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

Onsemi (NASDAQ:ON) shares gapped down before the market opened on Monday after Truist Financial lowered their price target on the stock from $97.00 to $89.00. The stock had previously closed at $71.25, but opened at $67.30. Truist Financial currently has a buy rating on the stock. Onsemi shares last traded at $72.63, with a volume of 5,098,499 shares changing hands.

ON has been the topic of a number of other reports. JPMorgan Chase & Co. increased their price objective on Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Needham & Company LLC lowered their price objective on Onsemi from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday. Morgan Stanley boosted their price objective on Onsemi from $63.00 to $64.00 and gave the stock an “underweight” rating in a report on Tuesday. Benchmark reaffirmed a “buy” rating and issued a $90.00 target price on shares of Onsemi in a research note on Tuesday. Finally, BNP Paribas dropped their price target on shares of Onsemi from $60.00 to $55.00 in a research note on Friday, October 25th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Onsemi presently has an average rating of “Moderate Buy” and a consensus price target of $85.57.

Insider Transactions at Onsemi

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction dated 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 owns 839,210 shares of the company’s stock, valued at $61,018,959.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Onsemi

Several hedge funds have recently made changes to their positions in ON. Davis Investment Partners LLC boosted its stake in shares of Onsemi by 0.8% during the 3rd quarter. Davis Investment Partners LLC now owns 17,112 shares of the semiconductor company’s stock worth $1,224,000 after buying an additional 142 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Onsemi by 36.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 169 shares during the last quarter. Greenleaf Trust grew its stake in Onsemi by 3.4% in the third quarter. Greenleaf Trust now owns 5,262 shares of the semiconductor company’s stock valued at $382,000 after purchasing an additional 173 shares in the last quarter. Covestor Ltd increased its position in shares of Onsemi by 24.5% during the 1st quarter. Covestor Ltd now owns 965 shares of the semiconductor company’s stock worth $71,000 after purchasing an additional 190 shares during the last quarter. Finally, Meridian Financial Partners LLC raised its stake in shares of Onsemi by 1.7% during the 3rd quarter. Meridian Financial Partners LLC now owns 11,305 shares of the semiconductor company’s stock worth $821,000 after purchasing an additional 192 shares in the last quarter. 97.70% of the stock is owned by institutional investors.

Onsemi Trading Up 3.4 %

The company has a market cap of $32.00 billion, a price-to-earnings ratio of 18.54, a P/E/G ratio of 3.82 and a beta of 1.65. The firm has a fifty day moving average price of $71.49 and a 200 day moving average price of $71.48. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.95 and a current ratio of 3.01.

Onsemi (NASDAQ:ON) last announced its quarterly earnings data 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 company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.75 billion. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The company’s quarterly revenue was down 19.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.39 EPS. As a group, equities analysts predict that Onsemi will post 4.01 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.