Onsemi (NASDAQ:ON) Price Target Lowered to $85.00 at Truist Financial

Onsemi (NASDAQ:ON) had its price target trimmed by Truist Financial from $89.00 to $85.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

A number of other research firms have also weighed in on ON. KeyCorp decreased their target price on shares of Onsemi from $100.00 to $90.00 and set an overweight rating on the stock in a report on Tuesday. StockNews.com raised shares of Onsemi from a sell rating to a hold rating in a report on Wednesday, February 14th. Benchmark decreased their target price on shares of Onsemi from $88.00 to $80.00 and set a buy rating on the stock in a report on Tuesday. B. Riley reissued a buy rating and issued a $103.00 price target (down previously from $115.00) on shares of Onsemi in a report on Tuesday. Finally, Evercore ISI began coverage on shares of Onsemi in a report on Tuesday, April 16th. They issued an outperform rating and a $104.00 price target on the stock. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $90.24.

Onsemi Stock Performance

Shares of ON stock traded up $0.36 during trading on Tuesday, reaching $70.37. 6,515,239 shares of the company’s stock traded hands, compared to its average volume of 7,550,528. The company has a market capitalization of $30.28 billion, a P/E ratio of 14.38, a PEG ratio of 3.12 and a beta of 1.78. The company has a current ratio of 2.87, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. The firm’s 50-day moving average is $72.46 and its 200 day moving average is $74.92. Onsemi has a 1 year low of $59.34 and a 1 year high of $111.35.

Onsemi (NASDAQ:ON) last announced its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. Onsemi’s revenue was down 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.19 EPS. Equities research analysts expect that Onsemi will post 3.86 EPS for the current year.

Hedge Funds Weigh In On Onsemi

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Onsemi by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 50,341,366 shares of the semiconductor company’s stock worth $4,205,014,000 after purchasing an additional 321,682 shares during the period. Capital World Investors bought a new position in shares of Onsemi during the fourth quarter worth $697,276,000. Invesco Ltd. boosted its position in shares of Onsemi by 26.0% during the third quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock worth $540,306,000 after acquiring an additional 1,200,723 shares during the last quarter. Norges Bank bought a new position in shares of Onsemi during the fourth quarter worth $418,102,000. Finally, Ameriprise Financial Inc. boosted its position in shares of Onsemi by 23.7% during the third quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock worth $397,108,000 after acquiring an additional 817,237 shares during the last quarter. 97.70% of the stock is currently owned by institutional investors.

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.