Roth Capital Weighs in on Onsemi’s Q2 2024 Earnings (NASDAQ:ON)

Onsemi (NASDAQ:ON) – Investment analysts at Roth Capital lowered their Q2 2024 earnings estimates for Onsemi in a research note issued on Monday, April 29th. Roth Capital analyst S. Desilva now anticipates that the semiconductor company will post earnings of $0.92 per share for the quarter, down from their previous estimate of $1.01. The consensus estimate for Onsemi’s current full-year earnings is $4.12 per share. Roth Capital also issued estimates for Onsemi’s Q3 2024 earnings at $0.95 EPS, Q4 2024 earnings at $1.04 EPS, FY2024 earnings at $3.99 EPS, Q1 2025 earnings at $1.07 EPS, Q2 2025 earnings at $1.17 EPS, Q3 2025 earnings at $1.29 EPS, Q4 2025 earnings at $1.34 EPS and FY2025 earnings at $4.87 EPS.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the company earned $1.19 EPS. The business’s quarterly revenue was down 4.9% compared to the same quarter last year.

ON has been the subject of a number of other research reports. Roth Mkm boosted their price target on shares of Onsemi from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. JPMorgan Chase & Co. lowered their price objective on shares of Onsemi from $95.00 to $90.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. KeyCorp lowered their price objective on shares of Onsemi from $100.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday. Morgan Stanley lowered their price objective on shares of Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a report on Monday, April 22nd. Finally, Wells Fargo & Company lowered their price objective on shares of Onsemi from $110.00 to $95.00 and set an “overweight” rating for the company in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $90.24.

Onsemi Price Performance

ON stock opened at $70.01 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.87 and a quick ratio of 1.74. Onsemi has a one year low of $59.34 and a one year high of $111.35. The stock has a market cap of $30.12 billion, a PE ratio of 14.29, a P/E/G ratio of 8.39 and a beta of 1.78. The firm has a 50 day simple moving average of $72.63 and a two-hundred day simple moving average of $74.95.

Institutional Trading of Onsemi

Several institutional investors have recently bought and sold shares of the company. Pegasus Asset Management Inc. grew its position in Onsemi by 1.0% during the 1st quarter. Pegasus Asset Management Inc. now owns 44,741 shares of the semiconductor company’s stock valued at $3,291,000 after purchasing an additional 459 shares during the last quarter. Nordea Investment Management AB grew its position in Onsemi by 5.2% during the 1st quarter. Nordea Investment Management AB now owns 283,225 shares of the semiconductor company’s stock valued at $21,120,000 after purchasing an additional 14,011 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in Onsemi during the 1st quarter valued at about $45,000. Iridian Asset Management LLC CT grew its position in Onsemi by 7.0% during the 1st quarter. Iridian Asset Management LLC CT now owns 51,475 shares of the semiconductor company’s stock valued at $3,786,000 after purchasing an additional 3,369 shares during the last quarter. Finally, Wambolt & Associates LLC grew its position in Onsemi by 41.2% during the 1st quarter. Wambolt & Associates LLC now owns 24,037 shares of the semiconductor company’s stock valued at $1,775,000 after purchasing an additional 7,012 shares during the last quarter. 97.70% of the stock is owned by hedge funds and other 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.