ON Semiconductor Corporation (NASDAQ:ON) saw a significant decrease in short interest during the month of October. As of October 13th, there was short interest totalling 22,495,882 shares, a decrease of 6.0% from the September 29th total of 23,942,696 shares. Approximately 5.4% of the shares of the company are sold short. Based on an average daily volume of 6,001,692 shares, the days-to-cover ratio is currently 3.7 days.
Shares of ON Semiconductor Corporation (NASDAQ ON) traded up $0.13 during mid-day trading on Friday, reaching $21.56. 6,375,700 shares of the company’s stock were exchanged, compared to its average volume of 6,241,883. The company has a market cap of $9,089.80, a PE ratio of 19.66, a price-to-earnings-growth ratio of 0.81 and a beta of 2.06. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 1.29. ON Semiconductor Corporation has a 1-year low of $10.85 and a 1-year high of $22.03.
ON has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ON Semiconductor Corporation in a report on Monday, September 11th. BidaskClub upgraded ON Semiconductor Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Robert W. Baird reiterated a “buy” rating and issued a $20.00 price target on shares of ON Semiconductor Corporation in a research note on Thursday, August 24th. B. Riley reiterated a “buy” rating and issued a $21.00 price target on shares of ON Semiconductor Corporation in a research note on Sunday, August 13th. Finally, ValuEngine cut ON Semiconductor Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. ON Semiconductor Corporation presently has an average rating of “Buy” and a consensus target price of $21.02.
In related news, EVP Robert A. Klosterboer sold 16,325 shares of the stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $20.23, for a total transaction of $330,254.75. Following the sale, the executive vice president now owns 409,848 shares of the company’s stock, valued at $8,291,225.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP George H. Cave sold 6,943 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $17.00, for a total value of $118,031.00. Following the sale, the executive vice president now directly owns 330,496 shares in the company, valued at approximately $5,618,432. The disclosure for this sale can be found here. Insiders sold 620,517 shares of company stock worth $12,041,308 in the last ninety days. 1.60% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its position in ON Semiconductor Corporation by 32.7% in the first quarter. Envestnet Asset Management Inc. now owns 14,201 shares of the semiconductor company’s stock worth $221,000 after acquiring an additional 3,502 shares in the last quarter. Principal Financial Group Inc. grew its position in ON Semiconductor Corporation by 16.9% in the first quarter. Principal Financial Group Inc. now owns 92,391 shares of the semiconductor company’s stock worth $1,431,000 after acquiring an additional 13,329 shares in the last quarter. Wellington Management Group LLP grew its position in ON Semiconductor Corporation by 234.5% in the first quarter. Wellington Management Group LLP now owns 688,092 shares of the semiconductor company’s stock worth $10,659,000 after acquiring an additional 482,387 shares in the last quarter. Legal & General Group Plc boosted its position in ON Semiconductor Corporation by 42.2% during the first quarter. Legal & General Group Plc now owns 330,312 shares of the semiconductor company’s stock valued at $5,115,000 after buying an additional 97,957 shares during the period. Finally, Oppenheimer & Co. Inc. purchased a new stake in ON Semiconductor Corporation during the first quarter valued at about $533,000. Hedge funds and other institutional investors own 98.52% of the company’s stock.
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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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