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

Onsemi (NASDAQ:ON) shares dropped 7.2% during 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. Approximately 5,723,070 shares were traded during trading, a decline of 32% from the average daily volume of 8,378,158 shares. The stock had previously closed at $58.31.

Several other research analysts have also weighed in on the company. Truist Financial reiterated a “hold” rating and set a $60.00 target price (down from $85.00) on shares of Onsemi in a report on Friday. KeyCorp decreased their price objective on Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Wells Fargo & Company initiated coverage on shares of Onsemi in a report on Friday, November 22nd. They set an “overweight” rating and a $85.00 target price on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $75.00 price target on shares of Onsemi in a report on Tuesday, October 29th. Finally, BNP Paribas cut their price objective on shares of Onsemi from $60.00 to $55.00 in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, Onsemi presently has a consensus rating of “Moderate Buy” and an average price target of $84.43.

Insider Activity

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $71.00, for a total transaction of $106,500.00. Following the completion of the sale, the chief executive officer now owns 837,710 shares of the company’s stock, valued at $59,477,410. This trade represents a 0.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Onsemi

A number of large investors have recently made changes to their positions in ON. Capital Performance Advisors LLP acquired a new position in shares of Onsemi during the 3rd quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new stake in Onsemi during the third quarter worth approximately $33,000. GHP Investment Advisors Inc. increased its stake in Onsemi by 12,850.0% during the 3rd 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 period. Safe Harbor Fiduciary LLC acquired a new position in Onsemi in the 3rd quarter valued at $43,000. Finally, Massmutual Trust Co. FSB ADV lifted its position in shares of Onsemi by 42.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 898 shares of the semiconductor company’s stock valued at $65,000 after acquiring an additional 269 shares during the period. Institutional investors own 97.70% of the company’s stock.

Onsemi Trading Down 7.5 %

The firm has a fifty day moving average price of $67.20 and a 200-day moving average price of $70.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.02 and a current ratio of 3.07. The company has a market capitalization of $22.97 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 7.07 and a beta of 1.64.

Onsemi (NASDAQ:ON) last issued its 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. The company had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The business’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.39 EPS. As a group, equities analysts anticipate that Onsemi will post 4 EPS 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.