ON Semiconductor Corporation’s (ON) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of ON Semiconductor Corporation (NASDAQ:ON) in a research note issued to investors on Monday morning. The firm currently has a $25.00 price target on the semiconductor company’s stock.

“Last Friday, we hosted a series of investor meetings in Boston with Bernard Gutmann, CFO and Parag Agarwal, IR. Rarely do we find a situation in semis where a company is firing on all cylinders: 1) substantial earnings growth (50%+ through‘20) based on a highly complementary acquisition (FCS) which initially was viewed skeptically; 2) a gross margin expansion story where margins have a clear path to expand 300bps over the next two years; 3) a company that is well positioned to capitalize on three of the biggest trends in technology – the proliferation of ADAS/ AV vehicles, the electrification of vehicles as well as buildings, and the trend towards automation and robotics and lastly 4) undervalued, trading at 50-60% discount to its peers on ’18 earnings (10.6x P/E) and 40-50% discount on EV/EBITDA (8.3x).”,” Needham & Company LLC’s analyst wrote.

Several other research analysts have also recently weighed in on ON. B. Riley reiterated a buy rating and issued a $21.00 price target on shares of ON Semiconductor Corporation in a report on Sunday, August 13th. Morgan Stanley upped their price target on shares of 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 issued a $17.00 price target (up previously from $16.00) on shares of ON Semiconductor Corporation in a report on Wednesday, August 9th. Mizuho reiterated an outperform rating and issued a $19.00 price target (up previously from $18.00) on shares of ON Semiconductor Corporation in a report on Wednesday, August 9th. Finally, ValuEngine cut shares of ON Semiconductor Corporation from a strong-buy rating to a buy rating in a report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $17.32.

Shares of ON Semiconductor Corporation (NASDAQ:ON) opened at 17.12 on Monday. The firm has a 50-day moving average of $15.99 and a 200-day moving average of $15.28. The stock has a market cap of $7.22 billion, a P/E ratio of 25.21 and a beta of 1.98. ON Semiconductor Corporation has a 52-week low of $10.08 and a 52-week high of $17.33.

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In other news, insider Bernard Raymond Colpitts, Jr. sold 2,490 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $16.31, for a total value of $40,611.90. Following the transaction, the insider now directly owns 24,591 shares of the company’s stock, valued at $401,079.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert A. Klosterboer sold 10,000 shares of the stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $15.40, for a total transaction of $154,000.00. Following the completion of the transaction, the executive vice president now directly owns 324,320 shares in the company, valued at $4,994,528. The disclosure for this sale can be found here. Insiders have sold 29,433 shares of company stock worth $482,643 over the last ninety days. Insiders own 1.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Koch Industries Inc. bought a new position in shares of ON Semiconductor Corporation in the second quarter valued at about $432,000. Piedmont Investment Advisors LLC raised its position in shares of ON Semiconductor Corporation by 118.9% in the second quarter. Piedmont Investment Advisors LLC now owns 87,343 shares of the semiconductor company’s stock valued at $1,226,000 after purchasing an additional 47,442 shares during the period. Krilogy Financial LLC raised its position in shares of ON Semiconductor Corporation by 2.8% in the second quarter. Krilogy Financial LLC now owns 16,400 shares of the semiconductor company’s stock valued at $230,000 after purchasing an additional 450 shares during the period. Robecosam AG raised its position in shares of ON Semiconductor Corporation by 198.5% in the second quarter. Robecosam AG now owns 609,000 shares of the semiconductor company’s stock valued at $8,660,000 after purchasing an additional 405,000 shares during the period. Finally, Sterling Capital Management LLC raised its position in shares of ON Semiconductor Corporation by 3.5% in the second quarter. Sterling Capital Management LLC now owns 1,673,704 shares of the semiconductor company’s stock valued at $23,499,000 after purchasing an additional 56,664 shares during the period. 98.07% of the stock is currently 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.

Analyst Recommendations for ON Semiconductor Corporation (NASDAQ:ON)

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