Zacks Investment Research downgraded shares of ON Semiconductor Corporation (NASDAQ:ON) from a buy rating to a hold rating in a research note released on Friday morning.
According to Zacks, “ON Semi reported impressive third-quarter 2017 results on the back of strong demand and adoption of the company’s diversified product portfolio for automotive, industrial and communications end-markets. Management is particularly positive about the strong operating model followed by ON Semi. The addition of Fairchild’s offerings to its product portfolio has made the company’s product suite further lucrative. Lower customer and product concentration risk is also a positive for its top line. Notably, the company has outperformed the industry on a year-to-date basis. However, revenues from industrial, computing, consumer and communications end markets are expected to go down in the near term due to seasonality. Additionally, leveraged balance sheet remains a concern. “
Several other analysts have also weighed in on the stock. Credit Suisse Group boosted their target price on shares of ON Semiconductor Corporation from $14.50 to $17.00 and gave the company an underperform rating in a research note on Tuesday, November 7th. BidaskClub lowered shares of ON Semiconductor Corporation from a buy rating to a hold rating in a research note on Friday, September 15th. Citigroup Inc. set a $23.50 target price on shares of ON Semiconductor Corporation and gave the company a buy rating in a research note on Tuesday, October 24th. Craig Hallum initiated coverage on shares of ON Semiconductor Corporation in a research note on Monday, September 25th. They set a buy rating and a $25.00 target price for the company. Finally, Needham & Company LLC reiterated a buy rating and set a $25.00 target price on shares of ON Semiconductor Corporation in a research note on Monday, September 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $21.23.
Shares of ON Semiconductor Corporation (NASDAQ:ON) traded down $0.05 during trading hours on Friday, hitting $21.53. 2,869,448 shares of the company were exchanged, compared to its average volume of 6,242,410. The company has a current ratio of 1.97, a quick ratio of 1.25 and a debt-to-equity ratio of 1.20. ON Semiconductor Corporation has a fifty-two week low of $10.85 and a fifty-two week high of $22.03. The company has a market capitalization of $9,144.94, a price-to-earnings ratio of 19.78, a PEG ratio of 0.82 and a beta of 2.06.
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In other ON Semiconductor Corporation news, CEO Keith D. Jackson sold 476,191 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $19.59, for a total value of $9,328,581.69. Following the sale, the chief executive officer now directly owns 3,649,468 shares in the company, valued at $71,493,078.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Bernard Gutmann sold 20,000 shares of the business’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $19.62, for a total transaction of $392,400.00. Following the completion of the sale, the chief financial officer now owns 555,248 shares in the company, valued at $10,893,965.76. The disclosure for this sale can be found here. Insiders sold 674,883 shares of company stock valued at $13,228,118 in the last ninety days. Corporate insiders own 1.40% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Bank of Montreal Can raised its position in ON Semiconductor Corporation by 93.2% in the second quarter. Bank of Montreal Can now owns 1,840,953 shares of the semiconductor company’s stock worth $25,847,000 after acquiring an additional 888,022 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in ON Semiconductor Corporation by 1.3% in the second quarter. State Board of Administration of Florida Retirement System now owns 783,224 shares of the semiconductor company’s stock worth $10,996,000 after acquiring an additional 10,400 shares in the last quarter. Atwood & Palmer Inc. bought a new stake in ON Semiconductor Corporation in the second quarter worth about $5,226,000. SignalPoint Asset Management LLC acquired a new stake in ON Semiconductor Corporation during the 3rd quarter worth about $739,000. Finally, LSV Asset Management raised its holdings in ON Semiconductor Corporation by 2,285.0% during the 2nd quarter. LSV Asset Management now owns 2,761,800 shares of the semiconductor company’s stock worth $38,775,000 after buying an additional 2,646,000 shares during the period. Hedge funds and other institutional investors own 96.09% 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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