ON Semiconductor Corporation (NASDAQ:ON) Rating Increased to Buy at Zacks Investment Research

ON Semiconductor Corporation (NASDAQ:ON) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, October 17th. The brokerage currently has a $22.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 2.76% from the company’s previous close.

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. Further, a diversified customer and product base coupled with improving end-markets has insulated the company against certain end-market and geographical demand volatility. Lower customer and product concentration risk is therefore a positive for its top line. Moreover, growing demand and greater adoption of CMOS image sensor business and ADAS related applications have given ON Semi a significant growth opportunity in the automotive market. Further, On Semi has outperformed the industry on a year-to-date basis. Meanwhile, estimates have been stable lately ahead of the company’s Q3 earnings release. However, leveraged balance sheet remains a concern.”

A number of other brokerages also recently issued reports on ON. KeyCorp reissued a “hold” rating on shares of ON Semiconductor Corporation in a research report on Tuesday, September 12th. B. Riley boosted their price objective on shares of ON Semiconductor Corporation from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 7th. Mizuho reissued an “outperform” rating and set a $19.00 price objective (up from $18.00) on shares of ON Semiconductor Corporation in a research report on Wednesday, August 9th. BidaskClub raised shares of ON Semiconductor Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $25.00 target price on shares of ON Semiconductor Corporation in a research report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. ON Semiconductor Corporation has an average rating of “Buy” and a consensus target price of $19.73.

ON Semiconductor Corporation (NASDAQ ON) traded down $0.24 during trading hours on Tuesday, reaching $21.41. 15,332,314 shares of the company were exchanged, compared to its average volume of 5,900,000. ON Semiconductor Corporation has a 52 week low of $10.74 and a 52 week high of $21.77. The company has a quick ratio of 1.29, a current ratio of 2.03 and a debt-to-equity ratio of 1.36. The company has a market cap of $8,790.00, a price-to-earnings ratio of 21.23, a P/E/G ratio of 0.85 and a beta of 2.06.

ON Semiconductor Corporation (NASDAQ:ON) last posted its quarterly earnings results on Monday, November 6th. The semiconductor company reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.04. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.37 billion. ON Semiconductor Corporation had a net margin of 5.88% and a return on equity of 22.74%. The firm’s revenue was up 46.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 EPS. research analysts predict that ON Semiconductor Corporation will post 1.4 EPS for the current fiscal year.

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In other ON Semiconductor Corporation news, Director Daryl Ostrander sold 2,000 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $16.78, for a total transaction of $33,560.00. Following the completion of the sale, the director now directly owns 65,458 shares of the company’s stock, valued at approximately $1,098,385.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Keith D. Jackson sold 476,191 shares of the stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $19.59, for a total transaction of $9,328,581.69. Following the sale, the chief executive officer now directly owns 3,649,468 shares of the company’s stock, valued at $71,493,078.12. The disclosure for this sale can be found here. Insiders sold a total of 623,007 shares of company stock worth $12,081,920 in the last quarter. Company insiders own 1.40% of the company’s stock.

Several hedge funds have recently bought and sold shares of ON. Envestnet Asset Management Inc. lifted its position in ON Semiconductor Corporation by 32.7% in the first quarter. Envestnet Asset Management Inc. now owns 14,201 shares of the semiconductor company’s stock worth $221,000 after buying an additional 3,502 shares during the last quarter. Prudential Financial Inc. lifted its position in ON Semiconductor Corporation by 898.9% in the first quarter. Prudential Financial Inc. now owns 245,474 shares of the semiconductor company’s stock worth $3,802,000 after buying an additional 220,900 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of ON Semiconductor Corporation by 16.9% during the first quarter. Principal Financial Group Inc. now owns 92,391 shares of the semiconductor company’s stock worth $1,431,000 after purchasing an additional 13,329 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of ON Semiconductor Corporation by 234.5% during the first quarter. Wellington Management Group LLP now owns 688,092 shares of the semiconductor company’s stock worth $10,659,000 after purchasing an additional 482,387 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of ON Semiconductor Corporation by 42.2% during the first quarter. Legal & General Group Plc now owns 330,312 shares of the semiconductor company’s stock worth $5,115,000 after purchasing an additional 97,957 shares during the last quarter. 98.52% of the stock is owned by hedge funds and other institutional investors.

ON Semiconductor Corporation Company Profile

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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