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

Onsemi (NASDAQ:ON) had its price target reduced by KeyCorp from $90.00 to $70.00 in a research note published on Tuesday,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Several other equities analysts have also recently issued reports on the stock. TD Cowen dropped their price objective on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. Benchmark reissued a “buy” rating and set a $90.00 price target on shares of Onsemi in a report on Tuesday, October 29th. Truist Financial reiterated a “hold” rating and set a $60.00 target price (down previously from $85.00) on shares of Onsemi in a research report on Friday, January 10th. Roth Mkm reissued a “buy” rating and issued a $100.00 price target on shares of Onsemi in a report on Thursday, December 12th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $75.00 price objective on shares of Onsemi in a report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.35.

Onsemi Price Performance

Shares of ON opened at $55.18 on Tuesday. The company has a market capitalization of $23.50 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 7.07 and a beta of 1.64. Onsemi has a fifty-two week low of $53.10 and a fifty-two week high of $85.16. The firm has a 50-day simple moving average of $66.59 and a 200-day simple moving average of $70.20. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.02 and a current ratio of 3.07.

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

Insider Transactions at Onsemi

In other news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction dated Monday, November 25th. The shares were 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 directly owns 837,710 shares in the company, valued at $59,477,410. The trade was a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.31% of the company’s stock.

Institutional Trading of Onsemi

A number of hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. grew its position in shares of Onsemi by 408.2% in the second quarter. Federated Hermes Inc. now owns 144,383 shares of the semiconductor company’s stock valued at $9,897,000 after purchasing an additional 115,972 shares during the period. Dimensional Fund Advisors LP grew its holdings in Onsemi by 18.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock valued at $289,088,000 after buying an additional 665,633 shares during the period. Renaissance Technologies LLC increased its stake in shares of Onsemi by 3.7% during the 2nd 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 last quarter. Argent Trust Co boosted its position in shares of Onsemi by 9.9% in the second quarter. Argent Trust Co now owns 3,651 shares of the semiconductor company’s stock worth $250,000 after acquiring an additional 328 shares during the last quarter. Finally, Tredje AP fonden grew its holdings in Onsemi by 320.5% in the second quarter. Tredje AP fonden now owns 67,185 shares of the semiconductor company’s stock valued at $4,606,000 after purchasing an additional 51,207 shares during the period. Institutional investors and hedge funds own 97.70% of the company’s stock.

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.