KeyBanc maintained its ON Semiconductor [ON] rating to the equivalent of Overweight but changed the price target to $40 from $37, in a research note dated 2021-01-06. That figure represents around a 20.41% premium from where the company’s shares closed on Tuesday. Other analysts also revised their coverage, with Craig Hallum’s analysts reiterating the shares to “a Buy” rating in a research note to investors issued in early December. Meanwhile, KeyBanc Capital Markets had raised its rating on ON to “an Overweight” from the earlier “Sector weight”, in a research note produced for clients December 08, 2020. In addition, there was no change from Needham on December 08, 2020. The rater maintained ON to “a Strong buy” but assigned new target price of $38.
Is ON Semiconductor Corporation [NASDAQ:ON] a Good Buy Right Now?
It should be noted that ON technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from ON Semiconductor Corporation’s Trend Spotter indicated that the signals were Strongest. The stock current average is 5.55 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 6.85 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 6.49 million shares.
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ON Price Performance
On Wall Street, ON Semiconductor Corporation [NASDAQ:ON] finished Tuesday’s session up 1.68% at $33.22. The stock went up to $33.28 at the same session while its lowest single day price was $32.49. In the last five days, it saw a rise of about 3.97%, ON Semiconductor Corporation shares gained by almost 1.50% since the beginning of the year. However, the share price has dropped to as low as -1.25% below its one year high. On 01/04/21, the company shares recorded $33.64, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $32.32. The company’s shares have inclined by 38.01% in the past year. The 50-day SMA achieved is $29.00 while the 200-day SMA is $21.64. Volume dropped to 4.26 million from 8.09 million in the previous session.
ON Semiconductor Corporation [ON] Valuation Measures
Notably, ON Semiconductor Corporation [ON] stock cannot be classified as a good candidate in the listing of underestimated low-priced Semiconductors companies to purchase soonest possible with the prevailing 12-month PE ratio of 68.92. The measure means the stock is exchanging at a premium as compared to the 32.75x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 2.60 PS value ratio is reported for the last one year of reported earnings. That is lower than the industry average of 2.64 which means ON serve an unattractive investment opportunity compared to its competitors.
ON Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 32.71 level, and in case of violation of this particular level, it will cause more drop to 32.21 level. On the upper level, 33.79 is still the key resistance. The stock may increase to the subsequent resistance at 33.50. The Relative Strength Index (RSI) pinned on the 14-day chart is 76.19, implying a overbought technical stance while the MACD stands at 0.91, meaning price will decrease in the next trading period. Percent R indicator moved to 13.76%, implying bullish price movement. Stochastic %K at 82.38% suggest selling the stock.
What is the short interest in ON Semiconductor Corporation?
Short interest in the ON Semiconductor Corporation stock has plunged, decreasing by -10.86 million shares to total 29.57 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 18.71 million, data from Yahoo Finance shows. The increase of 36.73% suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 8.11% of the overall float for the stock.
ON Semiconductor Corporation’s Biggest Shareholders: Who Owns ON Semiconductor Corporation [ON]?
Filings by Fidelity Management & Research Co showed that the firm now holds a total of 38,051,710 shares or roughly 9.25% of the outstanding ON shares. This means their shares have increased by 9,851,731 from the 38,051,710 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, The Vanguard Group, Inc. updated stake is worth $1,015,826,395. Details in the latest 13F filings reveal that Janus Capital Management LLC disposed off their -4.93% stake valued at $576,070,679 while BlackRock Fund Advisors cut theirs at $547,893,091. During the last quarter, Janus Capital Management LLC liquidated -1,038,957 of its shares in ON Semiconductor Corporation while BlackRock Fund Advisors sold -139,888 shares. The Capital Research & Management Co’s holdings currently number 17,614,868 shares at $585165914.96. According to the firm’s last 13F report, Columbia Management Investment Ad shares in the company at filing stood at 15,715,130 shares, roughly $451,809,988.
ON Earnings Forecast For The Current Quarter
ON Semiconductor Corporation [ON] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $1.35B and an earnings per share of $0.27 for Dec 2020. Looking further ahead, the company is expected to report revenue of $1.34B at an EPS of $0.24 for Mar 2021. The estimates represent downside of 10.40% and 76.07% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
ON Earnings Estimates For The Current Year
For the financial year, ON Semiconductor Corporation [NASDAQ:ON] is expected to bring in revenue of $5.16B. The returns are nearly $-360.0 million lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 0.77, lower than that of FY19 by -$0.72. Estimates put this year’s earnings growth at -48.30%, 75.30% for the next, and at an annual 6.78% over the next 5-year period. As for sales, forecasts are for a decrease of -6.50% in the current fiscal year and a further 10.40% over the following year.