ON Semiconductor Corporation (NASDAQ:ON) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $22.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.30% from the company’s previous close.

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.”

Several other equities analysts also recently commented on ON. Robert W. Baird reiterated a “buy” rating and set a $25.00 price target on shares of ON Semiconductor Corporation in a report on Tuesday. B. Riley reiterated a “buy” rating and set a $21.00 price target on shares of ON Semiconductor Corporation in a report on Sunday, August 13th. Morgan Stanley increased their price target on ON Semiconductor Corporation from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Tuesday, August 8th. J P Morgan Chase & Co reiterated a “neutral” rating and set a $17.00 price target (up previously from $16.00) on shares of ON Semiconductor Corporation in a report on Wednesday, August 9th. Finally, Mizuho reiterated an “outperform” rating and set a $19.00 price target (up previously from $18.00) on shares of ON Semiconductor Corporation in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. ON Semiconductor Corporation currently has an average rating of “Buy” and a consensus target price of $19.02.

ON Semiconductor Corporation (ON) traded down 0.10% on Tuesday, hitting $19.57. 2,547,575 shares of the stock were exchanged. The company’s 50 day moving average price is $17.81 and its 200-day moving average price is $15.82. The company has a market cap of $8.25 billion, a P/E ratio of 28.82 and a beta of 2.01. ON Semiconductor Corporation has a one year low of $10.74 and a one year high of $19.82.

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In related news, Director Daryl Ostrander sold 2,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 65,458 shares of the company’s stock, valued at $1,098,385.24. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bernard Raymond Colpitts, Jr. sold 2,490 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $16.31, for a total value of $40,611.90. Following the completion of the transaction, the insider now directly owns 24,591 shares of the company’s stock, valued at $401,079.21. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,491 shares of company stock valued at $2,030,684. 1.60% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Teacher Retirement System of Texas lifted its holdings in shares of ON Semiconductor Corporation by 0.4% during the second quarter. Teacher Retirement System of Texas now owns 33,379 shares of the semiconductor company’s stock valued at $469,000 after acquiring an additional 127 shares during the period. Chase Investment Counsel Corp lifted its holdings in shares of ON Semiconductor Corporation by 0.3% during the second quarter. Chase Investment Counsel Corp now owns 91,155 shares of the semiconductor company’s stock valued at $1,279,000 after acquiring an additional 254 shares during the period. Numeric Investors LLC lifted its holdings in shares of ON Semiconductor Corporation by 0.3% during the second quarter. Numeric Investors LLC now owns 89,300 shares of the semiconductor company’s stock valued at $1,254,000 after acquiring an additional 300 shares during the period. Krilogy Financial LLC lifted its holdings in shares of ON Semiconductor Corporation by 2.8% during the second quarter. Krilogy Financial LLC now owns 16,400 shares of the semiconductor company’s stock valued at $230,000 after acquiring an additional 450 shares during the period. Finally, Hillsdale Investment Management Inc. lifted its holdings in shares of ON Semiconductor Corporation by 2.3% during the second quarter. Hillsdale Investment Management Inc. now owns 21,170 shares of the semiconductor company’s stock valued at $298,000 after acquiring an additional 470 shares during the period. 97.92% of the stock is owned by institutional investors.

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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Analyst Recommendations for ON Semiconductor Corporation (NASDAQ:ON)

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