On April 28, 2023 at 11:11:43 ET an unusually large $570.00K block of Put contracts in ON Semiconductor (ON) was sold, with a strike price of $70.00 / share, expiring in 84 day(s) (on July 21, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 2.64 sigmas above the mean, placing it in the 99.96th percentile of all recent large trades made in ON options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 1757 funds or institutions reporting positions in ON Semiconductor. This is an increase of 74 owner(s) or 4.40% in the last quarter. Average portfolio weight of all funds dedicated to ON is 0.44%, a decrease of 4.26%. Total shares owned by institutions increased in the last three months by 0.03% to 495,140K shares. The put/call ratio of ON is 1.06, indicating a bearish outlook.

Analyst Price Forecast Suggests 34.82% Upside

As of April 24, 2023, the average one-year price target for ON Semiconductor is $94.35. The forecasts range from a low of $78.78 to a high of $110.25. The average price target represents an increase of 34.82% from its latest reported closing price of $69.98.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for ON Semiconductor is $8,288MM, a decrease of 0.46%. The projected annual non-GAAP EPS is $4.66.

What are Other Shareholders Doing?

Allianz Asset Management holds 534K shares representing 0.12% ownership of the company. In it’s prior filing, the firm reported owning 982K shares, representing a decrease of 83.71%. The firm decreased its portfolio allocation in ON by 99.97% over the last quarter.

Alphinity Investment Management Pty holds 2,712K shares representing 0.63% ownership of the company. In it’s prior filing, the firm reported owning 2,721K shares, representing a decrease of 0.32%. The firm decreased its portfolio allocation in ON by 99.95% over the last quarter.

Mitsubishi UFJ Kokusai Asset Management Co. holds 350K shares representing 0.08% ownership of the company. In it’s prior filing, the firm reported owning 337K shares, representing an increase of 3.72%. The firm decreased its portfolio allocation in ON by 13.02% over the last quarter.

MOJAX – Power Momentum Index Fund Shares holds 3K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 2K shares, representing an increase of 42.92%. The firm increased its portfolio allocation in ON by 89.50% over the last quarter.

TQSMX – T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund holds 18K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 32K shares, representing a decrease of 76.10%. The firm decreased its portfolio allocation in ON by 48.50% over the last quarter.

ON Semiconductor Background Information
(This description is provided by the company.)

ON Semiconductor is driving energy efficient innovations, empowering customers to reduce global energy use. The company is a leading supplier of semiconductor-based solutions, offering a comprehensive portfolio of energy efficient, power management, analog, sensors, logic, timing, connectivity, discrete, SoC and custom devices. The company’s products help engineers solve their unique design challenges in automotive, communications, computing, consumer, industrial, medical, aerospace and defense applications. ON Semiconductor operates a responsive, reliable, world-class supply chain and quality program, a robust compliance and ethics program, and a network of manufacturing facilities, sales offices and design centers in key markets throughout North America, Europe and the Asia Pacific regions.

See all ON Semiconductor regulatory filings.

This article originally appeared on Fintel

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