Fidelity Management & Research Co recently announced the acquisition of new stake in ON Semiconductor Corp. (NASDAQ:ON). The institutional investor has increased its shareholding in the Technology company by 0.43% to 53.17 million shares with purchase of 0.23 million shares. This fresh investment now brings its stake to 12.35% valued currently at $3.79 billion. In addition, Artisan Partners LP raised its holdings by 15166.0 to 12.38 million shares. And Geode Capital Management LLC has lifted its position by 1.68% or 0.16 million shares – to 9.62 million shares.
With over 6.36 million ON Semiconductor Corp. (ON) shares trading Monday and a closing price of $77.94 on the day, the dollar volume was approximately $495.98 million. The shares have shown a negative half year performance of -18.80% and its price on 01/08/24 gained nearly 2.96%. Currently, there are 431.94M common shares owned by the public and among those 428.88M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 35 analysts who have offered their price forecasts for ON have a consensus price objective of $87.22. The analysts have set the share’s price value over the next 12 months at a high of $110.00 and a low of $60.00. The average price target is 10.64% above its recent price level and a downside to the estimated low will see the stock lose -29.9% over that period. But an upside of 29.15% will see the stock hit the forecast high price target while median target price for the stock is $90.50.
Insiders at the company have transacted a total of 86 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 32 of these insider trades were purchases, accounting for 735,586 shares. Insider sales of the common stock occurred on 54 occasions, with total insider shares sold totaling 352,552 shares.
The top 3 mutual fund holders in ON Semiconductor Corp. are Vanguard Total Stock Market ETF, Fidelity Select Port. – Semicondu, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 13.53 million shares of the company’s stock, all valued at over $964.76 million. The company bought an additional 31816.0 shares recently to bring their total holdings to about 3.14% of the shares outstanding. Fidelity Select Port. – Semicondu bought 0.77 million shares to see its total holdings expand to 11.39 million shares valued at over $812.35 million and representing 2.64% of the shares outstanding. Vanguard 500 Index Fund bought 53014.0 shares to bring its total holdings to over 10.42 million shares at a value of $743.54 million. Vanguard 500 Index Fund now owns shares totaling to 2.42% of the shares outstanding.
Shares of ON Semiconductor Corp. (NASDAQ: ON) opened at $76.34, up $0.64 from a prior closing price of $75.70. However, the script later moved the day high at 78.72, up 2.96%. The company’s stock has a 5-day price change of -6.69% and -14.29% over the past three months. ON shares are trading -6.69% year to date (YTD), with the 12-month market performance up to 30.47% higher. It has a 12-month low price of $59.75 and touched a high of $111.35 over the same period. ON has an average intraday trading volume of 7.30 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.47%, 4.32%, and -9.08% respectively.
Institutional ownership of ON Semiconductor Corp. (NASDAQ: ON) shares accounts for 97.85% of the company’s 431.94M shares outstanding. Mutual fund holders own 30.58%, while other institutional holders and individual stakeholders account for 68.41% and 2.48% respectively.
It has a market capitalization of $33.57B and a beta (3y monthly) value of 1.83. The stock’s trailing 12-month PE ratio is 15.72, while the earnings-per-share (ttm) stands at $4.96. The company has a PEG of 3.40 and a Quick Ratio of 1.60 with the debt-to-equity ratio at 0.50. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.49% over the week and 3.02% over the month.
Analysts forecast that ON Semiconductor Corp. (ON) will achieve an EPS of $1.2 for the current quarter, $1.11 for the next quarter and $4.78 for 2024. The lowest estimate earnings-per-share for the quarter is $1.19 while analysts give the company a high EPS estimate of $1.23. Comparatively, EPS for the current quarter was $1.32 a year ago. Earnings per share for the fiscal year are expected to decrease by -4.08%, and -7.13% over the next financial year. EPS should shrink at an annualized rate of 4.63% over the next five years, compared to 17.55% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 35 brokerage firm advisors rate ON Semiconductor Corp. (ON) as a “Strong Buy” at a consensus score of 1.86. Specifically, 19 Wall Street analysts polled rate the stock as a buy, while 14 of the 35 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ON, a number of firms have released research notes about the stock. ROTH MKM stated their Buy rating for the stock in a research note on November 14, 2023, with the firm’s price target at $75.
