Onsemi (NASDAQ:ON) Shares Gap Down on Analyst Downgrade

Shares of Onsemi (NASDAQ:ON) gapped down before the market opened on Thursday after Stifel Nicolaus lowered their price target on the stock from $82.00 to $72.00. The stock had previously closed at $64.47, but opened at $63.01. Stifel Nicolaus currently has a hold rating on the stock. Onsemi shares last traded at $62.88, with a volume of 1,002,928 shares.

Several other equities research analysts have also recently weighed in on ON. The Goldman Sachs Group lowered their price objective on shares of Onsemi from $91.00 to $81.00 and set a “buy” rating for the company in a research report on Tuesday. Roth Mkm upped their price objective on Onsemi from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. StockNews.com raised Onsemi from a “sell” rating to a “hold” rating in a research note on Wednesday, February 14th. Truist Financial dropped their target price on Onsemi from $94.00 to $89.00 and set a “buy” rating for the company in a research report on Tuesday, February 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $92.00 price target on shares of Onsemi in a report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $96.52.

Hedge Funds Weigh In On Onsemi

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ON. Retirement Guys Formula LLC lifted its stake in Onsemi by 32.8% in the 1st quarter. Retirement Guys Formula LLC now owns 15,171 shares of the semiconductor company’s stock valued at $1,116,000 after acquiring an additional 3,750 shares in the last quarter. First Trust Direct Indexing L.P. boosted its holdings in Onsemi by 9.6% during the first quarter. First Trust Direct Indexing L.P. now owns 12,130 shares of the semiconductor company’s stock worth $892,000 after purchasing an additional 1,059 shares during the last quarter. Westside Investment Management Inc. grew its position in Onsemi by 5,500.0% in the first quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock valued at $41,000 after purchasing an additional 550 shares in the last quarter. Norden Group LLC acquired a new stake in Onsemi in the 1st quarter valued at $774,000. Finally, BluePath Capital Management LLC lifted its position in Onsemi by 61.8% during the 1st quarter. BluePath Capital Management LLC now owns 5,547 shares of the semiconductor company’s stock worth $408,000 after buying an additional 2,118 shares in the last quarter. 97.70% of the stock is owned by institutional investors and hedge funds.

Onsemi Stock Performance

The company has a market capitalization of $26.10 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 6.13 and a beta of 1.80. The stock’s 50 day moving average price is $74.67 and its 200 day moving average price is $76.43. The company has a current ratio of 2.71, a quick ratio of 1.74 and a debt-to-equity ratio of 0.33.

Onsemi (NASDAQ:ON) last posted its quarterly earnings results on Monday, February 5th. The semiconductor company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.04. The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2 billion. Onsemi had a return on equity of 31.36% and a net margin of 26.46%. The business’s revenue was down 4.1% compared to the same quarter last year. During the same period last year, the company earned $1.32 earnings per share. Analysts expect that Onsemi will post 4.31 earnings per share for the current year.

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.