ON Semiconductor (NASDAQ:ON) PT Raised to $32.00 at Morgan Stanley

ON Semiconductor (NASDAQ:ON) had its price target boosted by research analysts at Morgan Stanley from $26.00 to $32.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the semiconductor company’s stock. Morgan Stanley’s target price indicates a potential downside of 14.83% from the stock’s current price.

Several other analysts have also recently issued reports on the stock. Mizuho reiterated a “buy” rating and issued a $44.00 target price (up from $40.00) on shares of ON Semiconductor in a research note on Tuesday. Summit Insights lowered ON Semiconductor from a “buy” rating to a “hold” rating in a research note on Tuesday, February 16th. Piper Sandler upped their target price on ON Semiconductor from $35.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, January 25th. JPMorgan Chase & Co. upped their target price on ON Semiconductor from $25.50 to $37.50 and gave the stock a “neutral” rating in a research note on Tuesday, February 2nd. Finally, B. Riley upped their target price on ON Semiconductor from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, January 25th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. ON Semiconductor currently has a consensus rating of “Buy” and an average target price of $37.65.

Shares of ON stock opened at $37.57 on Tuesday. The stock has a market capitalization of $15.71 billion, a P/E ratio of 76.67, a PEG ratio of 5.67 and a beta of 1.99. The company has a current ratio of 2.11, a quick ratio of 1.40 and a debt-to-equity ratio of 1.03. The firm’s 50 day moving average is $41.30 and its 200 day moving average is $35.14. ON Semiconductor has a 12 month low of $13.48 and a 12 month high of $44.59.

ON Semiconductor (NASDAQ:ON) last announced its quarterly earnings results on Sunday, May 2nd. The semiconductor company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.46 billion. ON Semiconductor had a net margin of 3.87% and a return on equity of 9.92%. ON Semiconductor’s revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.10 EPS. On average, equities analysts predict that ON Semiconductor will post 0.77 EPS for the current year.

In other ON Semiconductor news, Director Emmanuel T. Hernandez sold 74,165 shares of the stock in a transaction that occurred on Monday, March 8th. The stock was sold at an average price of $37.73, for a total value of $2,798,245.45. Following the completion of the sale, the director now owns 103,461 shares in the company, valued at approximately $3,903,583.53. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Vince Craig Hopkin sold 1,000 shares of the stock in a transaction that occurred on Friday, March 19th. The stock was sold at an average price of $39.26, for a total value of $39,260.00. Following the completion of the sale, the executive vice president now owns 133,924 shares of the company’s stock, valued at approximately $5,257,856.24. The disclosure for this sale can be found here. Insiders have sold a total of 113,413 shares of company stock valued at $4,464,308 over the last 90 days. 1.42% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of ON. Starboard Value LP purchased a new position in shares of ON Semiconductor in the 4th quarter worth $295,803,000. Swedbank purchased a new position in shares of ON Semiconductor in the 4th quarter worth $141,360,000. Nuveen Asset Management LLC boosted its stake in shares of ON Semiconductor by 274.2% in the 4th quarter. Nuveen Asset Management LLC now owns 4,375,954 shares of the semiconductor company’s stock worth $143,225,000 after buying an additional 3,206,484 shares during the last quarter. Newbrook Capital Advisors LP purchased a new position in shares of ON Semiconductor in the 4th quarter worth $93,860,000. Finally, Alliancebernstein L.P. boosted its stake in shares of ON Semiconductor by 416.5% in the 4th quarter. Alliancebernstein L.P. now owns 3,323,528 shares of the semiconductor company’s stock worth $108,779,000 after buying an additional 2,680,010 shares during the last quarter. 98.89% of the stock is owned by institutional investors.

ON Semiconductor Company Profile

ON Semiconductor Corporation, together with its subsidiaries, manufactures and sells semiconductor components for various electronic devices worldwide. The company operates in three segments: Power Solutions Group (PSG), Advanced Solutions Group (ASG), and Intelligent Sensing Group (ISG). The PSG segment offers analog, discrete, module, and integrated semiconductor products for various applications, such as power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage regulation functions.

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