Onsemi (NASDAQ:ON) Reaches New 1-Year Low on Analyst Downgrade

Onsemi (NASDAQ:ON)’s share price hit a new 52-week low during trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $85.00 to $80.00. Wells Fargo & Company 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 traded. The stock had previously closed at $53.94.

Other equities research analysts have also recently issued research reports about the stock. Mizuho set a $85.00 target price on shares of Onsemi in a report on Friday, October 18th. Rosenblatt Securities reissued a “neutral” rating and set a $75.00 price objective on shares of Onsemi in a report on Tuesday, October 29th. StockNews.com upgraded Onsemi from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Needham & Company LLC reissued a “buy” rating and issued a $87.00 price target on shares of Onsemi in a report on Tuesday, November 19th. Finally, Benchmark reaffirmed a “buy” rating and set a $90.00 target price on shares of Onsemi in a report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $84.22.

Insider Activity at Onsemi

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $71.00, for a total value of $106,500.00. Following the transaction, the chief executive officer now directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ON. Nordea Investment Management AB increased its position in Onsemi by 25.9% during the 4th quarter. Nordea Investment Management AB now owns 402,124 shares of the semiconductor company’s stock valued at $25,724,000 after purchasing an additional 82,614 shares during the period. Natixis Advisors LLC raised its stake in shares of Onsemi by 1.4% during the 3rd quarter. Natixis Advisors LLC now owns 1,352,005 shares of the semiconductor company’s stock worth $98,169,000 after acquiring an additional 18,450 shares in the last quarter. Cinctive Capital Management LP purchased a new stake in Onsemi during the third quarter valued at approximately $1,270,000. Public Employees Retirement System of Ohio boosted its stake in Onsemi by 18.7% in the third quarter. Public Employees Retirement System of Ohio now owns 194,409 shares of the semiconductor company’s stock valued at $14,116,000 after acquiring an additional 30,695 shares in the last quarter. Finally, World Investment Advisors LLC purchased a new position in Onsemi in the third quarter worth $1,087,000. 97.70% of the stock is currently owned by institutional investors.

Onsemi Stock Performance

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 firm has a market capitalization of $23.79 billion, a price-to-earnings ratio of 13.86, a P/E/G ratio of 7.07 and a beta of 1.64. The business has a 50-day moving average price of $66.86 and a 200-day moving average price of $70.29.

Onsemi (NASDAQ:ON) last released its quarterly earnings data on Monday, October 28th. The semiconductor company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.75 billion. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The business’s quarterly revenue was down 19.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.39 earnings per share. As a group, sell-side analysts forecast that Onsemi will post 4 earnings per share 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.