Onsemi (NASDAQ:ON) Earns Overweight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Onsemi (NASDAQ:ON) in a research note released on Friday, Marketbeat reports. The brokerage issued an overweight rating and a $85.00 price target on the semiconductor company’s stock.

Several other research firms also recently commented on ON. BNP Paribas cut their target price on shares of Onsemi from $60.00 to $55.00 in a research report on Friday, October 25th. Rosenblatt Securities reissued a “neutral” rating and issued a $75.00 price objective on shares of Onsemi in a research note on Tuesday, October 29th. Loop Capital initiated coverage on Onsemi in a report on Monday, November 11th. They issued a “buy” rating and a $95.00 price objective for the company. TD Cowen cut their target price on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Finally, Robert W. Baird increased their price target on Onsemi from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $85.87.

Onsemi Stock Up 4.0 %

Shares of NASDAQ:ON opened at $72.39 on Friday. Onsemi has a 52-week low of $59.34 and a 52-week high of $86.77. The company has a market capitalization of $30.82 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 7.47 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.02 and a current ratio of 3.07. The company has a fifty day moving average of $70.25 and a 200-day moving average of $71.81.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. Onsemi had a return on equity of 22.38% and a net margin of 23.80%. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same quarter in the prior year, the firm earned $1.39 EPS. The business’s revenue for the quarter was down 19.2% compared to the same quarter last year. On average, equities analysts predict that Onsemi will post 4 EPS for the current fiscal year.

Insider Activity

In other news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction on Monday, September 16th. The shares were sold at an average price of $70.80, for a total transaction of $106,200.00. Following the transaction, the chief executive officer now owns 840,620 shares in the company, valued at $59,515,896. This trade represents a 0.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Davis Investment Partners LLC raised its stake in shares of Onsemi by 0.8% in the third quarter. Davis Investment Partners LLC now owns 17,112 shares of the semiconductor company’s stock valued at $1,224,000 after acquiring an additional 142 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in Onsemi by 36.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 169 shares during the last quarter. Greenleaf Trust boosted its position in shares of Onsemi by 3.4% in the 3rd quarter. Greenleaf Trust now owns 5,262 shares of the semiconductor company’s stock worth $382,000 after purchasing an additional 173 shares in the last quarter. Meridian Financial Partners LLC grew its stake in shares of Onsemi by 1.7% during the third quarter. Meridian Financial Partners LLC now owns 11,305 shares of the semiconductor company’s stock worth $821,000 after acquiring an additional 192 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC increased its stake in Onsemi by 4.5% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 4,823 shares of the semiconductor company’s stock valued at $350,000 after purchasing an additional 206 shares in the last quarter. Institutional investors own 97.70% of the company’s stock.

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.