ON Semiconductor Corp (NASDAQ:ON) Sees Significant Increase in Short Interest

ON Semiconductor Corp (NASDAQ:ON) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 24,940,000 shares, an increase of 7.3% from the September 30th total of 23,240,000 shares. Based on an average daily volume of 5,700,000 shares, the short-interest ratio is currently 4.4 days. Approximately 6.2% of the shares of the company are short sold.

ON has been the topic of several recent research reports. Raymond James upgraded ON Semiconductor from a “market perform” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a research report on Monday, August 19th. Benchmark initiated coverage on ON Semiconductor in a research report on Friday, September 20th. They set a “buy” rating and a $26.00 target price on the stock. Citigroup increased their target price on ON Semiconductor from $21.00 to $24.50 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Cowen restated an “outperform” rating and set a $25.00 target price (down previously from $29.00) on shares of ON Semiconductor in a research report on Tuesday, August 6th. Finally, BNP Paribas initiated coverage on ON Semiconductor in a research report on Friday, August 30th. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. ON Semiconductor presently has an average rating of “Buy” and an average price target of $25.27.

In related news, CFO Bernard Gutmann sold 43,266 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $18.79, for a total value of $812,968.14. Following the transaction, the chief financial officer now owns 700,344 shares in the company, valued at $13,159,463.76. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Simon Keeton sold 8,812 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $20.02, for a total value of $176,416.24. Following the completion of the transaction, the executive vice president now owns 119,101 shares in the company, valued at approximately $2,384,402.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,535 shares of company stock worth $1,737,379. 1.40% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the company. Oakworth Capital Inc. bought a new position in shares of ON Semiconductor during the second quarter valued at about $28,000. Steward Partners Investment Advisory LLC grew its stake in shares of ON Semiconductor by 76.0% during the third quarter. Steward Partners Investment Advisory LLC now owns 1,894 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 818 shares during the last quarter. Stonebridge Capital Advisors LLC bought a new position in shares of ON Semiconductor during the second quarter valued at about $71,000. Redhawk Wealth Advisors Inc. bought a new position in shares of ON Semiconductor during the second quarter valued at about $77,000. Finally, Stephens Inc. AR grew its stake in shares of ON Semiconductor by 11.2% during the second quarter. Stephens Inc. AR now owns 4,983 shares of the semiconductor company’s stock valued at $101,000 after buying an additional 503 shares during the last quarter. 95.72% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:ON traded up $0.31 during trading on Friday, hitting $21.79. 4,792,200 shares of the company were exchanged, compared to its average volume of 6,318,578. The stock has a 50 day moving average of $19.68 and a 200 day moving average of $19.51. ON Semiconductor has a 52-week low of $15.06 and a 52-week high of $23.54. The company has a market cap of $8.85 billion, a PE ratio of 11.12, a P/E/G ratio of 1.43 and a beta of 2.21. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.54 and a quick ratio of 0.92.

ON Semiconductor (NASDAQ:ON) last announced its quarterly earnings data on Sunday, October 27th. The semiconductor company reported $0.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.03). ON Semiconductor had a net margin of 5.71% and a return on equity of 21.95%. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the business posted $0.57 earnings per share. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. Sell-side analysts forecast that ON Semiconductor will post 1.51 EPS for the current fiscal year.

About ON Semiconductor

ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. The company operates in three segments: Power Solutions Group, Analog Solutions Group, and Intelligent Sensing Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor products for various applications, such as power switching and conversion, signal conditioning, circuit protection, signal amplification, and voltage reference.

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