Onsemi (NASDAQ:ON) Reaches New 12-Month Low on Analyst Downgrade

Onsemi (NASDAQ:ON)’s stock price hit a new 52-week low during mid-day trading on Wednesday after KeyCorp lowered their price target on the stock from $60.00 to $55.00. KeyCorp currently has an overweight rating on the stock. Onsemi traded as low as $31.04 and last traded at $31.95, with a volume of 14229991 shares trading hands. The stock had previously closed at $35.08.

Several other analysts also recently commented on ON. JPMorgan Chase & Co. reduced their price objective on shares of Onsemi from $88.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, February 11th. Needham & Company LLC restated a “buy” rating and set a $57.00 price objective on shares of Onsemi in a research note on Monday, March 3rd. Craig Hallum reduced their target price on Onsemi from $78.00 to $50.00 and set a “hold” rating for the company in a report on Tuesday, February 11th. Truist Financial dropped their target price on shares of Onsemi from $60.00 to $52.00 and set a “hold” rating on the stock in a research note on Tuesday, February 11th. Finally, Roth Mkm decreased their price target on shares of Onsemi from $100.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Onsemi has an average rating of “Moderate Buy” and a consensus target price of $65.92.

Hedge Funds Weigh In On Onsemi

Several institutional investors have recently bought and sold shares of ON. Elequin Capital LP increased its position in Onsemi by 108.3% during the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 274 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in shares of Onsemi in the 4th quarter worth $41,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in Onsemi in the fourth quarter worth about $43,000. Synergy Asset Management LLC purchased a new position in Onsemi during the 4th quarter valued at about $51,000. Finally, Plato Investment Management Ltd purchased a new stake in Onsemi during the fourth quarter worth $51,000. 97.70% of the stock is owned by hedge funds and other institutional investors.

Onsemi Trading Down 11.0 %

The company has a 50-day moving average price of $45.10 and a 200 day moving average price of $58.67. The stock has a market capitalization of $14.72 billion, a P/E ratio of 9.61, a price-to-earnings-growth ratio of 16.74 and a beta of 1.48. The company has a current ratio of 5.06, a quick ratio of 3.38 and a debt-to-equity ratio of 0.38.

Onsemi (NASDAQ:ON) last posted its earnings results on Monday, February 10th. The semiconductor company reported $0.95 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.03). Onsemi had a net margin of 22.21% and a return on equity of 20.10%. On average, research analysts forecast that Onsemi will post 2.6 earnings per share for the current fiscal year.

About Onsemi

onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.