Onsemi (NASDAQ:ON) Issues Q3 2024 Earnings Guidance

Onsemi (NASDAQ:ON) updated its third quarter 2024 earnings guidance on Monday. The company provided EPS guidance of 0.910-1.030 for the period, compared to the consensus EPS estimate of 0.970. The company issued revenue guidance of $1.7 billion-$1.8 billion, compared to the consensus revenue estimate of $1.8 billion. Onsemi also updated its Q3 guidance to $0.91-1.03 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ON. TD Cowen lowered their price target on Onsemi from $90.00 to $85.00 and set a buy rating for the company in a research note on Tuesday, April 30th. Rosenblatt Securities lowered their price target on Onsemi from $75.00 to $70.00 and set a neutral rating for the company in a research note on Tuesday, April 30th. Mizuho lowered their target price on Onsemi from $92.00 to $87.00 and set a buy rating for the company in a research note on Tuesday, April 30th. BNP Paribas reissued an underperform rating and set a $55.00 target price on shares of Onsemi in a research note on Friday, April 19th. Finally, Benchmark lowered their target price on Onsemi from $88.00 to $80.00 and set a buy rating for the company in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $88.36.

Onsemi Stock Up 11.8 %

Shares of NASDAQ ON traded up $8.28 during trading hours on Monday, hitting $78.45. The company had a trading volume of 3,629,980 shares, compared to its average volume of 6,774,167. The stock has a market capitalization of $33.75 billion, a P/E ratio of 15.99, a price-to-earnings-growth ratio of 3.05 and a beta of 1.69. The company has a quick ratio of 1.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.32. Onsemi has a 1-year low of $59.34 and a 1-year high of $111.35. The firm’s 50 day moving average is $72.55 and its 200-day moving average is $73.16.

Onsemi (NASDAQ:ON) last released its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.92 by $0.04. The company 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 28.86% and a net margin of 26.67%. The firm’s revenue for the quarter was down 17.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 EPS. On average, analysts expect that Onsemi will post 4.02 earnings per share for the current fiscal year.

Insider Activity

In other Onsemi news, CFO Trent Thad sold 38,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the completion of the sale, the chief financial officer now owns 331,829 shares of the company’s stock, valued at approximately $24,074,193.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Onsemi news, CFO Trent Thad sold 38,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the completion of the sale, the chief financial officer now owns 331,829 shares of the company’s stock, valued at approximately $24,074,193.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Anthony Mascarenas sold 911 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total value of $67,833.06. Following the sale, the director now directly owns 48,929 shares of the company’s stock, valued at approximately $3,643,253.34. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

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.