ON Semiconductor Corporation (NASDAQ:ON) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “ON Semi's Fairchild acquisition has helped the company to grab a dominant position in the power semiconductor market with a planned focus on smartphone, automotive and industrial end markets. Further, a diversified customer and product base coupled with improving end-markets has insulated the company against certain end-market and geographical demand volatility. Lower customer and product concentration risk is therefore a positive for its top line. Moreover, growing demand and greater adoption of CMOS image sensor business and ADAS related applications have given ON Semi a significant growth opportunity in the automotive market. Further, On Semi has outperformed the industry on a year-to-date basis. Meanwhile, estimates have been stable lately ahead of the company’s Q3 earnings release. However, leveraged balance sheet remains a concern.”
A number of other equities analysts also recently commented on ON. B. Riley reiterated a “buy” rating and issued a $21.00 target price on shares of ON Semiconductor Corporation in a report on Sunday, August 13th. J P Morgan Chase & Co reiterated a “neutral” rating and issued a $17.00 target price (up from $16.00) on shares of ON Semiconductor Corporation in a report on Wednesday, August 9th. Morgan Stanley boosted their target price on shares of ON Semiconductor Corporation from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 8th. Mizuho reiterated an “outperform” rating and issued a $19.00 target price (up from $18.00) on shares of ON Semiconductor Corporation in a report on Wednesday, August 9th. Finally, BidaskClub upgraded shares of ON Semiconductor Corporation from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $18.55.
Shares of ON Semiconductor Corporation (NASDAQ ON) traded up 0.0293% during mid-day trading on Tuesday, reaching $19.4257. 758,267 shares of the company traded hands. The stock has a market capitalization of $8.19 billion, a PE ratio of 28.6093 and a beta of 2.01. The firm has a 50 day moving average of $17.58 and a 200-day moving average of $15.76. ON Semiconductor Corporation has a 52 week low of $10.74 and a 52 week high of $19.82.
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In other ON Semiconductor Corporation news, EVP George H. Cave sold 19,385 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $18.00, for a total value of $348,930.00. Following the sale, the executive vice president now owns 308,054 shares in the company, valued at approximately $5,544,972. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Bernard Raymond Colpitts, Jr. sold 2,490 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $16.31, for a total value of $40,611.90. Following the completion of the sale, the insider now owns 24,591 shares in the company, valued at approximately $401,079.21. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,723 shares of company stock worth $1,336,427. Insiders own 1.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Koch Industries Inc. purchased a new stake in ON Semiconductor Corporation in the 2nd quarter worth approximately $432,000. Piedmont Investment Advisors LLC raised its stake in shares of ON Semiconductor Corporation by 118.9% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 87,343 shares of the semiconductor company’s stock worth $1,226,000 after buying an additional 47,442 shares during the period. Krilogy Financial LLC raised its stake in shares of ON Semiconductor Corporation by 2.8% during the 2nd quarter. Krilogy Financial LLC now owns 16,400 shares of the semiconductor company’s stock worth $230,000 after buying an additional 450 shares during the period. Robecosam AG raised its stake in shares of ON Semiconductor Corporation by 198.5% during the 2nd quarter. Robecosam AG now owns 609,000 shares of the semiconductor company’s stock worth $8,660,000 after buying an additional 405,000 shares during the period. Finally, Sterling Capital Management LLC raised its stake in shares of ON Semiconductor Corporation by 3.5% during the 2nd quarter. Sterling Capital Management LLC now owns 1,673,704 shares of the semiconductor company’s stock worth $23,499,000 after buying an additional 56,664 shares during the period. Institutional investors and hedge funds own 98.07% of the company’s stock.
About ON Semiconductor Corporation
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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