Needham & Company LLC restated their buy rating on shares of ON Semiconductor Corp. (NASDAQ:ON) in a research report sent to investors on Friday. Needham & Company LLC currently has a $14.00 target price on the stock.

“Today Intel raised its revenue forecast due to demand rebounding in the PC market. Intel stated that “inventory in the PC supply chain needed to be replenished, and that the company had seen some signs of improving PC demand”. Its new forecast of $15.3B- $15.9B, up from $14.4B-$15.4B, represents a 5% increase at the midpoints.”,” Needham & Company LLC’s analyst commented.

A number of other brokerages also recently commented on ON. Mizuho reissued an outperform rating and issued a $16.00 price objective on shares of ON Semiconductor Corp. in a research report on Friday, September 9th. Credit Agricole SA assumed coverage on shares of ON Semiconductor Corp. in a report on Tuesday, May 24th. They issued an outperform rating and a $11.00 target price for the company. Wedbush restated an outperform rating and issued a $13.00 target price (up previously from $12.00) on shares of ON Semiconductor Corp. in a report on Friday, June 3rd. Zacks Investment Research cut shares of ON Semiconductor Corp. from a hold rating to a sell rating in a report on Tuesday, August 9th. Finally, Longbow Research upgraded shares of ON Semiconductor Corp. from a neutral rating to a buy rating and set a $14.00 target price for the company in a report on Wednesday, August 24th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the stock. The stock has an average rating of Buy and an average price target of $13.41.

ON Semiconductor Corp. (NASDAQ:ON) opened at 11.58 on Friday. The company’s 50 day moving average is $10.55 and its 200 day moving average is $9.73. ON Semiconductor Corp. has a one year low of $6.97 and a one year high of $12.00. The stock has a market cap of $4.81 billion, a PE ratio of 29.69 and a beta of 1.64.

ON Semiconductor Corp. (NASDAQ:ON) last announced its earnings results on Monday, August 8th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.02. ON Semiconductor Corp. had a net margin of 4.70% and a return on equity of 20.14%. The firm had revenue of $877.80 million for the quarter, compared to the consensus estimate of $854.55 million. During the same period in the prior year, the firm earned $0.22 EPS. The firm’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities research analysts expect that ON Semiconductor Corp. will post $0.84 EPS for the current year.

In other news, VP Paul E. Rolls sold 15,000 shares of ON Semiconductor Corp. stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $11.25, for a total transaction of $168,750.00. Following the sale, the vice president now owns 277,202 shares in the company, valued at $3,118,522.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.60% of the company’s stock.

Several hedge funds have recently bought and sold shares of ON. Macquarie Group Ltd. raised its stake in ON Semiconductor Corp. by 3.3% in the second quarter. Macquarie Group Ltd. now owns 5,198,704 shares of the company’s stock worth $45,853,000 after buying an additional 164,552 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in ON Semiconductor Corp. by 0.5% in the second quarter. Public Employees Retirement System of Ohio now owns 188,747 shares of the company’s stock worth $1,665,000 after buying an additional 906 shares in the last quarter. Calvert Investment Management Inc. raised its stake in ON Semiconductor Corp. by 7.6% in the second quarter. Calvert Investment Management Inc. now owns 22,904 shares of the company’s stock worth $202,000 after buying an additional 1,619 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in ON Semiconductor Corp. by 7.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,485,331 shares of the company’s stock worth $21,921,000 after buying an additional 178,680 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC raised its stake in ON Semiconductor Corp. by 19.4% in the second quarter. Moneta Group Investment Advisors LLC now owns 90,645 shares of the company’s stock worth $799,000 after buying an additional 14,728 shares in the last quarter. Institutional investors own 94.67% of the company’s stock.

ON Semiconductor Corp. Company Profile

ON Semiconductor Corporation offers a portfolio of analog, digital and mixed signal integrated circuits (ICs), standard products, image sensors and custom devices for customers to solve their design challenges in advanced electronic systems and products. The Company operates through four segments: Application Products Group, Image Sensor Group, Standard Products Group, and System Solutions Group.

5 Day Chart for NASDAQ:ON

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