ON Semiconductor Corporation (NASDAQ:ON) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, October 17th. The firm presently has a $22.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 6.02% from the company’s current price.
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.”
ON has been the topic of a number of other reports. Robert W. Baird reiterated a “buy” rating and issued a $25.00 price objective on shares of ON Semiconductor Corporation in a research report on Tuesday, October 17th. BidaskClub upgraded ON Semiconductor Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 3rd. Bank of America Corporation reiterated a “buy” rating on shares of ON Semiconductor Corporation in a research report on Sunday, October 1st. Craig Hallum assumed coverage on ON Semiconductor Corporation in a research report on Monday, September 25th. They issued a “buy” rating and a $25.00 price objective on the stock. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $16.00 price objective on shares of ON Semiconductor Corporation in a research report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $19.47.
Shares of ON Semiconductor Corporation (NASDAQ ON) traded up 1.72% during mid-day trading on Tuesday, reaching $20.75. The company had a trading volume of 5,284,714 shares. The firm has a market capitalization of $8.75 billion, a PE ratio of 30.56 and a beta of 2.01. The stock has a 50 day moving average price of $18.45 and a 200 day moving average price of $16.09. ON Semiconductor Corporation has a 12-month low of $10.74 and a 12-month high of $20.78.
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In other news, EVP Robert A. Klosterboer sold 16,325 shares of the business’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $20.23, for a total value of $330,254.75. Following the completion of the transaction, the executive vice president now owns 409,848 shares in the company, valued at $8,291,225.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keith D. Jackson sold 476,191 shares of the business’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $19.59, for a total value of $9,328,581.69. Following the completion of the transaction, the chief executive officer now owns 3,649,468 shares of the company’s stock, valued at approximately $71,493,078.12. The disclosure for this sale can be found here. Insiders have sold 623,007 shares of company stock valued at $12,081,920 in the last quarter. 1.60% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of ON Semiconductor Corporation by 3.2% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 4,739,270 shares of the semiconductor company’s stock worth $87,534,000 after purchasing an additional 148,600 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in shares of ON Semiconductor Corporation in the third quarter worth $278,000. Pictet Asset Management Ltd. raised its stake in shares of ON Semiconductor Corporation by 16.8% in the third quarter. Pictet Asset Management Ltd. now owns 8,576,929 shares of the semiconductor company’s stock worth $158,416,000 after purchasing an additional 1,234,603 shares during the last quarter. First Quadrant L P CA purchased a new position in shares of ON Semiconductor Corporation in the third quarter worth $16,607,000. Finally, A. D. Beadell Investment Counsel Inc. raised its stake in shares of ON Semiconductor Corporation by 6.0% in the third quarter. A. D. Beadell Investment Counsel Inc. now owns 51,500 shares of the semiconductor company’s stock worth $951,000 after purchasing an additional 2,925 shares during the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.
ON Semiconductor Corporation Company Profile
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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