Truist Financial Lowers Onsemi (NASDAQ:ON) Price Target to $85.00

Onsemi (NASDAQ:ON) had its target price reduced by equities research analysts at Truist Financial from $89.00 to $85.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Truist Financial’s price target would indicate a potential upside of 23.17% from the stock’s previous close.

ON has been the subject of a number of other research reports. BNP Paribas reiterated an “underperform” rating and set a $55.00 price objective on shares of Onsemi in a research report on Friday, April 19th. Morgan Stanley decreased their price target on Onsemi from $80.00 to $70.00 and set an “equal weight” rating on the stock in a report on Monday, April 22nd. Stifel Nicolaus decreased their target price on Onsemi from $82.00 to $72.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. Evercore ISI began coverage on Onsemi in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $104.00 price target for the company. Finally, Susquehanna lowered their target price on shares of Onsemi from $90.00 to $85.00 and set a “positive” rating on the stock in a report on Tuesday. One analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $90.24.

Onsemi Price Performance

ON opened at $69.01 on Tuesday. The company’s 50-day simple moving average is $72.80 and its two-hundred day simple moving average is $74.99. Onsemi has a 52-week low of $59.34 and a 52-week high of $111.35. The stock has a market capitalization of $29.66 billion, a P/E ratio of 14.21, a P/E/G ratio of 7.03 and a beta of 1.80. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.74 and a current ratio of 2.87.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the firm earned $1.19 earnings per share. The firm’s revenue for the quarter was down 4.9% compared to the same quarter last year. As a group, analysts predict that Onsemi will post 4.23 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Capital World Investors bought a new position in shares of Onsemi in the fourth quarter worth about $697,276,000. Norges Bank bought a new position in Onsemi in the 4th quarter worth about $418,102,000. Invesco Ltd. increased its position in shares of Onsemi by 26.0% during the third quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock worth $540,306,000 after acquiring an additional 1,200,723 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Onsemi by 55.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock valued at $195,124,000 after acquiring an additional 828,944 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Onsemi by 23.7% in the third quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock valued at $397,108,000 after purchasing an additional 817,237 shares during the period. Institutional investors own 97.70% of the company’s stock.

Onsemi Company Profile

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.