Zacks Investment Research downgraded shares of ON Semiconductor Corporation (NASDAQ:ON) from a buy rating to a hold rating in a research note published on Tuesday morning.
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.”
Several other analysts have also recently weighed in on ON. B. Riley restated a buy rating and set a $21.00 price target on shares of ON Semiconductor Corporation in a report on Sunday, August 13th. J P Morgan Chase & Co restated a neutral rating and set a $17.00 price target (up from $16.00) on shares of ON Semiconductor Corporation in a report on Wednesday, August 9th. Morgan Stanley boosted their price target on 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 restated an outperform rating and set a $19.00 price target (up from $18.00) on shares of ON Semiconductor Corporation in a report on Wednesday, August 9th. Finally, BidaskClub upgraded ON Semiconductor Corporation from a buy rating to a strong-buy rating in a report on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of Buy and a consensus price target of $18.55.
Shares of ON Semiconductor Corporation (ON) traded up 2.2588% during midday trading on Tuesday, reaching $19.6746. 2,890,577 shares of the company’s stock were exchanged. The company’s 50 day moving average is $17.67 and its 200-day moving average is $15.78. The stock has a market cap of $8.29 billion, a PE ratio of 28.9758 and a beta of 2.01. ON Semiconductor Corporation has a 12 month low of $10.74 and a 12 month high of $19.82.
In other news, 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 transaction of $40,611.90. Following the transaction, the insider now directly owns 24,591 shares of the company’s stock, valued at $401,079.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul E. Rolls sold 10,000 shares of the company’s 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 $170,000.00. Following the transaction, the vice president now directly owns 368,029 shares in the company, valued at $6,256,493. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,723 shares of company stock worth $1,336,427. Insiders own 1.60% of the company’s stock.
Several large investors have recently modified their holdings of ON. Janus Henderson Group PLC acquired a new position in shares of ON Semiconductor Corporation during the second quarter worth approximately $458,495,000. FMR LLC raised its position in shares of ON Semiconductor Corporation by 58.7% during the second quarter. FMR LLC now owns 40,082,107 shares of the semiconductor company’s stock worth $562,753,000 after purchasing an additional 14,818,360 shares during the period. Coatue Management LLC acquired a new position in shares of ON Semiconductor Corporation during the second quarter worth approximately $68,740,000. LSV Asset Management raised its position in shares of ON Semiconductor Corporation by 2,285.0% during the second quarter. LSV Asset Management now owns 2,761,800 shares of the semiconductor company’s stock worth $38,775,000 after purchasing an additional 2,646,000 shares during the period. Finally, Rothschild Asset Management Inc. acquired a new position in shares of ON Semiconductor Corporation during the second quarter worth approximately $34,313,000. 98.07% of the stock is currently owned by institutional investors.
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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