Mediolanum International Funds Ltd Sells 71,813 Shares of ON Semiconductor Corporation $ON

Mediolanum International Funds Ltd trimmed its position in ON Semiconductor Corporation (NASDAQ:ON) by 61.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,130 shares of the semiconductor company’s stock after selling 71,813 shares during the period. Mediolanum International Funds Ltd’s holdings in ON Semiconductor were worth $2,196,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in ON Semiconductor during the 2nd quarter worth $228,835,000. Fisher Funds Management LTD increased its holdings in shares of ON Semiconductor by 42.0% in the third quarter. Fisher Funds Management LTD now owns 87,729 shares of the semiconductor company’s stock worth $4,326,000 after acquiring an additional 25,949 shares in the last quarter. Polianta Ltd bought a new stake in shares of ON Semiconductor in the third quarter worth about $1,420,000. Merit Financial Group LLC raised its position in shares of ON Semiconductor by 75.2% during 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 period. Finally, Mizuho Markets Cayman LP lifted its holdings in shares of ON Semiconductor by 2,345.0% during the 2nd quarter. Mizuho Markets Cayman LP now owns 150,807 shares of the semiconductor company’s stock valued at $7,904,000 after purchasing an additional 144,639 shares in the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ON. Rosenblatt Securities reissued a “neutral” rating and set a $50.00 target price on shares of ON Semiconductor in a research note on Tuesday, November 4th. Truist Financial increased their price objective on shares of ON Semiconductor from $51.00 to $57.00 and gave the stock a “hold” rating in a research report on Friday, December 19th. UBS Group restated a “neutral” rating on shares of ON Semiconductor in a report on Monday. Weiss Ratings lowered shares of ON Semiconductor from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday. Finally, Exane BNP Paribas raised ON Semiconductor from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 22nd. Thirteen equities 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 company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $61.30.

Insider Transactions at ON Semiconductor

In related news, CFO Trent Thad sold 20,000 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $55.05, for a total transaction of $1,101,000.00. Following the completion of the transaction, the chief financial officer directly owned 379,448 shares of the company’s stock, valued at approximately $20,888,612.40. This represents a 5.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.31% of the company’s stock.

ON Semiconductor News Summary

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.

ON Semiconductor Stock Down 3.4%

ON Semiconductor stock opened at $59.43 on Wednesday. The company has a current ratio of 5.23, a quick ratio of 3.54 and a debt-to-equity ratio of 0.43. ON Semiconductor Corporation has a 1-year low of $31.04 and a 1-year high of $66.86. The company has a fifty day simple moving average of $57.28 and a 200 day simple moving average of $52.88. The company has a market cap of $23.91 billion, a P/E ratio of 77.18, a price-to-earnings-growth ratio of 2.67 and a beta of 1.56.

ON Semiconductor (NASDAQ:ON) last posted its quarterly earnings data on Monday, November 3rd. The semiconductor company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. The company had revenue of $1.55 billion during 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 company’s quarterly revenue was down 12.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.99 EPS. Research analysts anticipate that ON Semiconductor Corporation will post 2.6 earnings per share for the current fiscal year.

ON Semiconductor declared that its board has authorized a stock repurchase plan on Tuesday, November 18th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase up to 32.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

About ON Semiconductor

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.