Onsemi (NASDAQ:ON) Sets New 12-Month Low After Analyst Downgrade

Onsemi (NASDAQ:ON) shares reached a new 52-week low during mid-day trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $85.00 to $80.00. Wells Fargo & Company currently has an overweight rating on the stock. Onsemi traded as low as $53.10 and last traded at $55.87, with a volume of 12192152 shares changing hands. The stock had previously closed at $53.94.

Several other equities research analysts have also recently issued reports on ON. Mizuho set a $85.00 price objective on Onsemi in a report on Friday, October 18th. Robert W. Baird upped their target price on shares of Onsemi from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Benchmark restated a “buy” rating and set a $90.00 price target on shares of Onsemi in a research report on Tuesday, October 29th. StockNews.com raised Onsemi from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Finally, Roth Mkm reissued a “buy” rating and set a $100.00 price target on shares of Onsemi in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.22.

Insider Activity

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $71.00, for a total value of $106,500.00. Following the sale, the chief executive officer now owns 837,710 shares of the company’s stock, valued at approximately $59,477,410. The trade was a 0.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of Onsemi

Several hedge funds have recently modified their holdings of ON. Geode Capital Management LLC grew its stake in Onsemi by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock valued at $767,646,000 after acquiring an additional 309,445 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Onsemi by 18.7% during the second quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock worth $289,088,000 after buying an additional 665,633 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Onsemi by 26.4% in the third quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock worth $237,559,000 after acquiring an additional 729,081 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Onsemi by 14.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock valued at $215,518,000 after acquiring an additional 380,471 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Onsemi by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,404,589 shares of the semiconductor company’s stock valued at $174,597,000 after acquiring an additional 31,889 shares during the last quarter. 97.70% of the stock is owned by institutional investors and hedge funds.

Onsemi Stock Up 3.6 %

The stock has a market cap of $23.79 billion, a price-to-earnings ratio of 13.86, a P/E/G ratio of 7.07 and a beta of 1.64. 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 firm’s 50 day moving average is $66.86 and its two-hundred day moving average is $70.29.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, October 28th. The semiconductor company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.97 by $0.02. The firm had revenue of $1.76 billion during 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%. Onsemi’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.39 EPS. On average, sell-side analysts predict that Onsemi will post 4 EPS for the current year.

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.