Simcoe Capital Management LLC boosted its position in ON Semiconductor Corporation (NASDAQ:ON) by 31.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,357,860 shares of the semiconductor company’s stock after buying an additional 564,275 shares during the quarter. ON Semiconductor makes up about 17.2% of Simcoe Capital Management LLC’s portfolio, making the stock its biggest position. Simcoe Capital Management LLC owned about 0.56% of ON Semiconductor worth $43,549,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. State Board of Administration of Florida Retirement System raised its position in ON Semiconductor by 1.3% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 783,224 shares of the semiconductor company’s stock valued at $10,996,000 after buying an additional 10,400 shares during the last quarter. ARP Americas LLC acquired a new position in shares of ON Semiconductor during the 3rd quarter worth approximately $316,000. SignalPoint Asset Management LLC acquired a new position in shares of ON Semiconductor during the 3rd quarter worth approximately $739,000. Commerce Bank increased its position in shares of ON Semiconductor by 387.3% during the 3rd quarter. Commerce Bank now owns 74,358 shares of the semiconductor company’s stock worth $1,374,000 after purchasing an additional 59,100 shares during the last quarter. Finally, Atwood & Palmer Inc. acquired a new position in shares of ON Semiconductor during the 2nd quarter worth approximately $5,226,000. 99.82% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have weighed in on ON shares. Credit Suisse Group boosted their price target on ON Semiconductor from $14.50 to $17.00 and gave the stock an “underperform” rating in a research report on Tuesday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of ON Semiconductor in a research report on Monday, September 11th. BidaskClub raised ON Semiconductor from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Robert W. Baird reaffirmed a “buy” rating and set a $20.00 price target on shares of ON Semiconductor in a research report on Thursday, August 24th. Finally, Goldman Sachs Group lowered ON Semiconductor from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. ON Semiconductor currently has a consensus rating of “Buy” and an average target price of $21.23.
In related news, CEO Keith D. Jackson sold 476,191 shares of the business’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $19.59, for a total value of $9,328,581.69. Following the completion of the sale, the chief executive officer now directly owns 3,649,468 shares in the company, valued at approximately $71,493,078.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP William Hall sold 54,366 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $21.83, for a total value of $1,186,809.78. The disclosure for this sale can be found here. Insiders have sold a total of 740,243 shares of company stock worth $14,692,763 over the last three months. 1.60% of the stock is owned by insiders.
ON Semiconductor Corporation (NASDAQ ON) opened at $19.22 on Thursday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.25 and a current ratio of 1.97. The firm has a market capitalization of $8,126.95, a P/E ratio of 17.58, a P/E/G ratio of 0.73 and a beta of 2.02. ON Semiconductor Corporation has a 1-year low of $11.25 and a 1-year high of $22.15.
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About ON Semiconductor
ON Semiconductor Corporation offers a portfolio of sensors, power management, connectivity, custom and system on chip (SoC), analog, logic, timing, and discrete devices. The Company’s segments include Power Solutions Group, Analog Solutions Group and Image Sensor Group. The Power Solutions Group offers a range of discrete, module and integrated semiconductor products.
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