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ON Semiconductor Corp (NASDAQ:ONNN): Stock Price Gap Up After Strong Q3 Earning Data

Boston, MA 11/04/2013 (wallstreetpr) – ON Semiconductor Corp (NASDAQ:ONNN) reported its latest earnings data last week, posting $0.17 a share, coming a head of Thomson Reuters estimate of $0.16 by $0.01. However, the revenue fell below expectations at $715.40 million against $716.32 million that Wall Street wanted. In Q3.12, ONNN earned $0.12 a share. It therefore means that the company has added $0.05 to its per share earning one year on. Revenue for this quarter fell 1.4% from the prior year. Wall Street now expects the semiconductor manufacturer to earn $0.54 a share for F2013.

Following these encouraging figures, the stock traded on the positive end of things, gapping up a whopping 6.59% on Friday to close north $7.52. It was a day of high activity which saw the $3.38 billion capped company double its daily average volume. So far, the ONNN has a year’s low of $5.70 against a high of $8.73.

In a research note to investors released at the close of last week’s trading, analysts at Morgan Stanley cut their price target on the stock to $6.50 from $7 in the previous report. This new price indicates a potential downside of $13.56% on the company’s stock considering the previous session’s closing. The rating agency has an underweight rating on ONNN.

So far, 17 equities researchers studying the stock have issued their sentiments about its financial future. This reveals one sell rating, four hold rating and 12 buy rating. On average the company has a consensus buy and price objective of $8.98. Among the rating agencies that have echoed their sentiments on the stock are Zacks with neutral and $7.50 PT, Wedbush with outperform with $8 PT and Raymond James with outperform and $8 PT. The semiconductor company has received price cuts from Morgan Stanely, Wedbush and Raymond James.

The Phoenix-based company designs, makes and sales semiconductor components for various electronic products and systems.

Published by Benjamin Roussey

Benjamin Roussey is from Sacramento, California. He has two master’s degrees and served four years in the U.S. Navy. His bachelor’s degree is from CSUS (1999) where he was on a baseball pitching scholarship. His second master’s degree is an MBA in Global Management from the University of Phoenix (2006). He has worked for small businesses, public agencies, and large corporations. He has lived in Korea and Saudi Arabia where he was an ESL instructor. Benjamin spends his time in between Northern California and Cabo San Lucas, Mexico, committing himself to his craft of freelance and website writing.

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