Wells Fargo & Company Reaffirms “Overweight” Rating for ON Semiconductor (NASDAQ:ON)

ON Semiconductor (NASDAQ:ON)‘s stock had its “overweight” rating reaffirmed by Wells Fargo & Company in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They currently have a $65.00 target price on the semiconductor company’s stock, up from their previous target price of $60.00. Wells Fargo & Company‘s target price points to a potential upside of 9.41% from the company’s previous close.

Several other equities analysts have also recently commented on ON. Mizuho upped their price target on ON Semiconductor from $60.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, June 26th. UBS Group restated a “neutral” rating and set a $55.00 price target (up from $45.00) on shares of ON Semiconductor in a research report on Monday, July 7th. Roth Capital restated a “buy” rating and set a $70.00 price target (up from $50.00) on shares of ON Semiconductor in a research report on Tuesday, June 17th. Morgan Stanley started coverage on ON Semiconductor in a report on Monday, May 12th. They set an “equal weight” rating and a $39.00 price objective on the stock. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $42.00 price target on shares of ON Semiconductor in a research note on Tuesday, May 6th. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ON Semiconductor has an average rating of “Hold” and an average price target of $57.85.

ON Semiconductor Price Performance

Shares of ON opened at $59.41 on Wednesday. ON Semiconductor has a 52 week low of $31.04 and a 52 week high of $80.08. The firm has a market cap of $24.83 billion, a price-to-earnings ratio of 41.26, a PEG ratio of 4.91 and a beta of 1.43. The company has a current ratio of 4.95, a quick ratio of 3.32 and a debt-to-equity ratio of 0.42. The stock has a 50 day moving average of $50.58 and a 200-day moving average of $47.96.

ON Semiconductor (NASDAQ:ON) last posted its quarterly earnings data on Monday, May 5th. The semiconductor company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The company’s quarterly revenue was down 22.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.08 EPS. As a group, analysts forecast that ON Semiconductor will post 2.6 EPS for the current year.

Institutional Investors Weigh In On ON Semiconductor

Several institutional investors have recently made changes to their positions in ON. Moody National Bank Trust Division lifted its holdings in ON Semiconductor by 1.5% in the 2nd quarter. Moody National Bank Trust Division now owns 11,404 shares of the semiconductor company’s stock valued at $598,000 after purchasing an additional 169 shares in the last quarter. Sowell Financial Services LLC grew its position in ON Semiconductor by 4.1% in the second quarter. Sowell Financial Services LLC now owns 5,668 shares of the semiconductor company’s stock valued at $297,000 after acquiring an additional 223 shares in the last quarter. Huntington National Bank grew its position in shares of ON Semiconductor by 8.9% during the fourth quarter. Huntington National Bank now owns 3,310 shares of the semiconductor company’s stock worth $209,000 after buying an additional 271 shares in the last quarter. Elequin Capital LP grew its position in shares of ON Semiconductor by 108.3% during the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company’s stock worth $33,000 after buying an additional 274 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. lifted its stake in ON Semiconductor by 2.3% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,025 shares of the semiconductor company’s stock worth $530,000 after purchasing an additional 289 shares during the last quarter. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

ON Semiconductor 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.