Wells Fargo & Company Issues Positive Forecast for Onsemi (NASDAQ:ON) Stock Price

Onsemi (NASDAQ:ON) had its price objective upped by Wells Fargo & Company from $45.00 to $60.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

A number of other research analysts have also recently issued reports on ON. Robert W. Baird reduced their price objective on Onsemi from $42.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 6th. KGI Securities began coverage on Onsemi in a research note on Friday, May 23rd. They set a “neutral” rating on the stock. Morgan Stanley began coverage on Onsemi in a research note on Monday, May 12th. They set an “equal weight” rating and a $39.00 price objective on the stock. B. Riley cut Onsemi from a “buy” rating to a “neutral” rating and set a $41.00 price objective on the stock. in a research note on Thursday, April 24th. Finally, TD Cowen raised their price objective on Onsemi from $38.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, May 6th. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Onsemi has an average rating of “Moderate Buy” and an average price target of $54.72.

Onsemi Stock Up 5.6%

ON opened at $53.88 on Monday. The stock has a market cap of $22.52 billion, a PE ratio of 14.84, a P/E/G ratio of 16.74 and a beta of 1.39. The company has a quick ratio of 3.38, a current ratio of 5.06 and a debt-to-equity ratio of 0.38. Onsemi has a 52 week low of $31.04 and a 52 week high of $80.08. The business’s fifty day simple moving average is $42.29 and its 200 day simple moving average is $49.51.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, May 5th. The semiconductor company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Onsemi had a return on equity of 20.10% and a net margin of 22.21%. The firm’s revenue was down 22.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.08 earnings per share. As a group, research analysts expect that Onsemi will post 2.6 earnings per share for the current fiscal year.

Institutional Trading of Onsemi

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC grew its position in shares of Onsemi by 15.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,975 shares of the semiconductor company’s stock valued at $1,070,000 after acquiring an additional 2,209 shares during the period. TCW Group Inc. lifted its stake in shares of Onsemi by 0.8% during the 4th quarter. TCW Group Inc. now owns 290,396 shares of the semiconductor company’s stock valued at $18,309,000 after buying an additional 2,354 shares in the last quarter. Blair William & Co. IL lifted its stake in shares of Onsemi by 52.7% during the 4th quarter. Blair William & Co. IL now owns 4,239 shares of the semiconductor company’s stock valued at $267,000 after buying an additional 1,463 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Onsemi by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,488,254 shares of the semiconductor company’s stock valued at $156,884,000 after buying an additional 83,665 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Onsemi during the 4th quarter valued at $998,000. 97.70% of the stock is currently 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.