Wells Fargo & Company Cuts Onsemi (NASDAQ:ON) Price Target to $80.00

Onsemi (NASDAQ:ON) had its price target reduced by Wells Fargo & Company from $85.00 to $80.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Other analysts also recently issued reports about the company. Roth Mkm reaffirmed a “buy” rating and set a $100.00 price target on shares of Onsemi in a research report on Thursday, December 12th. Benchmark reiterated a “buy” rating and set a $90.00 target price on shares of Onsemi in a research note on Tuesday, October 29th. Truist Financial restated a “hold” rating and set a $60.00 price target (down previously from $85.00) on shares of Onsemi in a research report on Friday, January 10th. BNP Paribas lowered their price objective on shares of Onsemi from $60.00 to $55.00 in a research report on Friday, October 25th. Finally, KeyCorp decreased their price target on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $83.35.

Onsemi Price Performance

Shares of NASDAQ:ON opened at $55.23 on Monday. The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. The stock has a market cap of $23.52 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 5.29 and a beta of 1.64. The stock’s fifty day simple moving average is $66.29 and its two-hundred day simple moving average is $70.11. Onsemi has a 1-year low of $53.10 and a 1-year high of $85.16.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.02. The company had revenue of $1.76 billion for the quarter, compared to analyst estimates 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 period last year, the firm earned $1.39 earnings per share. As a group, analysts forecast that Onsemi will post 3.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $71.00, for a total transaction of $106,500.00. Following the completion of the sale, the chief executive officer now owns 837,710 shares in the company, valued at approximately $59,477,410. This trade represents a 0.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Onsemi

Several hedge funds have recently bought and sold shares of ON. BOKF NA lifted its position in Onsemi by 2,168.8% in the 2nd quarter. BOKF NA now owns 8,644 shares of the semiconductor company’s stock worth $593,000 after buying an additional 8,263 shares during the last quarter. Meeder Advisory Services Inc. lifted its stake in shares of Onsemi by 13.8% in the 2nd quarter. Meeder Advisory Services Inc. now owns 4,759 shares of the semiconductor company’s stock valued at $326,000 after acquiring an additional 576 shares during the last quarter. Federated Hermes Inc. increased its stake in Onsemi by 408.2% in the 2nd quarter. Federated Hermes Inc. now owns 144,383 shares of the semiconductor company’s stock worth $9,897,000 after purchasing an additional 115,972 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Onsemi by 18.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock worth $289,088,000 after buying an additional 665,633 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Onsemi by 3.7% in the second quarter. Renaissance Technologies LLC now owns 602,796 shares of the semiconductor company’s stock valued at $41,322,000 after acquiring an additional 21,700 shares during the period. 97.70% of the stock is currently owned by institutional investors.

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.