Needham & Company LLC reaffirmed their buy rating on shares of ON Semiconductor Corp. (NASDAQ:ON) in a research note released on Friday morning. They currently have a $14.00 price objective on the stock.
“Today Intel raised its revenue forecast due to demand rebounding in the PC market. Intel stated that “inventory in the PC supply chain needed to be replenished, and that the company had seen some signs of improving PC demand”. Its new forecast of $15.3B- $15.9B, up from $14.4B-$15.4B, represents a 5% increase at the midpoints.”,” Needham & Company LLC’s analyst wrote.
Other equities research analysts have also recently issued research reports about the company. Mizuho reissued an outperform rating and issued a $16.00 price target on shares of ON Semiconductor Corp. in a research note on Friday, September 9th. Credit Agricole SA started coverage on ON Semiconductor Corp. in a research note on Tuesday, May 24th. They issued an outperform rating and a $11.00 price target for the company. Wedbush reissued an outperform rating and issued a $13.00 price target (up previously from $12.00) on shares of ON Semiconductor Corp. in a research note on Friday, June 3rd. Zacks Investment Research cut ON Semiconductor Corp. from a hold rating to a sell rating in a research note on Tuesday, August 9th. Finally, Longbow Research raised ON Semiconductor Corp. from a neutral rating to a buy rating and set a $14.00 price target for the company in a research note on Wednesday, August 24th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $13.41.
Shares of ON Semiconductor Corp. (NASDAQ:ON) opened at 11.58 on Friday. The company has a market cap of $4.81 billion, a price-to-earnings ratio of 29.69 and a beta of 1.64. ON Semiconductor Corp. has a 52 week low of $6.97 and a 52 week high of $12.00. The company has a 50 day moving average of $10.55 and a 200-day moving average of $9.73.
ON Semiconductor Corp. (NASDAQ:ON) last issued its earnings results on Monday, August 8th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The company had revenue of $877.80 million for the quarter, compared to the consensus estimate of $854.55 million. ON Semiconductor Corp. had a return on equity of 20.14% and a net margin of 4.70%. The firm’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.22 EPS. On average, equities research analysts expect that ON Semiconductor Corp. will post $0.84 earnings per share for the current fiscal year.
In other ON Semiconductor Corp. news, VP Paul E. Rolls sold 15,000 shares of the stock in a transaction on Friday, August 26th. The stock was sold at an average price of $11.25, for a total transaction of $168,750.00. Following the completion of the transaction, the vice president now directly owns 277,202 shares in the company, valued at $3,118,522.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of ON Semiconductor Corp. by 5.6% in the first quarter. Geode Capital Management LLC now owns 2,652,199 shares of the company’s stock worth $25,433,000 after buying an additional 139,951 shares during the period. Nuveen Asset Management LLC raised its stake in shares of ON Semiconductor Corp. by 343.8% in the first quarter. Nuveen Asset Management LLC now owns 784,062 shares of the company’s stock worth $7,519,000 after buying an additional 607,400 shares during the period. Jericho Capital Asset Management L.P. acquired a new stake in shares of ON Semiconductor Corp. during the first quarter worth $20,484,000. Prudential Financial Inc. raised its stake in shares of ON Semiconductor Corp. by 1,713.4% in the first quarter. Prudential Financial Inc. now owns 1,426,694 shares of the company’s stock worth $13,682,000 after buying an additional 1,348,020 shares during the period. Finally, Robecosam AG raised its stake in shares of ON Semiconductor Corp. by 36.8% in the first quarter. Robecosam AG now owns 959,500 shares of the company’s stock worth $9,317,000 after buying an additional 258,000 shares during the period. Hedge funds and other institutional investors own 94.67% of the company’s stock.
About ON Semiconductor Corp.
ON Semiconductor Corporation offers a portfolio of analog, digital and mixed signal integrated circuits (ICs), standard products, image sensors and custom devices for customers to solve their design challenges in advanced electronic systems and products. The Company operates through four segments: Application Products Group, Image Sensor Group, Standard Products Group, and System Solutions Group.
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