PNC Financial Services Group Inc. cut its stake in shares of ON Semiconductor Corp. (NASDAQ:ON) by 6.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 81,556 shares of the company’s stock after selling 5,586 shares during the period. PNC Financial Services Group Inc.’s holdings in ON Semiconductor Corp. were worth $720,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ON. State Street Corp increased its stake in ON Semiconductor Corp. by 1.9% in the first quarter. State Street Corp now owns 6,038,290 shares of the company’s stock valued at $57,913,000 after buying an additional 110,395 shares during the last quarter. Norges Bank bought a new position in ON Semiconductor Corp. during the fourth quarter valued at about $39,331,000. Todd Asset Management LLC raised its position in ON Semiconductor Corp. by 2.2% in the second quarter. Todd Asset Management LLC now owns 3,604,582 shares of the company’s stock valued at $31,793,000 after buying an additional 76,389 shares during the period. UBS Asset Management Americas Inc. raised its position in ON Semiconductor Corp. by 2.3% in the first quarter. UBS Asset Management Americas Inc. now owns 3,224,352 shares of the company’s stock valued at $30,921,000 after buying an additional 72,736 shares during the period. Finally, Geode Capital Management LLC raised its position in ON Semiconductor Corp. by 5.6% in the first quarter. Geode Capital Management LLC now owns 2,652,199 shares of the company’s stock valued at $25,433,000 after buying an additional 139,951 shares during the period. Hedge funds and other institutional investors own 94.71% of the company’s stock.

Shares of ON Semiconductor Corp. (NASDAQ:ON) traded up 0.52% during mid-day trading on Tuesday, hitting $11.58. The company had a trading volume of 9,069,871 shares. The firm has a 50-day moving average price of $10.50 and a 200 day moving average price of $9.71. ON Semiconductor Corp. has a 12 month low of $6.97 and a 12 month high of $12.00. The firm has a market capitalization of $4.81 billion, a P/E ratio of 29.69 and a beta of 1.64.

ON Semiconductor Corp. (NASDAQ:ON) last released its quarterly earnings results on Monday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. The firm had revenue of $877.80 million for the quarter, compared to the consensus estimate of $854.55 million. ON Semiconductor Corp. had a return on equity of 20.14% and a net margin of 4.70%. The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter last year, the business posted $0.22 EPS. On average, equities research analysts forecast that ON Semiconductor Corp. will post $0.84 earnings per share for the current fiscal year.

Several equities analysts have issued reports on ON shares. Credit Agricole SA began coverage on ON Semiconductor Corp. in a research note on Tuesday, May 24th. They set an “outperform” rating and a $11.00 price target on the stock. Stifel Nicolaus restated a “buy” rating and set a $11.00 price target on shares of ON Semiconductor Corp. in a research note on Tuesday, May 31st. Stephens began coverage on ON Semiconductor Corp. in a research note on Thursday, June 2nd. They set an “equal weight” rating and a $11.00 price target on the stock. Wedbush restated an “outperform” rating and set a $13.00 price target (up previously from $12.00) on shares of ON Semiconductor Corp. in a research note on Friday, June 3rd. Finally, Pacific Crest upgraded ON Semiconductor Corp. from a “sector weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research note on Monday, June 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $13.41.

In other ON Semiconductor Corp. news, VP Paul E. Rolls sold 15,000 shares of ON Semiconductor Corp. stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $11.25, for a total value of $168,750.00. Following the transaction, the vice president now directly owns 277,202 shares in the company, valued at approximately $3,118,522.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by company insiders.

About ON Semiconductor Corp.

ON Semiconductor Corporation offers a portfolio of analog, digital and mixed signal integrated circuits (ICs), standard products, image sensors and custom devices for customers to solve their design challenges in advanced electronic systems and products. The Company operates through four segments: Application Products Group, Image Sensor Group, Standard Products Group, and System Solutions Group.

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