Benzinga | Oct 8, 2020 02:47PM EDT

Why ON Semiconductor's Stock Is Trading Higher Today

ON Semiconductor (NASDAQ:ON) shares are trading higher on Thursday after Starboard Value called the company a "compelling investment opportunity" and made bullish comments about the stock in its investor presentation.

ON Semiconductor spun off from Motorola in 1999 and has since become a leading supplier of chips into automotive and industrial markets, with products in analog, discrete, power management, and image sensing. The firm has made several acquisitions in the past few years to solidify share in its key markets. The largest of these was the 2016 purchase of Fairchild Semiconductor for $2.4 billion, which greatly increased the firm's strength in the discrete chip market.

ON Semiconductor shares traded up 10.26% to $25.74 on Thursday. The stock has a 52-week high of $26.04 and a 52-week low of $8.17.