ON Semiconductor Corporation (ON) Downgraded 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 report released 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.”

Other equities research analysts also recently issued research reports about the company. B. Riley reissued a “buy” rating and set a $18.00 price objective on shares of ON Semiconductor Corporation in a report on Monday, June 12th. Raymond James Financial, Inc. started coverage on ON Semiconductor Corporation in a research report on Friday, June 16th. They set an “outperform” rating and a $19.00 target price for the company. Mizuho raised their target price on ON Semiconductor Corporation from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, March 13th. Robert W. Baird reaffirmed an “outperform” rating and set a $21.00 target price on shares of ON Semiconductor Corporation in a research report on Monday, March 13th. Finally, Credit Suisse Group lowered ON Semiconductor Corporation from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $17.50 to $13.50 in a research report on Tuesday, April 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. ON Semiconductor Corporation currently has an average rating of “Buy” and a consensus price target of $16.40.

Shares of ON Semiconductor Corporation (NASDAQ ON) traded up 0.55% during mid-day trading on Tuesday, hitting $14.53. The stock had a trading volume of 1,746,928 shares. The stock has a market capitalization of $6.11 billion, a P/E ratio of 27.94 and a beta of 1.97. ON Semiconductor Corporation has a 52 week low of $8.72 and a 52 week high of $16.93. The stock has a 50 day moving average of $15.43 and a 200-day moving average of $14.57.

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In other news, EVP Robert A. Klosterboer sold 10,000 shares of ON Semiconductor Corporation stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $14.04, for a total transaction of $140,400.00. Following the transaction, the executive vice president now owns 334,320 shares in the company, valued at approximately $4,693,852.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William Hall sold 41,364 shares of ON Semiconductor Corporation stock in a transaction on Monday, May 15th. The stock was sold at an average price of $15.30, for a total transaction of $632,869.20. The disclosure for this sale can be found here. Insiders sold 134,690 shares of company stock worth $2,094,440 in the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Beacon Capital Management purchased a new stake in shares of ON Semiconductor Corporation during the fourth quarter valued at approximately $0. Ifrah Financial Services Inc. increased its stake in shares of ON Semiconductor Corporation by 1.2% in the second quarter. Ifrah Financial Services Inc. now owns 20,919 shares of the semiconductor company’s stock worth $185,000 after buying an additional 257 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its stake in shares of ON Semiconductor Corporation by 2.5% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 14,642 shares of the semiconductor company’s stock worth $129,000 after buying an additional 356 shares in the last quarter. Cadence Capital Management LLC increased its stake in shares of ON Semiconductor Corporation by 2.9% in the fourth quarter. Cadence Capital Management LLC now owns 13,366 shares of the semiconductor company’s stock worth $171,000 after buying an additional 381 shares in the last quarter. Finally, Amalgamated Bank increased its stake in shares of ON Semiconductor Corporation by 0.7% in the first quarter. Amalgamated Bank now owns 59,332 shares of the semiconductor company’s stock worth $919,000 after buying an additional 393 shares in the last quarter. Hedge funds and other institutional investors 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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