Q3 2024 Earnings Forecast for Onsemi Issued By KeyCorp (NASDAQ:ON)

Onsemi (NASDAQ:ON) – Stock analysts at KeyCorp issued their Q3 2024 earnings per share (EPS) estimates for Onsemi in a research note issued on Monday, October 7th. KeyCorp analyst J. Vinh expects that the semiconductor company will earn $0.98 per share for the quarter. KeyCorp has a “Overweight” rating and a $90.00 price objective on the stock. The consensus estimate for Onsemi’s current full-year earnings is $4.01 per share. KeyCorp also issued estimates for Onsemi’s Q4 2024 earnings at $1.01 EPS and FY2024 earnings at $4.02 EPS.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The firm’s revenue for the quarter was down 17.2% on a year-over-year basis. During the same quarter last year, the company posted $1.33 EPS.

A number of other research firms have also recently weighed in on ON. Deutsche Bank Aktiengesellschaft raised their price target on Onsemi from $85.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Bank of America raised their target price on Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Susquehanna upped their price target on shares of Onsemi from $85.00 to $95.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Morgan Stanley cut shares of Onsemi from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $70.00 to $65.00 in a research report on Thursday, July 11th. Finally, TD Cowen increased their target price on shares of Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Onsemi presently has an average rating of “Hold” and an average target price of $85.83.

Onsemi Stock Performance

NASDAQ ON opened at $70.33 on Thursday. The firm has a market cap of $30.13 billion, a price-to-earnings ratio of 16.02, a PEG ratio of 3.81 and a beta of 1.65. The company has a current ratio of 3.01, a quick ratio of 1.95 and a debt-to-equity ratio of 0.31. Onsemi has a 1-year low of $59.34 and a 1-year high of $95.59. The company has a 50 day moving average of $72.06 and a 200-day moving average of $71.57.

Hedge Funds Weigh In On Onsemi

A number of institutional investors have recently added to or reduced their stakes in ON. Westside Investment Management Inc. raised its stake in Onsemi by 5,500.0% in the first quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 550 shares during the period. Fidelis Capital Partners LLC acquired a new position in shares of Onsemi during the 1st quarter worth approximately $45,000. Massmutual Trust Co. FSB ADV increased its holdings in shares of Onsemi by 36.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 169 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Onsemi in the 2nd quarter valued at $43,000. Finally, Oakworth Capital Inc. acquired a new stake in Onsemi during the 2nd quarter valued at $53,000. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Onsemi

In related news, insider Simon Keeton sold 30,939 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the completion of the transaction, the insider now owns 231,092 shares in the company, valued at approximately $18,011,310.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Simon Keeton sold 30,939 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the sale, the insider now owns 231,092 shares in the company, valued at approximately $18,011,310.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $70.80, for a total value of $106,200.00. Following the completion of the transaction, the chief executive officer now owns 840,620 shares of the company’s stock, valued at approximately $59,515,896. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

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.