Public Employees Retirement System of Ohio Lowers Stake in ON Semiconductor Corp (NASDAQ:ON)

Public Employees Retirement System of Ohio reduced its position in shares of ON Semiconductor Corp (NASDAQ:ON) by 2.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 242,873 shares of the semiconductor company’s stock after selling 6,082 shares during the quarter. Public Employees Retirement System of Ohio owned 0.06% of ON Semiconductor worth $4,908,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Riverhead Capital Management LLC increased its position in ON Semiconductor by 7.7% in the second quarter. Riverhead Capital Management LLC now owns 208,600 shares of the semiconductor company’s stock worth $4,216,000 after purchasing an additional 14,969 shares during the last quarter. Cadence Capital Management LLC lifted its position in shares of ON Semiconductor by 110.9% during the second quarter. Cadence Capital Management LLC now owns 51,425 shares of the semiconductor company’s stock valued at $1,039,000 after buying an additional 27,038 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of ON Semiconductor by 22.1% during the second quarter. Renaissance Technologies LLC now owns 1,142,796 shares of the semiconductor company’s stock valued at $23,096,000 after buying an additional 207,000 shares during the last quarter. Pitcairn Co. purchased a new stake in shares of ON Semiconductor during the second quarter valued at about $438,000. Finally, M&T Bank Corp lifted its position in shares of ON Semiconductor by 9.7% during the second quarter. M&T Bank Corp now owns 18,681 shares of the semiconductor company’s stock valued at $378,000 after buying an additional 1,648 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

NASDAQ ON traded up $0.16 during trading hours on Friday, hitting $20.19. 363,221 shares of the company’s stock were exchanged, compared to its average volume of 4,827,742. The business’s 50 day moving average is $18.70 and its 200-day moving average is $20.28. ON Semiconductor Corp has a 12-month low of $14.55 and a 12-month high of $23.54. The firm has a market capitalization of $8.24 billion, a P/E ratio of 10.31, a price-to-earnings-growth ratio of 1.85 and a beta of 2.19. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.41 and a current ratio of 2.42.

ON Semiconductor (NASDAQ:ON) last announced its quarterly earnings results on Sunday, August 4th. The semiconductor company reported $0.42 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.38 billion. ON Semiconductor had a return on equity of 25.36% and a net margin of 9.49%. The firm’s revenue was down 7.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.46 earnings per share. As a group, equities research analysts anticipate that ON Semiconductor Corp will post 1.58 EPS for the current fiscal year.

In other news, Director Emmanuel T. Hernandez sold 30,000 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $22.00, for a total value of $660,000.00. Following the completion of the sale, the director now owns 100,994 shares in the company, valued at $2,221,868. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul E. Rolls sold 11,467 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $22.00, for a total value of $252,274.00. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

Several research firms have recently issued reports on ON. BidaskClub upgraded shares of ON Semiconductor from a “strong sell” rating to a “sell” rating in a report on Thursday. Loop Capital dropped their price objective on shares of ON Semiconductor to $23.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. ValuEngine upgraded ON Semiconductor from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. BNP Paribas began coverage on ON Semiconductor in a research report on Friday, August 30th. They set an “outperform” rating on the stock. Finally, B. Riley restated a “buy” rating on shares of ON Semiconductor in a report on Monday, August 5th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $24.10.

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.

Further Reading: What does an equal weight rating mean?

Institutional Ownership by Quarter for ON Semiconductor (NASDAQ:ON)

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