ON Semiconductor (NASDAQ:ON) Shares Up 7.4% - Here's Why

Key Points

• ON Semiconductor's stock price increased by 7.4%, closing at $50.60 after reaching a high of $49.15, although trading volume was significantly lower than average.
• The company reported $0.53 EPS for the latest quarter, which was below analysts' estimate of $0.54, while revenues of $1.47 billion exceeded expectations.
• Analysts have mixed ratings on the stock, with a consensus price target of $56.84 and a majority of ratings classified as "hold."

ON Semiconductor Corporation (NASDAQ:ON - Get Free Report)'s stock price shot up 7.4% on Tuesday . The company traded as high as $49.15 and last traded at $50.60. 717,894 shares changed hands during trading, a decline of 93% from the average session volume of 10,039,325 shares. The stock had previously closed at $47.10.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ON. Cantor Fitzgerald assumed coverage on shares of ON Semiconductor in a report on Wednesday, June 18th. They issued a "neutral" rating and a $55.00 price target for the company. TD Cowen lowered their target price on shares of ON Semiconductor from $68.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, August 5th. KGI Securities initiated coverage on shares of ON Semiconductor in a research note on Friday, May 23rd. They issued a "neutral" rating on the stock. Piper Sandler reaffirmed an "overweight" rating on shares of ON Semiconductor in a research note on Monday, August 4th. Finally, UBS Group reduced their target price on shares of ON Semiconductor from $55.00 to $50.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 5th. Fifteen research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $56.84.

ON Semiconductor Stock Up 6.9%

The company's fifty day simple moving average is $54.43 and its 200-day simple moving average is $47.43. The company has a debt-to-equity ratio of 0.42, a current ratio of 5.02 and a quick ratio of 3.37. The firm has a market capitalization of $20.60 billion, a PE ratio of 47.01, a price-to-earnings-growth ratio of 2.37 and a beta of 1.45.

ON Semiconductor (NASDAQ:ON - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.01). ON Semiconductor had a return on equity of 15.33% and a net margin of 7.28%. The firm had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.45 billion. During the same period in the prior year, the firm posted $0.96 earnings per share. ON Semiconductor's revenue for the quarter was down 15.4% compared to the same quarter last year. On average, analysts forecast that ON Semiconductor Corporation will post 2.6 EPS for the current year.

Institutional Trading of ON Semiconductor

Large investors have recently bought and sold shares of the stock. Costello Asset Management INC purchased a new stake in shares of ON Semiconductor in the 1st quarter valued at $26,000. Golden State Wealth Management LLC lifted its position in ON Semiconductor by 83.3% during the first quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock valued at $29,000 after purchasing an additional 320 shares during the period. Trust Co. of Toledo NA OH acquired a new position in ON Semiconductor during the second quarter valued at $29,000. Elequin Capital LP lifted its position in ON Semiconductor by 108.3% during the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 274 shares during the period. Finally, Evelyn Partners Asset Management Ltd acquired a new position in ON Semiconductor during the second quarter valued at $35,000. Hedge funds and other institutional investors own 97.70% of the company's stock.

About ON Semiconductor

onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.

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