Needham & Company LLC Reiterates Buy Rating for Onsemi (NASDAQ:ON)

Needham & Company LLC reissued their buy rating on shares of Onsemi (NASDAQ:ON) in a research note released on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $87.00 price objective on the semiconductor company’s stock.

A number of other equities analysts also recently issued reports on the company. Roth Mkm upped their price target on Onsemi from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. TD Cowen dropped their target price on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. Truist Financial decreased their price target on Onsemi from $97.00 to $89.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Bank of America boosted their price target on Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Robert W. Baird increased their price objective on shares of Onsemi from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $85.87.

Onsemi Trading Up 1.7 %

Shares of NASDAQ ON opened at $69.62 on Tuesday. The business has a fifty day moving average price of $70.25 and a 200 day moving average price of $71.79. Onsemi has a 1-year low of $59.34 and a 1-year high of $86.77. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.07 and a quick ratio of 2.02. The stock has a market capitalization of $29.64 billion, a P/E ratio of 17.28, a price-to-earnings-growth ratio of 7.15 and a beta of 1.65.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, October 28th. The semiconductor company reported $0.99 EPS for the quarter, beating 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 business had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same period in the prior year, the firm posted $1.39 earnings per share. The company’s quarterly revenue was down 19.2% on a year-over-year basis. Equities research analysts expect that Onsemi will post 4 EPS for the current fiscal year.

Insider Buying and Selling

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction on Tuesday, October 15th. The shares were 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 owns 839,210 shares of the company’s stock, valued at approximately $61,018,959.10. The trade was a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is owned by corporate insiders.

Institutional Trading of Onsemi

Institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its stake in Onsemi by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock valued at $767,646,000 after buying an additional 309,445 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Onsemi by 18.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock worth $289,088,000 after purchasing an additional 665,633 shares during the period. Capital International Investors raised its holdings in shares of Onsemi by 1.0% in the 1st quarter. Capital International Investors now owns 4,107,006 shares of the semiconductor company’s stock valued at $302,070,000 after purchasing an additional 42,117 shares in the last quarter. Van ECK Associates Corp lifted its stake in Onsemi by 26.4% during the third quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock worth $237,559,000 after purchasing an additional 729,081 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of 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 purchasing an additional 380,471 shares in the last quarter. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Onsemi Company Profile

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.