Onsemi (NASDAQ:ON) Stock Price Down 7.2% After Analyst Downgrade

Onsemi (NASDAQ:ON)’s share price was down 7.2% during trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $92.00 to $77.00. The Goldman Sachs Group currently has a buy rating on the stock. Onsemi traded as low as $53.96 and last traded at $54.11. Approximately 5,723,070 shares traded hands during trading, a decline of 32% from the average daily volume of 8,378,158 shares. The stock had previously closed at $58.31.

ON has been the topic of a number of other research reports. Morgan Stanley boosted their price objective on Onsemi from $63.00 to $64.00 and gave the stock an “underweight” rating in a research note on Tuesday, October 29th. KeyCorp cut their price objective on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Loop Capital began coverage on shares of Onsemi in a research note on Monday, November 11th. They set a “buy” rating and a $95.00 target price on the stock. Benchmark reissued a “buy” rating and issued a $90.00 price target on shares of Onsemi in a research note on Tuesday, October 29th. Finally, BNP Paribas reduced their price target on shares of Onsemi from $60.00 to $55.00 in a research report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Onsemi currently has a consensus rating of “Moderate Buy” and an average price target of $84.43.

Insiders Place Their Bets

In related news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $71.00, for a total transaction of $106,500.00. Following the sale, the chief executive officer now directly owns 837,710 shares in the company, valued at approximately $59,477,410. This represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is owned by company insiders.

Institutional Trading of Onsemi

Institutional investors have recently bought and sold shares of the business. Capital Performance Advisors LLP purchased a new position in shares of Onsemi in the 3rd quarter valued at $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Onsemi during the third quarter worth about $33,000. GHP Investment Advisors Inc. increased its position in shares of Onsemi by 12,850.0% during the third quarter. GHP Investment Advisors Inc. now owns 518 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 514 shares in the last quarter. Safe Harbor Fiduciary LLC purchased a new stake in shares of Onsemi in the 3rd quarter valued at about $43,000. Finally, Massmutual Trust Co. FSB ADV boosted its position in shares of Onsemi by 42.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 898 shares of the semiconductor company’s stock valued at $65,000 after purchasing an additional 269 shares during the period. 97.70% of the stock is owned by hedge funds and other institutional investors.

Onsemi Stock Down 7.5 %

The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average of $66.86 and a 200-day moving average of $70.27. The stock has a market cap of $22.97 billion, a PE ratio of 13.38, a P/E/G ratio of 7.07 and a beta of 1.64.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, October 28th. The semiconductor company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.02. The business had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.75 billion. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The company’s quarterly revenue was down 19.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 EPS. Equities research analysts predict that Onsemi will post 4 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.