earnings-growth ratio of 2.67 and a beta of 1.56. The business has a fifty day moving average price of $57.28 and a two-hundred day moving average price of $52.88. The company has a debt-to-equity ratio of 0.43, a current ratio of 5.23 and a quick ratio of 3.54.

ON Semiconductor (NASDAQ:ON) last issued its quarterly earnings results on Monday, November 3rd. The semiconductor company reported $0.63 earnings per share 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 net margin of 5.16% and a return on equity of 13.60%. The firm’s quarterly revenue was down 12.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.99 EPS. Analysts forecast that ON Semiconductor Corporation will post 2.6 earnings per share for the current year.

ON Semiconductor announced that its board has approved a share repurchase program on Tuesday, November 18th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 32.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

More ON Semiconductor News

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.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ON. Bank of America lifted their target price on ON Semiconductor from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 21st. Stifel Nicolaus raised their price objective on ON Semiconductor from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Friday, January 16th. Evercore ISI reiterated an “outperform” rating on shares of ON Semiconductor in a research note on Wednesday, January 7th. Robert W. Baird increased their target price on shares of ON Semiconductor from $48.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, November 4th. Finally, Wells Fargo & Company increased their target price on shares of ON Semiconductor from $62.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. Thirteen research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average 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.