ON Semiconductor Corporation (NASDAQ:ON) Cut to “Hold” at Summit Redstone

Summit Redstone downgraded shares of ON Semiconductor Corporation (NASDAQ:ON) to a hold rating in a research report report published on Monday, November 6th, The Fly reports.

A number of other research firms have also weighed in on ON. Mizuho reissued a buy rating and issued a $24.00 target price (up from $19.00) on shares of ON Semiconductor in a report on Monday, November 6th. KeyCorp reissued a hold rating on shares of ON Semiconductor in a report on Friday, October 27th. Citigroup Inc. set a $23.50 target price on shares of ON Semiconductor and gave the company a buy rating in a report on Tuesday, October 24th. Jefferies Group LLC restated a hold rating and issued a $20.00 price target on shares of ON Semiconductor in a research report on Thursday, October 19th. Finally, Zacks Investment Research upgraded ON Semiconductor from a hold rating to a buy rating and set a $22.00 price target for the company in a research report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $21.23.

Shares of ON Semiconductor (NASDAQ:ON) traded up $0.16 on Monday, reaching $21.53. 2,192,499 shares of the company’s stock were exchanged, compared to its average volume of 6,415,008. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.25 and a current ratio of 1.97. ON Semiconductor has a twelve month low of $10.85 and a twelve month high of $22.15. The stock has a market cap of $9,064.35, a price-to-earnings ratio of 19.61, a P/E/G ratio of 0.81 and a beta of 2.06.

In related news, CEO Keith D. Jackson sold 476,191 shares of ON Semiconductor stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $19.59, for a total value of $9,328,581.69. Following the completion of the sale, the chief executive officer now directly owns 3,649,468 shares in the company, valued at $71,493,078.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daryl Ostrander sold 2,000 shares of ON Semiconductor stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $16.78, for a total value of $33,560.00. Following the completion of the sale, the director now owns 65,458 shares of the company’s stock, valued at $1,098,385.24. The disclosure for this sale can be found here. Insiders sold 757,186 shares of company stock valued at $14,980,794 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of ON. Janus Henderson Group PLC purchased a new position in ON Semiconductor in the second quarter valued at about $458,495,000. FMR LLC grew its stake in ON Semiconductor by 58.7% in the second quarter. FMR LLC now owns 40,082,107 shares of the semiconductor company’s stock valued at $562,753,000 after purchasing an additional 14,818,360 shares during the last quarter. Coatue Management LLC purchased a new position in ON Semiconductor in the second quarter valued at about $68,740,000. LSV Asset Management grew its stake in ON Semiconductor by 2,285.0% in the second quarter. LSV Asset Management now owns 2,761,800 shares of the semiconductor company’s stock valued at $38,775,000 after purchasing an additional 2,646,000 shares during the last quarter. Finally, Rothschild Asset Management Inc. purchased a new position in ON Semiconductor in the second quarter valued at about $34,313,000. Institutional investors own 95.38% of the company’s stock.

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About ON Semiconductor

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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