Robert W. Baird Reaffirms Buy Rating for ON Semiconductor (ON)

ON Semiconductor (NASDAQ:ON)‘s stock had its “buy” rating reaffirmed by Robert W. Baird in a research note issued to investors on Monday, February 4th.

A number of other brokerages have also recently issued reports on ON. Zacks Investment Research upgraded shares of ON Semiconductor from a “sell” rating to a “hold” rating in a research note on Monday, January 28th. ValuEngine raised shares of ON Semiconductor from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Craig Hallum reaffirmed a “buy” rating and issued a $25.00 target price (down previously from $31.00) on shares of ON Semiconductor in a report on Tuesday, October 30th. Morgan Stanley lowered their target price on shares of ON Semiconductor from $18.50 to $14.50 and set an “underweight” rating on the stock in a report on Tuesday, October 30th. Finally, BidaskClub raised shares of ON Semiconductor from a “strong sell” rating to a “sell” rating in a report on Saturday, January 12th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. ON Semiconductor presently has an average rating of “Hold” and a consensus price target of $24.42.

Shares of NASDAQ ON traded up $0.19 during trading hours on Monday, hitting $21.67. 4,718,898 shares of the stock were exchanged, compared to its average volume of 7,352,567. The company has a current ratio of 2.16, a quick ratio of 1.44 and a debt-to-equity ratio of 0.82. The company has a market cap of $9.36 billion, a P/E ratio of 11.06, a P/E/G ratio of 1.11 and a beta of 2.06. ON Semiconductor has a one year low of $14.55 and a one year high of $27.10.

ON Semiconductor declared that its Board of Directors has initiated a stock repurchase plan on Thursday, November 15th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 20.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

In other ON Semiconductor news, Director Emmanuel T. Hernandez sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 25th. The shares were sold at an average price of $20.01, for a total transaction of $600,300.00. Following the sale, the director now directly owns 159,655 shares in the company, valued at approximately $3,194,696.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gilles Delfassy sold 2,000 shares of ON Semiconductor stock in a transaction that occurred on Friday, December 14th. The shares were sold at an average price of $17.10, for a total transaction of $34,200.00. Following the completion of the sale, the director now owns 37,869 shares in the company, valued at $647,559.90. The disclosure for this sale can be found here. Insiders sold a total of 84,407 shares of company stock worth $1,720,720 in the last ninety days. Insiders own 1.29% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its position in ON Semiconductor by 1,917.0% during the fourth quarter. Millennium Management LLC now owns 3,215,704 shares of the semiconductor company’s stock worth $53,091,000 after purchasing an additional 3,056,275 shares during the period. Pictet Asset Management Ltd. boosted its position in ON Semiconductor by 24.1% during the third quarter. Pictet Asset Management Ltd. now owns 11,721,514 shares of the semiconductor company’s stock worth $216,028,000 after purchasing an additional 2,278,586 shares during the period. Dimensional Fund Advisors LP boosted its position in ON Semiconductor by 45.3% during the third quarter. Dimensional Fund Advisors LP now owns 6,898,808 shares of the semiconductor company’s stock worth $127,137,000 after purchasing an additional 2,151,387 shares during the period. Oregon Public Employees Retirement Fund boosted its position in ON Semiconductor by 5,103.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,121,948 shares of the semiconductor company’s stock worth $129,000 after purchasing an additional 2,081,172 shares during the period. Finally, Capital International Investors boosted its position in ON Semiconductor by 9.0% during the third quarter. Capital International Investors now owns 20,741,159 shares of the semiconductor company’s stock worth $382,260,000 after purchasing an additional 1,712,102 shares during the period. 88.38% of the stock is owned by institutional investors and hedge funds.

About ON Semiconductor

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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Analyst Recommendations for ON Semiconductor (NASDAQ:ON)

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