ON Semiconductor (NASDAQ:ON) Shares Gap Down to $19.27

ON Semiconductor Corp (NASDAQ:ON) shares gapped down prior to trading on Wednesday . The stock had previously closed at $19.76, but opened at $19.27. ON Semiconductor shares last traded at $18.58, with a volume of 9,203,213 shares traded.

ON has been the topic of several analyst reports. Raymond James upgraded shares of ON Semiconductor from a “market perform” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a report on Monday, August 19th. Citigroup cut their target price on shares of ON Semiconductor from $25.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. ValuEngine lowered shares of ON Semiconductor from a “hold” rating to a “sell” rating in a report on Monday, October 7th. Cowen reiterated an “outperform” rating and issued a $25.00 target price (down from $29.00) on shares of ON Semiconductor in a report on Tuesday, August 6th. Finally, B. Riley set a $28.00 target price on shares of ON Semiconductor and gave the stock a “buy” rating in a report on Monday. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. ON Semiconductor presently has a consensus rating of “Buy” and an average price target of $24.28.

The company has a quick ratio of 1.41, a current ratio of 2.42 and a debt-to-equity ratio of 1.08. The business’s fifty day moving average is $18.90 and its 200 day moving average is $19.71. The firm has a market capitalization of $8.00 billion, a price-to-earnings ratio of 9.48, a price-to-earnings-growth ratio of 1.89 and a beta of 2.18.

ON Semiconductor (NASDAQ:ON) last issued its quarterly earnings data on Sunday, August 4th. The semiconductor company reported $0.42 EPS for the quarter, hitting analysts’ consensus estimates of $0.42. ON Semiconductor had a net margin of 9.49% and a return on equity of 25.36%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the business posted $0.46 earnings per share. The firm’s quarterly revenue was down 7.4% on a year-over-year basis. Equities research analysts expect that ON Semiconductor Corp will post 1.55 EPS for the current year.

In other ON Semiconductor news, EVP Simon Keeton sold 8,812 shares of ON Semiconductor stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $20.02, for a total value of $176,416.24. Following the sale, the executive vice president now directly owns 119,101 shares in the company, valued at approximately $2,384,402.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Bernard Gutmann sold 43,266 shares of ON Semiconductor stock in a transaction on Monday, September 30th. The shares were sold at an average price of $18.79, for a total transaction of $812,968.14. Following the completion of the sale, the chief financial officer now owns 700,344 shares in the company, valued at $13,159,463.76. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC increased its stake in ON Semiconductor by 19.4% in the 2nd quarter. Janus Henderson Group PLC now owns 36,912,800 shares of the semiconductor company’s stock valued at $746,008,000 after buying an additional 6,008,620 shares during the last quarter. LSV Asset Management increased its stake in ON Semiconductor by 5.7% in the 2nd quarter. LSV Asset Management now owns 10,028,421 shares of the semiconductor company’s stock valued at $202,674,000 after buying an additional 537,400 shares during the last quarter. Point72 Asset Management L.P. increased its stake in ON Semiconductor by 185.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 5,706,798 shares of the semiconductor company’s stock valued at $115,334,000 after buying an additional 3,706,611 shares during the last quarter. Schroder Investment Management Group grew its position in shares of ON Semiconductor by 9.4% in the 2nd quarter. Schroder Investment Management Group now owns 4,288,954 shares of the semiconductor company’s stock valued at $86,680,000 after acquiring an additional 368,151 shares during the period. Finally, Westfield Capital Management Co. LP grew its position in shares of ON Semiconductor by 120.4% in the 2nd quarter. Westfield Capital Management Co. LP now owns 4,101,364 shares of the semiconductor company’s stock valued at $82,889,000 after acquiring an additional 2,240,369 shares during the period. Hedge funds and other institutional investors own 96.21% of the company’s stock.

About ON Semiconductor (NASDAQ:ON)

ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. The company operates in three segments: Power Solutions Group, Analog Solutions Group, and Intelligent Sensing Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor products for various applications, such as power switching and conversion, signal conditioning, circuit protection, signal amplification, and voltage reference.

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