ON Semiconductor (NASDAQ:ON) Price Target Raised to $49.00

ON Semiconductor (NASDAQ:ON) had its target price lifted by Truist Financial from $43.00 to $49.00 in a research report sent to investors on Tuesday,Benzinga reports. Truist Financial currently has a hold rating on the semiconductor company’s stock.

ON has been the subject of several other research reports. Wells Fargo & Company decreased their price target on ON Semiconductor from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday. Bank of America reaffirmed a “neutral” rating and issued a $56.00 price objective (down previously from $70.00) on shares of ON Semiconductor in a report on Tuesday. TD Cowen lowered their target price on shares of ON Semiconductor from $68.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday. Rosenblatt Securities dropped their price target on shares of ON Semiconductor from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Cantor Fitzgerald began coverage on shares of ON Semiconductor in a report on Wednesday, June 18th. They issued a “neutral” rating and a $55.00 price objective for the company. Fifteen analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $56.84.

ON Semiconductor Stock Up 1.3%

Shares of NASDAQ:ON opened at $47.59 on Tuesday. The company has a current ratio of 5.02, a quick ratio of 3.32 and a debt-to-equity ratio of 0.42. The firm has a market cap of $19.46 billion, a price-to-earnings ratio of 44.48, a PEG ratio of 2.37 and a beta of 1.45. The stock’s 50-day moving average price is $54.22 and its two-hundred day moving average price is $47.65. ON Semiconductor has a 12-month low of $31.04 and a 12-month high of $78.61.

ON Semiconductor (NASDAQ:ON) last announced its quarterly earnings results on Monday, August 4th. The semiconductor company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.45 billion. ON Semiconductor had a return on equity of 15.33% and a net margin of 7.28%. The firm’s revenue for the quarter was down 15.4% on a year-over-year basis. During the same period last year, the company posted $0.96 earnings per share. On average, research analysts forecast that ON Semiconductor will post 2.6 EPS for the current year.

Hedge Funds Weigh In On ON Semiconductor

Several institutional investors have recently made changes to their positions in ON. Golden State Wealth Management LLC lifted its position in ON Semiconductor by 83.3% in the 1st quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 320 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in ON Semiconductor by 4.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 10,026 shares of the semiconductor company’s stock worth $408,000 after purchasing an additional 463 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in shares of ON Semiconductor in the first quarter worth approximately $222,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of ON Semiconductor by 15.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,975 shares of the semiconductor company’s stock valued at $1,070,000 after purchasing an additional 2,209 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in shares of ON Semiconductor by 57.0% during the first quarter. Exchange Traded Concepts LLC now owns 6,482 shares of the semiconductor company’s stock valued at $264,000 after buying an additional 2,353 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

About ON Semiconductor

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.