ON Semiconductor Corporation (ON) Stock Rating Lowered by Zacks Investment Research
ON Semiconductor Corporation (NASDAQ:ON) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
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. Additionally, higher synergies from the Fairchild acquisition along with improving operating leverage will boost profitability. We note that automotive present significant growth prospects given strong demand for ADAS related applications. Moreover, the company’s plan to sell products (like power modules) from consumer end-market to industrial applications end-market will boost margins and revenues in the long term. Meanwhile, estimates have been stable lately ahead of the company's Q2 earnings release. The company has mixed record of earnings surprises in recent quarters. However, On Semi has underperformed the broader market on a year-to-date basis, primarily due to modest results. Moreover, leveraged balance sheet remains a concern.”
Several other research firms have also weighed in on ON. B. Riley reiterated a “buy” rating and set a $18.00 price objective on shares of ON Semiconductor Corporation in a research note on Monday, June 12th. Stifel Nicolaus increased their price objective on shares of ON Semiconductor Corporation from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, May 9th. Mizuho increased their price objective on shares of ON Semiconductor Corporation from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, March 13th. MKM Partners reiterated a “buy” rating and set a $20.00 price objective on shares of ON Semiconductor Corporation in a research note on Friday, April 7th. Finally, BidaskClub lowered shares of ON Semiconductor Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. ON Semiconductor Corporation currently has a consensus rating of “Buy” and a consensus target price of $16.40.
Shares of ON Semiconductor Corporation (NASDAQ ON) opened at 14.93 on Tuesday. The firm has a market cap of $6.28 billion, a PE ratio of 28.71 and a beta of 1.96. ON Semiconductor Corporation has a 52-week low of $8.72 and a 52-week high of $16.93. The stock’s 50 day moving average price is $15.43 and its 200-day moving average price is $14.57.
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In other news, VP Paul E. Rolls sold 10,000 shares of the stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $16.00, for a total value of $160,000.00. Following the completion of the transaction, the vice president now directly owns 270,101 shares in the company, valued at $4,321,616. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bernard Raymond Colpitts, Jr. sold 6,100 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $15.59, for a total transaction of $95,099.00. The disclosure for this sale can be found here. Insiders sold 134,690 shares of company stock valued at $2,094,440 over the last quarter. Insiders own 1.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Comerica Bank acquired a new stake in shares of ON Semiconductor Corporation during the fourth quarter worth $297,000. Guggenheim Capital LLC boosted its stake in shares of ON Semiconductor Corporation by 3.2% in the fourth quarter. Guggenheim Capital LLC now owns 129,176 shares of the semiconductor company’s stock worth $1,649,000 after buying an additional 4,016 shares during the last quarter. Norges Bank acquired a new stake in shares of ON Semiconductor Corporation during the fourth quarter worth $49,822,000. Vident Investment Advisory LLC boosted its stake in shares of ON Semiconductor Corporation by 0.8% in the fourth quarter. Vident Investment Advisory LLC now owns 241,622 shares of the semiconductor company’s stock worth $3,083,000 after buying an additional 1,933 shares during the last quarter. Finally, Swarthmore Group Inc. acquired a new stake in shares of ON Semiconductor Corporation during the first quarter worth $659,000. Institutional investors and hedge funds own 96.26% 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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