Onsemi (NASDAQ:ON) Trading Down 7.2% Following Analyst Downgrade

Onsemi (NASDAQ:ON) shares fell 7.2% during mid-day trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $92.00 to $77.00. The Goldman Sachs Group currently has a buy rating on the stock. Onsemi traded as low as $53.96 and last traded at $54.11. 5,723,070 shares were traded during mid-day trading, a decline of 32% from the average session volume of 8,378,158 shares. The stock had previously closed at $58.31.

ON has been the subject of several other reports. Wells Fargo & Company started coverage on shares of Onsemi in a report on Friday, November 22nd. They set an “overweight” rating and a $85.00 price target for the company. Benchmark reissued a “buy” rating and set a $90.00 target price on shares of Onsemi in a research note on Tuesday, October 29th. KeyCorp decreased their price target on Onsemi from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. StockNews.com upgraded Onsemi from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Finally, TD Cowen decreased their target price on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $84.43.

Insider Buying and Selling at Onsemi

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total value of $109,065.00. Following the completion of the transaction, the chief executive officer now directly owns 839,210 shares in the company, valued at approximately $61,018,959.10. The trade was a 0.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Onsemi

Several institutional investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new stake in Onsemi in the 3rd quarter valued at about $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Onsemi in the third quarter worth approximately $33,000. GHP Investment Advisors Inc. boosted its position in shares of Onsemi by 12,850.0% in the third quarter. GHP Investment Advisors Inc. now owns 518 shares of the semiconductor company’s stock worth $38,000 after acquiring an additional 514 shares during the last quarter. Safe Harbor Fiduciary LLC purchased a new stake in Onsemi in the third quarter valued at approximately $43,000. Finally, Massmutual Trust Co. FSB ADV increased its position in Onsemi by 42.8% during the third quarter. Massmutual Trust Co. FSB ADV now owns 898 shares of the semiconductor company’s stock worth $65,000 after purchasing an additional 269 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Onsemi Stock Performance

The company has a market cap of $22.97 billion, a PE ratio of 13.38, a P/E/G ratio of 7.07 and a beta of 1.64. The stock’s 50 day simple moving average is $66.86 and its two-hundred day simple moving average is $70.27. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.02. The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.75 billion. Onsemi had a return on equity of 22.38% and a net margin of 23.80%. The business’s quarterly revenue was down 19.2% on a year-over-year basis. During the same period last year, the company posted $1.39 EPS. As a group, research analysts anticipate that Onsemi will post 4 earnings per share for the current year.

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.