Onsemi (NASDAQ:ON) PT Lowered to $85.00 at TD Cowen

Onsemi (NASDAQ:ON) had its price objective trimmed by TD Cowen from $90.00 to $85.00 in a report published on Friday morning. The firm currently has a buy rating on the semiconductor company’s stock.

Several other analysts also recently issued reports on ON. Susquehanna upped their price target on shares of Onsemi from $85.00 to $95.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. KeyCorp reduced their target price on Onsemi from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Truist Financial raised their price target on Onsemi from $85.00 to $97.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Roth Mkm upped their price objective on Onsemi from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Mizuho set a $85.00 price objective on shares of Onsemi in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $85.43.

Onsemi Stock Performance

Shares of ON stock opened at $72.24 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.95 and a current ratio of 3.01. The stock has a market cap of $30.94 billion, a PE ratio of 16.46, a P/E/G ratio of 3.82 and a beta of 1.65. Onsemi has a 1 year low of $59.34 and a 1 year high of $86.77. The stock has a fifty day moving average price of $71.52 and a 200 day moving average price of $71.42.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. Onsemi had a return on equity of 25.48% and a net margin of 24.84%. The business’s revenue was down 17.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.33 EPS. Sell-side analysts forecast that Onsemi will post 4.01 earnings per share for the current fiscal year.

Insider Activity at Onsemi

In other Onsemi news, insider Simon Keeton sold 30,939 shares of Onsemi stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total value of $2,411,385.66. Following the completion of the transaction, the insider now owns 231,092 shares of the company’s stock, valued at $18,011,310.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total value of $109,065.00. Following the sale, the chief executive officer now directly owns 839,210 shares of the company’s stock, valued at $61,018,959.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Simon Keeton sold 30,939 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total value of $2,411,385.66. Following the completion of the sale, the insider now owns 231,092 shares in the company, valued at $18,011,310.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,939 shares of company stock valued at $2,626,651. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Onsemi

Several hedge funds and other institutional investors have recently made changes to their positions in ON. Swedbank AB acquired a new position in Onsemi during the 1st quarter worth $90,274,000. American Century Companies Inc. raised its stake in shares of Onsemi by 451.3% during the second quarter. American Century Companies Inc. now owns 1,111,112 shares of the semiconductor company’s stock valued at $76,167,000 after purchasing an additional 909,558 shares in the last quarter. M&G Plc bought a new stake in shares of Onsemi during the first quarter valued at about $57,900,000. Dimensional Fund Advisors LP raised its holdings 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 purchasing an additional 665,633 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in Onsemi by 66.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,440,450 shares of the semiconductor company’s stock valued at $98,743,000 after purchasing an additional 574,900 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors and hedge funds.

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.