Onsemi (NASDAQ:ON) Given New $60.00 Price Target at Wells Fargo & Company

Onsemi (NASDAQ:ON) had its price objective lowered by equities researchers at Wells Fargo & Company from $80.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 24.93% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Craig Hallum cut their price target on shares of Onsemi from $78.00 to $50.00 and set a “hold” rating on the stock in a report on Tuesday. Benchmark restated a “buy” rating and issued a $90.00 target price on shares of Onsemi in a research report on Tuesday, October 29th. BNP Paribas reduced their target price on shares of Onsemi from $60.00 to $55.00 in a research note on Friday, October 25th. Morgan Stanley dropped their target price on shares of Onsemi from $52.00 to $44.00 and set an “underweight” rating on the stock in a research report on Tuesday. Finally, Needham & Company LLC lowered their price target on shares of Onsemi from $66.00 to $57.00 and set a “buy” rating on the stock in a research report on Monday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Onsemi has an average rating of “Moderate Buy” and an average target price of $69.68.

Onsemi Price Performance

NASDAQ:ON traded up $0.99 during mid-day trading on Tuesday, hitting $48.03. 4,573,657 shares of the stock traded hands, compared to its average volume of 9,316,722. Onsemi has a 12-month low of $46.57 and a 12-month high of $85.16. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. The company has a market cap of $20.45 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 10.27 and a beta of 1.62. The business’s 50-day moving average price is $60.06 and its 200 day moving average price is $67.34.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, February 10th. The semiconductor company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.03). Onsemi had a return on equity of 22.38% and a net margin of 23.80%. On average, analysts expect that Onsemi will post 3.99 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $71.00, for a total value of $106,500.00. Following the completion of the sale, the chief executive officer now owns 837,710 shares in the company, valued at approximately $59,477,410. This trade represents a 0.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Onsemi

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bridgewater Associates LP lifted its position in Onsemi by 8,367.5% in the third quarter. Bridgewater Associates LP now owns 1,123,041 shares of the semiconductor company’s stock valued at $81,544,000 after buying an additional 1,109,778 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Onsemi by 35.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock worth $247,226,000 after buying an additional 1,037,624 shares in the last quarter. Van ECK Associates Corp lifted its holdings 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. Andra AP fonden increased its holdings in shares of Onsemi by 2,388.4% in the 4th quarter. Andra AP fonden now owns 343,400 shares of the semiconductor company’s stock valued at $21,651,000 after acquiring an additional 329,600 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Onsemi by 19.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,009,180 shares of the semiconductor company’s stock worth $145,887,000 after acquiring an additional 326,734 shares in the last quarter. Institutional investors and hedge funds 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.