Onsemi (NASDAQ:ON) Hits New 1-Year Low Following Analyst Downgrade

Onsemi (NASDAQ:ON)’s share price hit a new 52-week low on Tuesday after KeyCorp lowered their price target on the stock from $90.00 to $70.00. KeyCorp currently has an overweight rating on the stock. Onsemi traded as low as $53.10 and last traded at $55.87, with a volume of 12192152 shares trading hands. The stock had previously closed at $53.94.

A number of other analysts have also recently commented on the company. Benchmark restated a “buy” rating and issued a $90.00 price objective on shares of Onsemi in a research report on Tuesday, October 29th. Roth Mkm restated a “buy” rating and set a $100.00 price objective on shares of Onsemi in a research report on Thursday, December 12th. Truist Financial reiterated a “hold” rating and issued a $60.00 target price (down previously from $85.00) on shares of Onsemi in a research report on Friday, January 10th. StockNews.com raised shares of Onsemi from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Finally, BNP Paribas cut their price objective on Onsemi from $60.00 to $55.00 in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Onsemi currently has a consensus rating of “Moderate Buy” and an average target price of $83.35.

Insider Transactions at Onsemi

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $71.00, for a total transaction of $106,500.00. Following the sale, the chief executive officer now owns 837,710 shares of the company’s stock, valued at approximately $59,477,410. This trade represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Onsemi

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in Onsemi by 3.0% in the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock valued at $767,646,000 after acquiring an additional 309,445 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Onsemi by 18.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock valued at $289,088,000 after purchasing an additional 665,633 shares during the period. Van ECK Associates Corp grew its stake in Onsemi by 26.4% during the 3rd quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock worth $237,559,000 after buying an additional 729,081 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Onsemi by 14.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock worth $215,518,000 after buying an additional 380,471 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Onsemi by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,404,589 shares of the semiconductor company’s stock valued at $174,597,000 after acquiring an additional 31,889 shares during the period. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Onsemi Trading Down 1.2 %

The business’s 50-day moving average price is $66.59 and its 200-day moving average price is $70.20. The firm has a market capitalization of $23.50 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 7.07 and a beta of 1.64. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.07 and a quick ratio of 2.02.

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