Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its stake in ON Semiconductor Corp (NASDAQ:ON) by 14.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 696,355 shares of the semiconductor company’s stock after acquiring an additional 86,500 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp owned about 0.16% of ON Semiconductor worth $15,483,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new position in ON Semiconductor during the 2nd quarter valued at approximately $216,682,000. Nan Shan Life Insurance Co. Ltd. bought a new position in ON Semiconductor during the 2nd quarter valued at approximately $84,493,000. BRILLIANCE ASSET MANAGEMENT Ltd bought a new position in ON Semiconductor during the 2nd quarter valued at approximately $79,320,000. Blue Harbour Group L.P. raised its position in ON Semiconductor by 114.4% during the 1st quarter. Blue Harbour Group L.P. now owns 5,508,908 shares of the semiconductor company’s stock valued at $134,748,000 after purchasing an additional 2,938,900 shares during the last quarter. Finally, Robecosam AG raised its position in ON Semiconductor by 157.9% during the 1st quarter. Robecosam AG now owns 2,746,500 shares of the semiconductor company’s stock valued at $67,179,000 after purchasing an additional 1,681,500 shares during the last quarter. 92.28% of the stock is owned by institutional investors.
ON Semiconductor stock opened at $19.51 on Friday. The company has a current ratio of 1.54, a quick ratio of 0.91 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $8.20 billion, a P/E ratio of 12.42, a P/E/G ratio of 0.79 and a beta of 1.96. ON Semiconductor Corp has a twelve month low of $16.72 and a twelve month high of $27.10.
In other ON Semiconductor news, insider Bernard Raymond Colpitts, Jr. sold 1,214 shares of the stock in a transaction on Monday, August 13th. The stock was sold at an average price of $21.44, for a total transaction of $26,028.16. Following the sale, the insider now directly owns 18,357 shares in the company, valued at approximately $393,574.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Vince Craig Hopkin sold 3,172 shares of the stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $21.66, for a total value of $68,705.52. Following the sale, the executive vice president now owns 84,114 shares in the company, valued at $1,821,909.24. The disclosure for this sale can be found here. Insiders sold a total of 4,394 shares of company stock worth $94,907 in the last 90 days. 1.60% of the stock is currently owned by company insiders.
A number of research firms have weighed in on ON. BidaskClub downgraded ON Semiconductor from a “sell” rating to a “strong sell” rating in a report on Saturday, September 8th. Morgan Stanley downgraded ON Semiconductor from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $20.00 to $18.50 in a report on Thursday, August 9th. B. Riley upped their target price on ON Semiconductor from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, July 31st. Needham & Company LLC reiterated a “buy” rating and set a $30.00 target price on shares of ON Semiconductor in a report on Monday, July 30th. Finally, Mizuho reiterated a “buy” rating and set a $27.00 target price on shares of ON Semiconductor in a report on Monday, July 30th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $26.19.
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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