Keeton Simon, Group President of ON Semiconductor Corp (NASDAQ:ON), recently sold 28,000 shares of the company, as disclosed in a filing dated December 18, 2024. The shares were sold at an average price of $68.5639, totaling approximately $1.9 million. Following the transaction, Simon retains direct ownership of 203,182 shares. The sale comes as ON Semiconductor, a prominent player in the semiconductor industry with a market capitalization of $27.8 billion, trades below its InvestingPro Fair Value despite maintaining a GOOD financial health score. This sale was executed in multiple trades, with prices ranging from $68.55 to $68.655. Additionally, Simon's share count includes 90 shares acquired through the company's Employee Stock Purchase Plan. The stock has shown significant volatility, with a beta of 1.62, while delivering strong returns over the past decade. For comprehensive insider trading analysis and 11 additional key insights about ON Semiconductor, visit InvestingPro.
In other recent news, ON Semiconductor has seen a surge of interest due to strengthened ties with automotive parts manufacturer, Denso, and the unveiling of its new Treo Platform. The company's collaboration with Denso aims to support technologies for autonomous driving and driver assistance. Wells Fargo (NYSE:WFC) has initiated coverage on ON Semiconductor, issuing an Overweight rating and expressing optimism about the company's growth prospects, particularly in the silicon carbide (SiC) market. They anticipate a significant acceleration in SiC revenue growth in 2025.
ON Semiconductor's Treo Platform, a new addition to the high-performance analog segment, has been well-received, with Needham maintaining a Buy rating on the company's shares. Loop Capital also initiated coverage on the company, assigning a Buy rating and highlighting the company's strong position in the automotive market. Deutsche Bank (ETR:DBKGn) maintained a Buy rating on ON Semiconductor following the announcement of the Treo Platform.
The company's third-quarter earnings showed a slight increase, with revenue rising to $1.76 billion, marking a 2% sequential growth. For the fourth quarter, ON Semiconductor projects revenue to fall between $1.71 billion and $1.81 billion. Despite expectations of flat revenue, an increase in automotive sales in the low to mid-single digits is forecasted. These are among the recent developments for ON Semiconductor.
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