Baillie Gifford 13F: Cuts ON Semiconductor (ON) Stake by $52M

Baillie Gifford has trimmed its position in ON Semiconductor Corporation (NasdaqGS: ON), reducing its holdings by 438,212 shares. This marks a 9.3% decrease from the previous quarter. After this move, Baillie Gifford holds 4,287,304 shares, valued at about $524.7 million, according to its latest Form 13F filing.

What Changed in Baillie Gifford's ON Semiconductor Position

Baillie Gifford's recent SEC filing shows a reduction in its stake in ON Semiconductor, with shares dropping from 4,725,516 to 4,287,304. This decrease of 438,212 shares reflects a 9.3% cut, bringing their total investment value to approximately $524.7 million.

Other Institutional Activity in ON Semiconductor

Several other major funds also adjusted their positions in ON Semiconductor. FMR LLC reduced its holdings by 1,213,771 shares, ending with 58,158,341 shares worth about $3.6 billion. BlackRock, Inc. also trimmed its stake by 491,029 shares, now holding 39,911,681 shares valued at roughly $2.47 billion. On the other hand, Vanguard Capital Management LLC and Vanguard Portfolio Management LLC showed significant interest, each acquiring over 20 million shares, with holdings worth approximately $1.59 billion and $1.24 billion, respectively. State Street Corp decreased its position by 542,474 shares, now holding 18,307,578 shares valued at $1.13 billion.

ON Semiconductor Corporation Stock Up 61.9%

Shares of ON Semiconductor (NasdaqGS: ON) are trading at around $122.39. The company has a market capitalization of $48.95 billion and a P/E ratio of 92.57, with a forward P/E of 29.40. The stock has seen a 52-week low of $44.56 and a high of $134.92. Its 50-day moving average is $102.46, while the 200-day moving average stands at $67.49. ON Semiconductor maintains a beta of 1.977, indicating higher volatility compared to the market.

Recent Earnings

ON Semiconductor reported revenue of $6.06 billion, reflecting a growth rate of 4.7%. The company's net margin is at 9.46%, with a return on equity of 7.49%. Earnings per share stand at $1.36. The next earnings report is scheduled for August 3, 2026.

Insider Buying and Selling at ON Semiconductor Corporation

Recent insider activity includes several purchases on May 14, 2026. Susan Carter, Bruce Kiddoo, Thomas Deitrich, Christine Yan, and Paul Anthony Mascarenas each bought 1,986 shares. Additionally, Gopalswamy Sudhir, Group President of AMG & ISG, sold 470 shares at an average price of $127 on May 26, 2026.

Analysts Set New Price Targets

Analysts have maintained various ratings on ON Semiconductor. On June 15, 2026, Citigroup maintained a "hold" rating with a $120 price target. Wells Fargo kept a "buy" rating with a target of $140 on June 9, 2026. Mizuho also maintained a "buy" rating, setting the highest target at $150 on May 28, 2026. The consensus recommendation is a "buy", with an average target price of $106.31 based on 29 analyst opinions.

About ON Semiconductor

ON Semiconductor Corporation provides intelligent sensing and power solutions globally, with operations in regions including Hong Kong, Singapore, the UK, and the US. The company operates through three segments: Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group. These segments offer a range of products such as power management and sensor interface solutions for various markets, including automotive and industrial automation. Headquartered in Scottsdale, Arizona, ON Semiconductor employs around 22,600 people and is led by CEO Hassane S. El-Khoury.

Bottom Line

Baillie Gifford's reduction in its ON Semiconductor stake by 9.3% highlights the fund's strategic adjustments in the technology sector. Investors keep a close eye on such filings for insights into institutional sentiment, although these positions reflect past activity and may not represent current holdings. As ON Semiconductor continues to navigate the market, its performance and strategic direction will be closely monitored by analysts and investors alike.