Onsemi (NASDAQ:ON) Price Target Cut to $70.00 by Analysts at Susquehanna

Onsemi (NASDAQ:ON) had its price target cut by research analysts at Susquehanna from $80.00 to $70.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “positive” rating on the semiconductor company’s stock. Susquehanna’s price target would suggest a potential upside of 25.59% from the stock’s previous close.

ON has been the topic of a number of other research reports. StockNews.com raised shares of Onsemi from a “sell” rating to a “hold” rating in a report on Tuesday, October 29th. Needham & Company LLC reissued a “buy” rating and issued a $87.00 price target on shares of Onsemi in a report on Tuesday, November 19th. KeyCorp reduced their price objective on Onsemi from $90.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. BNP Paribas dropped their target price on Onsemi from $60.00 to $55.00 in a research report on Friday, October 25th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $75.00 price target on shares of Onsemi in a report on Tuesday, October 29th. 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.26.

Onsemi Stock Performance

NASDAQ:ON traded up $0.13 during trading hours on Wednesday, reaching $55.74. 2,445,083 shares of the stock were exchanged, compared to its average volume of 8,819,231. The stock has a market capitalization of $23.73 billion, a P/E ratio of 13.83, a P/E/G ratio of 10.36 and a beta of 1.64. The firm has a 50 day simple moving average of $64.66 and a 200-day simple moving average of $69.49. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. Onsemi has a 52 week low of $53.10 and a 52 week high of $85.16.

Onsemi (NASDAQ:ON) last released its quarterly earnings data on Monday, October 28th. The semiconductor company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.75 billion. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The firm’s revenue was down 19.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.39 earnings per share. As a group, sell-side analysts forecast that Onsemi will post 4 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Onsemi

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bridgewater Associates LP lifted its holdings in Onsemi by 8,367.5% in the 3rd quarter. Bridgewater Associates LP now owns 1,123,041 shares of the semiconductor company’s stock worth $81,544,000 after purchasing an additional 1,109,778 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Onsemi by 26.4% during the 3rd quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock worth $237,559,000 after purchasing an additional 729,081 shares during the period. Allspring Global Investments Holdings LLC lifted its stake 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 buying an additional 380,471 shares during the period. Massachusetts Financial Services Co. MA grew its position in Onsemi by 19.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,009,180 shares of the semiconductor company’s stock worth $145,887,000 after buying an additional 326,734 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Onsemi by 3.0% during the third 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 period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

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.