Silverback Asset Management Lowers stake in ON Semiconductor Corp (ON)

ON Semiconductor Corp (ON) : Silverback Asset Management reduced its stake in ON Semiconductor Corp by 16.94% during the most recent quarter end. The investment management company now holds a total of 97,600 shares of ON Semiconductor Corp which is valued at $873,520 after selling 19,900 shares in ON Semiconductor Corp , the firm said in a disclosure report filed with the SEC on May 13, 2016.ON Semiconductor Corp makes up approximately 0.77% of Silverback Asset Management’s portfolio.

Other Hedge Funds, Including , Bluemountain Capital Management boosted its stake in ON in the latest quarter, The investment management firm added 12,041 additional shares and now holds a total of 14,963 shares of ON Semiconductor Corp which is valued at $133,919. ON Semiconductor Corp makes up approx 0.01% of Bluemountain Capital Management’s portfolio.Cipher Capital Lp boosted its stake in ON in the latest quarter, The investment management firm added 125,854 additional shares and now holds a total of 405,508 shares of ON Semiconductor Corp which is valued at $3.6 Million. ON Semiconductor Corp makes up approx 0.34% of Cipher Capital Lp’s portfolio.Ftb Advisors reduced its stake in ON by selling 218 shares or 14.56% in the most recent quarter. The Hedge Fund company now holds 1,279 shares of ON which is valued at $11,447.Ssi Investment Management Inc boosted its stake in ON in the latest quarter, The investment management firm added 2 additional shares and now holds a total of 15,812 shares of ON Semiconductor Corp which is valued at $141,517. ON Semiconductor Corp makes up approx 0.04% of Ssi Investment Management Inc’s portfolio.New York State Common Retirement Fund reduced its stake in ON by selling 22,000 shares or 1.83% in the most recent quarter. The Hedge Fund company now holds 1,181,263 shares of ON which is valued at $11.1 Million. ON Semiconductor Corp makes up approx 0.02% of New York State Common Retirement Fund’s portfolio.

ON Semiconductor Corp opened for trading at $9.46 and hit $9.55 on the upside on Wednesday, eventually ending the session at $9.51, with a gain of 1.39% or 0.13 points. The heightened volatility saw the trading volume jump to 26,47,065 shares. Company has a market cap of $3,945 M.

On the company’s financial health, ON Semiconductor Corp reported $0.17 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on May 9, 2016. Analyst had a consensus of $0.20. The company had revenue of $817.20 million for the quarter, compared to analysts expectations of $854.25 million. The company’s revenue was down -6.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.20 EPS.

Many Wall Street Analysts have commented on ON Semiconductor Corp. Credit Agricole Initiated ON Semiconductor Corp on May 25, 2016 to “Outperform”, Price Target of the shares are set at $11.

ON Semiconductor Corporation offers a portfolio of analog digital and mixed signal ICs image sensors and custom devices for customers to solve their design challenges in electronic systems and products. The company operates through four segments: Application Products Group designs and develops analog mixed-signal and logic ASIC and ASSP solutions for end-users in the automotive consumer electronics computing industrial communications medical and military/aerospace markets. Image Sensor Group designs and develops CMOS and CCD image sensors and image processors for end-users in the automotive industrial consumer electronics wireless medical and military/aerospace markets. Standard Products Group offers discrete and integrated semiconductor products that perform multiple application functions. System Solutions Group designs and develops analog and mixed signal ICs DSPs analog and digital tuners intelligent power modules memory and discrete semiconductors.

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