Onsemi (NASDAQ:ON) Reaches New 52-Week Low – Here’s Why

Onsemi (NASDAQ:ON) hit a new 52-week low during trading on Tuesday . The company traded as low as $52.80 and last traded at $53.76, with a volume of 664966 shares trading hands. The stock had previously closed at $53.94.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Loop Capital assumed coverage on Onsemi in a research report on Monday, November 11th. They set a “buy” rating and a $95.00 target price on the stock. Truist Financial reiterated a “hold” rating and issued a $60.00 price target (down previously from $85.00) on shares of Onsemi in a research note on Friday, January 10th. Benchmark reiterated a “buy” rating and issued a $90.00 price target on shares of Onsemi in a research note on Tuesday, October 29th. Susquehanna reduced their price objective on shares of Onsemi from $80.00 to $70.00 and set a “positive” rating on the stock in a research note on Wednesday, January 22nd. Finally, TD Cowen reduced 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. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.70.

Onsemi Stock Performance

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 capitalization of $22.90 billion, a PE ratio of 13.34, a PEG ratio of 10.62 and a beta of 1.64. The firm’s 50-day simple moving average is $63.22 and its two-hundred day simple moving average is $68.67.

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

Insider Transactions at Onsemi

In related news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 837,710 shares in the company, valued at approximately $59,477,410. This trade represents a 0.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Bridgewater Associates LP lifted its position in Onsemi by 8,367.5% in the third 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 period. Allspring Global Investments Holdings LLC lifted its holdings in Onsemi by 35.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock valued at $247,226,000 after purchasing an additional 1,037,624 shares during the last quarter. Van ECK Associates Corp boosted its position in Onsemi by 26.4% in the third quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock valued at $237,559,000 after buying an additional 729,081 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake 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 during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Onsemi by 3.0% in 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 last quarter. 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.