Muhlenkamp Co Inc Lowers stake in ON Semiconductor Corp (ON)

ON Semiconductor Corp (ON) : Muhlenkamp Co Inc reduced its stake in ON Semiconductor Corp by 0.57% during the most recent quarter end. The investment management company now holds a total of 1,261,735 shares of ON Semiconductor Corp which is valued at $12,756,141 after selling 7,255 shares in ON Semiconductor Corp , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.ON Semiconductor Corp makes up approximately 4.79% of Muhlenkamp Co Inc’s portfolio.

Other Hedge Funds, Including , Paradice Investment Management boosted its stake in ON in the latest quarter, The investment management firm added 281,232 additional shares and now holds a total of 1,902,403 shares of ON Semiconductor Corp which is valued at $19,537,679. ON Semiconductor Corp makes up approx 2.16% of Paradice Investment Management’s portfolio.Wealthsource Partners reduced its stake in ON by selling 25,819 shares or 52.35% in the most recent quarter. The Hedge Fund company now holds 23,505 shares of ON which is valued at $241,396. ON Semiconductor Corp makes up approx 0.09% of Wealthsource Partners’s portfolio.Huntington National Bank reduced its stake in ON by selling 694 shares or 34.2% in the most recent quarter. The Hedge Fund company now holds 1,335 shares of ON which is valued at $13,617.Fisher Asset Management reduced its stake in ON by selling 162 shares or 0.17% in the most recent quarter. The Hedge Fund company now holds 95,400 shares of ON which is valued at $887,220.

ON Semiconductor Corp opened for trading at $10.22 and hit $10.39 on the upside on Wednesday, eventually ending the session at $10.3, with a gain of 0.78% or 0.08 points. The heightened volatility saw the trading volume jump to 26,84,788 shares. Company has a market cap of $4,280 M.

On the company’s financial health, ON Semiconductor Corp reported $0.21 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Aug 8, 2016. Analyst had a consensus of $0.24. The company had revenue of $877.80 million for the quarter, compared to analysts expectations of $892.13 million. The company’s revenue was down -.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.22 EPS.

Many Wall Street Analysts have commented on ON Semiconductor Corp. ON Semiconductor Corp was Upgraded by Pacific Crest to ” Overweight” on Jun 13, 2016. 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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