ON Semiconductor (NASDAQ:ON) Lowered to Hold at Summit Insights

Summit Insights downgraded shares of ON Semiconductor (NASDAQ:ON – Get Rating) from a buy rating to a hold rating in a research report sent to investors on Monday morning, Marketbeat Ratings reports.

Other research analysts also recently issued reports about the company. Benchmark reissued a buy rating and issued a $72.00 price objective on shares of ON Semiconductor in a research note on Tuesday, May 3rd. The Goldman Sachs Group reduced their price objective on ON Semiconductor from $74.00 to $60.00 in a research note on Friday, July 15th. Wells Fargo & Company raised ON Semiconductor from an equal weight rating to an overweight rating and increased their price objective for the company from $58.00 to $65.00 in a research note on Wednesday, May 11th. Bank of America reduced their price objective on ON Semiconductor from $80.00 to $65.00 and set a buy rating for the company in a research note on Wednesday, June 29th. Finally, Needham & Company LLC reduced their price objective on ON Semiconductor to $60.00 in a research note on Tuesday, July 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $67.60.

ON Semiconductor Trading Down 4.7 %

Shares of NASDAQ:ON opened at $63.66 on Monday. ON Semiconductor has a 1 year low of $40.85 and a 1 year high of $71.25. The firm has a market capitalization of $27.66 billion, a price-to-earnings ratio of 19.53, a price-to-earnings-growth ratio of 0.71 and a beta of 1.82. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.79 and a quick ratio of 1.83. The business’s 50 day moving average price is $56.65 and its 200-day moving average price is $57.42.

ON Semiconductor (NASDAQ:ON – Get Rating) last announced its earnings results on Monday, August 1st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.08. ON Semiconductor had a return on equity of 38.08% and a net margin of 20.13%. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same quarter last year, the firm posted $0.63 EPS. The business’s revenue was up 24.9% on a year-over-year basis. On average, equities research analysts forecast that ON Semiconductor will post 4.9 earnings per share for the current fiscal year.

Insider Activity at ON Semiconductor

In related news, EVP Vince Craig Hopkin sold 6,296 shares of the firm’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $52.10, for a total transaction of $328,021.60. Following the completion of the transaction, the executive vice president now directly owns 169,073 shares in the company, valued at approximately $8,808,703.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Hassane El-Khoury sold 20,000 shares of ON Semiconductor stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $56.17, for a total value of $1,123,400.00. Following the completion of the transaction, the chief executive officer now owns 261,162 shares in the company, valued at approximately $14,669,469.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vince Craig Hopkin sold 6,296 shares of ON Semiconductor stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $52.10, for a total value of $328,021.60. Following the completion of the transaction, the executive vice president now owns 169,073 shares of the company’s stock, valued at approximately $8,808,703.30. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ON Semiconductor

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cedar Mountain Advisors LLC purchased a new position in shares of ON Semiconductor in the 1st quarter valued at about $25,000. Tsfg LLC acquired a new stake in shares of ON Semiconductor during the 4th quarter worth about $27,000. IronBridge Private Wealth LLC acquired a new stake in shares of ON Semiconductor during the 4th quarter worth about $27,000. IndexIQ Advisors LLC acquired a new stake in shares of ON Semiconductor during the 1st quarter worth about $40,000. Finally, Geneos Wealth Management Inc. raised its position in shares of ON Semiconductor by 28.4% during the 2nd quarter. Geneos Wealth Management Inc. now owns 905 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 92.86% of the company’s stock.

ON Semiconductor Company Profile

(Get Rating)

onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.

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