ON Semiconductor (ON) Raised to “Hold” at BidaskClub

ON Semiconductor (NASDAQ:ON) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

Several other equities research analysts have also recently issued reports on the stock. Robert W. Baird reaffirmed a “buy” rating and set a $28.00 price objective on shares of ON Semiconductor in a research report on Wednesday, January 9th. Citigroup decreased their price objective on shares of ON Semiconductor from $28.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, October 30th. Zacks Investment Research raised shares of ON Semiconductor from a “sell” rating to a “hold” rating in a research report on Tuesday, January 15th. Nomura reduced their price target on shares of ON Semiconductor from $30.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, October 30th. Finally, BMO Capital Markets started coverage on shares of ON Semiconductor in a research report on Monday, November 12th. They issued a “market perform” rating and a $20.00 price target for the company. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $24.60.

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Shares of ON Semiconductor stock traded up $0.29 during trading on Tuesday, hitting $21.88. 9,577,767 shares of the stock were exchanged, compared to its average volume of 7,844,295. The stock has a market cap of $8.76 billion, a P/E ratio of 11.16, a price-to-earnings-growth ratio of 1.01 and a beta of 2.06. ON Semiconductor has a 12-month low of $14.55 and a 12-month high of $27.10. The company has a current ratio of 2.36, a quick ratio of 1.44 and a debt-to-equity ratio of 0.82.

ON Semiconductor announced that its Board of Directors has authorized a share repurchase plan on Thursday, November 15th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the semiconductor company to purchase up to 20.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

In other news, Director Daryl Ostrander sold 4,000 shares of the company’s stock in a transaction dated Tuesday, November 20th. The shares were sold at an average price of $18.01, for a total value of $72,040.00. Following the completion of the sale, the director now directly owns 85,135 shares of the company’s stock, valued at $1,533,281.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul E. Rolls sold 31,487 shares of the company’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $20.00, for a total transaction of $629,740.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,470 shares of company stock valued at $1,637,057. 1.29% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in the company. Huntington National Bank raised its holdings in shares of ON Semiconductor by 69.2% in the fourth quarter. Huntington National Bank now owns 1,926 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 788 shares during the last quarter. M&T Bank Corp raised its holdings in shares of ON Semiconductor by 5.0% in the fourth quarter. M&T Bank Corp now owns 17,833 shares of the semiconductor company’s stock valued at $295,000 after buying an additional 843 shares during the last quarter. ETF Managers Group LLC raised its holdings in shares of ON Semiconductor by 18.8% in the fourth quarter. ETF Managers Group LLC now owns 5,417 shares of the semiconductor company’s stock valued at $89,000 after buying an additional 856 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of ON Semiconductor by 2.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 35,532 shares of the semiconductor company’s stock valued at $587,000 after buying an additional 894 shares during the last quarter. Finally, Emerald Advisers LLC increased its stake in shares of ON Semiconductor by 1.5% during the fourth quarter. Emerald Advisers LLC now owns 98,703 shares of the semiconductor company’s stock worth $1,630,000 after acquiring an additional 1,476 shares during the period. 90.79% of the stock is owned by institutional investors and hedge funds.

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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