TD Cowen Lowers ON Semiconductor (NASDAQ:ON) Price Target to $55.00

ON Semiconductor (NASDAQ:ON) had its price objective dropped by equities research analysts at TD Cowen from $68.00 to $55.00 in a report released on Tuesday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. TD Cowen’s price objective would indicate a potential upside of 17.07% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley started coverage on ON Semiconductor in a research report on Monday, May 12th. They issued an “equal weight” rating and a $39.00 target price for the company. KeyCorp boosted their price objective on shares of ON Semiconductor from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Benchmark dropped their target price on ON Semiconductor from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Mizuho boosted their price target on ON Semiconductor from $60.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, June 26th. Finally, Needham & Company LLC raised their price objective on ON Semiconductor from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Monday. Fifteen analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ON Semiconductor has a consensus rating of “Hold” and a consensus target price of $56.84.

ON Semiconductor Stock Down 0.6%

Shares of NASDAQ ON opened at $46.98 on Tuesday. The stock has a market capitalization of $19.21 billion, a PE ratio of 43.91, a P/E/G ratio of 3.89 and a beta of 1.45. The company has a quick ratio of 3.32, a current ratio of 5.02 and a debt-to-equity ratio of 0.42. The firm has a fifty day moving average of $54.13 and a 200-day moving average of $47.70. ON Semiconductor has a 52-week low of $31.04 and a 52-week high of $78.61.

ON Semiconductor (NASDAQ:ON) last posted its earnings results on Monday, August 4th. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). ON Semiconductor had a return on equity of 15.33% and a net margin of 7.28%. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same period last year, the company posted $0.96 EPS. The firm’s revenue for the quarter was down 15.4% compared to the same quarter last year. On average, analysts anticipate that ON Semiconductor will post 2.6 EPS for the current year.

Institutional Investors Weigh In On ON Semiconductor

A number of institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC lifted its position in shares of ON Semiconductor by 9.2% in the fourth quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company’s stock worth $780,387,000 after purchasing an additional 1,041,989 shares in the last quarter. Ameriprise Financial Inc. increased its stake in ON Semiconductor by 1.0% in the 1st quarter. Ameriprise Financial Inc. now owns 11,328,463 shares of the semiconductor company’s stock valued at $460,958,000 after buying an additional 110,735 shares during the period. Allspring Global Investments Holdings LLC lifted its position in ON Semiconductor by 15.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 5,835,332 shares of the semiconductor company’s stock worth $312,774,000 after buying an additional 774,087 shares in the last quarter. Baillie Gifford & Co. acquired a new stake in shares of ON Semiconductor during the 1st quarter valued at $219,001,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of ON Semiconductor by 18.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company’s stock valued at $316,195,000 after acquiring an additional 771,610 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors and hedge funds.

About ON Semiconductor

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.