Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of ON Semiconductor Corp (NASDAQ:ON) during the third quarter, Holdings Channel reports. The institutional investor bought 25,340 shares of the semiconductor company’s stock, valued at approximately $467,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Psagot Investment House Ltd. acquired a new position in shares of ON Semiconductor in the second quarter valued at $123,000. Bessemer Group Inc. increased its holdings in shares of ON Semiconductor by 2,746.8% in the third quarter. Bessemer Group Inc. now owns 6,206 shares of the semiconductor company’s stock valued at $114,000 after purchasing an additional 5,988 shares during the last quarter. Creative Planning acquired a new position in shares of ON Semiconductor in the third quarter valued at $207,000. Sustainable Insight Capital Management LLC acquired a new position in shares of ON Semiconductor in the second quarter valued at $261,000. Finally, American Century Companies Inc. acquired a new position in shares of ON Semiconductor in the second quarter valued at $271,000. Institutional investors and hedge funds own 90.85% of the company’s stock.
In other news, Director Daryl Ostrander sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $18.01, for a total value of $72,040.00. Following the completion of the transaction, the director now owns 85,135 shares of the company’s stock, valued at $1,533,281.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William Hall sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $19.56, for a total value of $489,000.00. Following the completion of the transaction, the executive vice president now directly owns 415,797 shares of the company’s stock, valued at approximately $8,132,989.32. The disclosure for this sale can be found here. Insiders sold 55,163 shares of company stock valued at $1,030,813 in the last three months. Company insiders own 1.60% of the company’s stock.
ON Semiconductor (NASDAQ:ON) last posted its earnings results on Sunday, October 28th. The semiconductor company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.51 billion. ON Semiconductor had a net margin of 17.24% and a return on equity of 25.97%. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.44 earnings per share. As a group, analysts anticipate that ON Semiconductor Corp will post 1.9 EPS for the current year.
ON Semiconductor declared that its board has initiated a stock buyback plan on Thursday, November 15th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the semiconductor company to buy up to 20.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
ON has been the subject of a number of recent research reports. ValuEngine cut shares of ON Semiconductor from a “hold” rating to a “sell” rating in a research report on Monday, November 12th. BMO Capital Markets initiated coverage on shares of ON Semiconductor in a research report on Monday, November 12th. They issued a “market perform” rating and a $20.00 target price for the company. Morgan Stanley reduced their target price on shares of ON Semiconductor from $18.50 to $14.50 and set an “underweight” rating for the company in a research report on Tuesday, October 30th. Citigroup reduced their target price on shares of ON Semiconductor from $28.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, October 30th. Finally, Nomura reduced their target price on shares of ON Semiconductor from $30.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, October 30th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. ON Semiconductor has a consensus rating of “Hold” and a consensus price target of $24.29.
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About ON Semiconductor
ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. It operates through three segments: Power Solutions Group, Analog Solutions Group, and Image Sensor Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor products for various applications, such as power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage reference.
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