ON Semiconductor Corp. Price Target Raised to $10.50 at FBR Capital Markets (ONNN)
Stock analysts at FBR Capital Markets hoisted their target price on shares of ON Semiconductor Corp. (NASDAQ:ONNN) from $8.50 to $10.50 in a report issued on Monday, American Banking & Market News reports. The firm currently has an “outperform” rating on the stock. FBR Capital Markets’ target price would suggest a potential upside of 21.53% from the stock’s previous close.
The analysts wrote, “Management’s tone was the most constructive we have heard in years, as we are starting to gain confidence that Sanyo has truly bottomed (although it may not be until 1Q14 and could dip modestly below the $150 million mark),” the report said. “The company is continuingly encouraged by the pace of growth in its automotive markets and is currently seeing a better-than-expected recovery in industrial. It also continues to move into more appliances beyond air conditioners, which now include washing machines, dryers, refrigerators, and electric stoves. We note the importance of the company’s industrial segment, as gross margins are in the 60%’s, well above the company’s 35% average today. As durables spending accelerated in 2014, we believe this can be a meaningful driver of mix and margin benefits.”
In other ON Semiconductor Corp. news, SVP George Cave sold 10,000 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $8.50, for a total transaction of $85,000.00. Following the sale, the senior vice president now directly owns 241,191 shares of the company’s stock, valued at approximately $2,050,124. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Shares of ON Semiconductor Corp. (NASDAQ:ONNN) traded up 0.35% during mid-day trading on Monday, hitting $8.64. The stock had a trading volume of 9,220,053 shares. ON Semiconductor Corp. has a 52-week low of $6.80 and a 52-week high of $8.75. The stock has a 50-day moving average of $7.76 and a 200-day moving average of $7.53. The company’s market cap is $3.840 billion.
ON Semiconductor Corp. (NASDAQ:ONNN) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.17 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.16 by $0.01. The company had revenue of $715.40 million for the quarter, compared to the consensus estimate of $716.32 million. During the same quarter last year, the company posted $0.12 earnings per share. ON Semiconductor Corp.’s revenue was down 1.4% compared to the same quarter last year. On average, analysts predict that ON Semiconductor Corp. will post $0.53 earnings per share for the current fiscal year.
A number of other firms have also recently commented on ONNN. Analysts at Goldman Sachs Group Inc. downgraded shares of ON Semiconductor Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, January 2nd. Separately, analysts at MKM Partners downgraded shares of ON Semiconductor Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Monday, November 18th. They now have a $8.00 price target on the stock, down previously from $10.00. Finally, analysts at Stifel Nicolaus cut their price target on shares of ON Semiconductor Corp. from $9.00 to $8.50 in a research note to investors on Friday, November 1st. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $8.75.
ON Semiconductor Corporation (NASDAQ:ONNN) designs, manufactures and markets a portfolio of semiconductor components that address the design needs of electronic systems and products.
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