ON Semiconductor (NASDAQ:ON) declared that its Board of Directors has initiated a share buyback plan, which authorizes the company to buyback $1.50 billion in outstanding shares on Thursday, November 15th. This buyback authorization authorizes the semiconductor company to purchase up to 20.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

A number of research firms have recently weighed in on ON. ValuEngine downgraded shares of ON Semiconductor from a “hold” rating to a “sell” rating in a research report on Friday. Craig Hallum reaffirmed a “buy” rating and issued a $25.00 target price (down from $31.00) on shares of ON Semiconductor in a research report on Tuesday, October 30th. Morgan Stanley reduced their target price on shares of ON Semiconductor from $18.50 to $14.50 and set an “underweight” rating on the stock in a research report on Tuesday, October 30th. BidaskClub downgraded shares of ON Semiconductor from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 8th. Finally, Nomura dropped their price target on shares of ON Semiconductor from $30.00 to $23.00 and set a “buy” rating on the stock in a research note on Tuesday, October 30th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. ON Semiconductor presently has a consensus rating of “Hold” and a consensus target price of $24.29.

ON traded down $0.90 during midday trading on Friday, hitting $17.37. 5,929,655 shares of the company traded hands, compared to its average volume of 6,088,373. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.44 and a current ratio of 2.36. The stock has a market capitalization of $7.69 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.74 and a beta of 2.04. ON Semiconductor has a 52 week low of $14.55 and a 52 week high of $27.10.

ON Semiconductor (NASDAQ:ON) last posted its earnings results on Sunday, October 28th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.07. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.51 billion. ON Semiconductor had a net margin of 17.24% and a return on equity of 25.97%. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.44 EPS. Research analysts forecast that ON Semiconductor will post 1.9 EPS for the current fiscal year.

In other news, EVP William Hall sold 25,000 shares of the company’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $19.56, for a total transaction of $489,000.00. Following the completion of the sale, the executive vice president now owns 415,797 shares of the company’s stock, valued at approximately $8,132,989.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul E. Rolls sold 31,487 shares of the company’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $20.00, for a total transaction of $629,740.00. The disclosure for this sale can be found here. Insiders have sold a total of 86,650 shares of company stock worth $1,660,553 in the last 90 days. Company insiders own 1.60% of the company’s stock.

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About ON Semiconductor

ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. It operates through three segments: Power Solutions Group, Analog Solutions Group, and Image Sensor Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor products for various applications, such as power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage reference.

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