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

Zacks Investment Research downgraded shares of ON Semiconductor Corporation (NASDAQ:ON) from a buy rating to a hold rating in a report published 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. 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 equities analysts have also weighed in on the company. BidaskClub lowered ON Semiconductor Corporation from a buy rating to a hold rating in a research note on Friday, September 15th. Craig Hallum initiated coverage on ON Semiconductor Corporation in a research note on Monday, September 25th. They issued a buy rating and a $25.00 target price on the stock. Needham & Company LLC restated a buy rating and issued a $25.00 target price on shares of ON Semiconductor Corporation in a research note on Monday, September 11th. Raymond James Financial, Inc. initiated coverage on ON Semiconductor Corporation in a research note on Friday, June 16th. They issued an outperform rating and a $19.00 target price on the stock. Finally, Robert W. Baird restated a buy rating and issued a $20.00 target price on shares of ON Semiconductor Corporation in a research note on Thursday, August 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $18.55.

ON Semiconductor Corporation (NASDAQ ON) traded down 0.15% on Tuesday, reaching $19.35. The company’s stock had a trading volume of 2,262,426 shares. ON Semiconductor Corporation has a 52-week low of $10.74 and a 52-week high of $19.82. The stock’s 50 day moving average price is $17.49 and its 200 day moving average price is $15.73. The firm has a market cap of $8.16 billion, a PE ratio of 28.46 and a beta of 2.01.

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In related news, insider Bernard Raymond Colpitts, Jr. sold 2,490 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $16.31, for a total transaction of $40,611.90. Following the transaction, the insider now directly owns 24,591 shares in the company, valued at approximately $401,079.21. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Daryl Ostrander sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $16.78, for a total value of $33,560.00. Following the transaction, the director now owns 65,458 shares in the company, valued at $1,098,385.24. The disclosure for this sale can be found here. Insiders have sold a total of 74,723 shares of company stock worth $1,336,427 over the last quarter. Corporate insiders own 1.60% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of ON. Oppenheimer Asset Management Inc. bought a new position in ON Semiconductor Corporation during the 1st quarter worth approximately $110,000. Tower Research Capital LLC TRC grew its position in ON Semiconductor Corporation by 2,234.7% during the 1st quarter. Tower Research Capital LLC TRC now owns 10,039 shares of the semiconductor company’s stock worth $156,000 after acquiring an additional 9,609 shares during the last quarter. Nine Chapters Capital Management LLC bought a new position in ON Semiconductor Corporation during the 2nd quarter worth approximately $157,000. Marshall Wace North America L.P. bought a new position in ON Semiconductor Corporation during the 2nd quarter worth approximately $184,000. Finally, Airain ltd bought a new position in ON Semiconductor Corporation during the 2nd quarter worth approximately $207,000. Institutional investors and hedge funds own 98.07% of the company’s stock.

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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