Onsemi (NASDAQ:ON) Shares Gap Down Following Analyst Downgrade

Onsemi (NASDAQ:ON)’s share price gapped down before the market opened on Thursday after Stifel Nicolaus lowered their price target on the stock from $82.00 to $72.00. The stock had previously closed at $64.47, but opened at $63.01. Stifel Nicolaus currently has a hold rating on the stock. Onsemi shares last traded at $62.88, with a volume of 1,002,928 shares traded.

A number of other research firms have also commented on ON. Truist Financial lowered their price target on Onsemi from $94.00 to $89.00 and set a “buy” rating for the company in a research report on Tuesday, February 6th. The Goldman Sachs Group lowered their price target on Onsemi from $91.00 to $81.00 and set a “buy” rating for the company in a research report on Tuesday. Susquehanna reaffirmed a “positive” rating and set a $90.00 target price on shares of Onsemi in a research report on Monday, April 8th. TD Cowen raised their target price on Onsemi from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, February 6th. Finally, Evercore ISI started coverage on Onsemi in a research report on Tuesday. They set an “outperform” rating and a $104.00 target price for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $96.52.

Hedge Funds Weigh In On Onsemi

Several institutional investors have recently added to or reduced their stakes in ON. Provence Wealth Management Group purchased a new position in shares of Onsemi during the third quarter worth approximately $25,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Onsemi during the fourth quarter worth approximately $32,000. Private Wealth Management Group LLC purchased a new position in shares of Onsemi during the fourth quarter worth approximately $33,000. MeadowBrook Investment Advisors LLC purchased a new position in shares of Onsemi during the fourth quarter valued at $33,000. Finally, FinTrust Capital Advisors LLC bought a new stake in shares of Onsemi in the fourth quarter valued at about $25,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Onsemi Trading Down 3.5 %

The stock’s 50 day moving average is $74.67 and its two-hundred day moving average is $76.43. The company has a market capitalization of $26.10 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 6.13 and a beta of 1.80. The company has a quick ratio of 1.74, a current ratio of 2.71 and a debt-to-equity ratio of 0.33.

Onsemi (NASDAQ:ON) last released its quarterly earnings data on Monday, February 5th. The semiconductor company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.04. Onsemi had a net margin of 26.46% and a return on equity of 31.36%. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2 billion. During the same period in the prior year, the firm earned $1.32 earnings per share. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. As a group, sell-side analysts predict that Onsemi will post 4.31 EPS 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.