ON Semiconductor (ON) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of ON Semiconductor (NASDAQ:ON) from a buy rating to a hold rating in a research report report published on Wednesday, May 2nd.

According to Zacks, “ON Semi reported solid first-quarter results driven by bobust demand, adoption and favorable product mix. The company continues to gain from its strength in automotive and industrial end-markets. The addition of Fairchild’s offerings has expanded the company’s product portfolio. Synergies from acquisitions have given the company exposure to new end markets along with higher margin capabilities. Notably, shares of the company have outperformed the industry on a year-to-date basis. Additionally, ON Semiconductor is likely to gain a competitive edge through increased investment in captive raw wafer manufacturing.  Moreover, rising raw wafer prices will boost company’s margins in the long-run.”

A number of other equities analysts also recently commented on the stock. ValuEngine downgraded shares of ON Semiconductor from a strong-buy rating to a buy rating in a report on Wednesday, May 2nd. JPMorgan Chase upped their price objective on shares of ON Semiconductor from $23.00 to $24.00 and gave the company a neutral rating in a report on Tuesday, May 1st. BidaskClub upgraded shares of ON Semiconductor from a hold rating to a buy rating in a report on Wednesday, March 7th. MKM Partners upped their price objective on shares of ON Semiconductor to $28.00 and gave the company a buy rating in a report on Tuesday, February 6th. Finally, Jefferies Group restated a hold rating and set a $26.00 price objective on shares of ON Semiconductor in a report on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $24.71.

ON Semiconductor opened at $23.70 on Wednesday, MarketBeat.com reports. The company has a quick ratio of 0.93, a current ratio of 1.53 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $10.18 billion, a P/E ratio of 17.64, a price-to-earnings-growth ratio of 1.07 and a beta of 2.03. ON Semiconductor has a fifty-two week low of $23.47 and a fifty-two week high of $23.70.

ON Semiconductor (NASDAQ:ON) last issued its earnings results on Sunday, April 29th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.01. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. ON Semiconductor had a net margin of 15.90% and a return on equity of 23.00%. The business’s revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 earnings per share. analysts predict that ON Semiconductor will post 1.77 earnings per share for the current year.

In other ON Semiconductor news, VP Paul E. Rolls sold 30,933 shares of the firm’s stock in a transaction on Thursday, March 22nd. The stock was sold at an average price of $26.03, for a total value of $805,185.99. Following the completion of the sale, the vice president now directly owns 280,905 shares of the company’s stock, valued at approximately $7,311,957.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP William Hall sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 2nd. The stock was sold at an average price of $22.14, for a total value of $66,420.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 275,579 shares of company stock valued at $6,948,894. 1.60% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. purchased a new position in ON Semiconductor during the 4th quarter valued at about $101,000. Point72 Asia Hong Kong Ltd boosted its holdings in ON Semiconductor by 9,749.0% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 4,826 shares of the semiconductor company’s stock valued at $118,000 after acquiring an additional 4,777 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new position in ON Semiconductor during the 4th quarter valued at about $174,000. Focused Wealth Management Inc purchased a new position in ON Semiconductor during the 1st quarter valued at about $181,000. Finally, Premia Global Advisors LLC purchased a new position in ON Semiconductor during the 4th quarter valued at about $200,000. Institutional investors and hedge funds own 96.06% of the company’s stock.

ON Semiconductor Company Profile

ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. It operates through three segments: Power Solutions Group, Analog Solutions Group, and Image Sensor Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor products for various applications, such as power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage reference.

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