Onsemi (NASDAQ:ON) Price Target Cut to $85.00

Onsemi (NASDAQ:ON) had its target price reduced by investment analysts at TD Cowen from $90.00 to $85.00 in a report issued on Tuesday, Marketbeat reports. The firm currently has a “buy” rating on the semiconductor company’s stock. TD Cowen’s price objective suggests a potential upside of 23.17% from the stock’s previous close.

Several other analysts have also recently commented on ON. JPMorgan Chase & Co. reduced their target price on shares of Onsemi from $95.00 to $90.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. BNP Paribas restated an “underperform” rating and issued a $55.00 target price on shares of Onsemi in a research note on Friday, April 19th. Rosenblatt Securities restated a “neutral” rating and issued a $75.00 target price on shares of Onsemi in a research note on Tuesday, February 6th. Evercore ISI began coverage on shares of Onsemi in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $104.00 target price for the company. Finally, The Goldman Sachs Group reduced their target price on shares of Onsemi from $91.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.24.

Onsemi Trading Down 1.6 %

Shares of Onsemi stock opened at $69.01 on Tuesday. Onsemi has a 1 year low of $59.34 and a 1 year high of $111.35. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.74 and a current ratio of 2.87. The company has a market capitalization of $29.66 billion, a P/E ratio of 14.21, a PEG ratio of 7.03 and a beta of 1.80. The company’s fifty day moving average is $72.80 and its two-hundred day moving average is $74.99.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period last year, the firm posted $1.19 EPS. Onsemi’s revenue for the quarter was down 4.9% on a year-over-year basis. Analysts forecast that Onsemi will post 4.23 earnings per share for the current year.

Institutional Investors Weigh In On Onsemi

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Iridian Asset Management LLC CT grew its holdings in shares of Onsemi by 7.0% during the first quarter. Iridian Asset Management LLC CT now owns 51,475 shares of the semiconductor company’s stock worth $3,786,000 after buying an additional 3,369 shares in the last quarter. Wambolt & Associates LLC grew its holdings in shares of Onsemi by 41.2% during the first quarter. Wambolt & Associates LLC now owns 24,037 shares of the semiconductor company’s stock worth $1,775,000 after buying an additional 7,012 shares in the last quarter. Norden Group LLC purchased a new stake in shares of Onsemi during the first quarter worth about $774,000. Van ECK Associates Corp grew its holdings in shares of Onsemi by 25.7% during the first quarter. Van ECK Associates Corp now owns 2,564,123 shares of the semiconductor company’s stock worth $188,591,000 after buying an additional 523,655 shares in the last quarter. Finally, Fortis Group Advisors LLC purchased a new stake in shares of Onsemi during the first quarter worth about $1,032,000. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

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.