TD Cowen Cuts Onsemi (NASDAQ:ON) Price Target to $85.00

Onsemi (NASDAQ:ON) had its price objective cut by TD Cowen from $90.00 to $85.00 in a research note issued to investors on Friday morning. They currently have a buy rating on the semiconductor company’s stock.

Several other equities research analysts also recently issued reports on ON. StockNews.com downgraded Onsemi from a “hold” rating to a “sell” rating in a report on Monday, August 26th. Roth Mkm increased their price objective on Onsemi from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. BNP Paribas reduced their price objective on Onsemi from $60.00 to $55.00 in a research report on Friday. Susquehanna raised their target price on shares of Onsemi from $85.00 to $95.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Finally, Benchmark boosted their price target on Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Three research 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, the stock has a consensus rating of “Hold” and an average target price of $85.43.

Onsemi Stock Up 4.9 %

ON traded up $3.46 on Friday, hitting $74.71. The company had a trading volume of 8,947,834 shares, compared to its average volume of 6,736,683. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.95 and a current ratio of 3.01. The stock has a market capitalization of $32.14 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 3.57 and a beta of 1.65. The stock has a fifty day moving average price of $71.63 and a 200-day moving average price of $71.41. Onsemi has a 12-month low of $59.34 and a 12-month high of $86.77.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.04. Onsemi had a return on equity of 25.48% and a net margin of 24.84%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. The company’s revenue for the quarter was down 17.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.33 EPS. Analysts predict that Onsemi will post 4.01 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Simon Keeton sold 30,939 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the completion of the sale, the insider now owns 231,092 shares of the company’s stock, valued at $18,011,310.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Simon Keeton sold 30,939 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total value of $2,411,385.66. Following the transaction, the insider now owns 231,092 shares of the company’s stock, valued at approximately $18,011,310.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total transaction of $109,065.00. Following the completion of the transaction, the chief executive officer now directly owns 839,210 shares of the company’s stock, valued at $61,018,959.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,939 shares of company stock worth $2,626,651 in the last quarter. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Onsemi

Several large investors have recently modified their holdings of ON. Iridian Asset Management LLC CT increased its position in shares of Onsemi by 23.1% in the 3rd quarter. Iridian Asset Management LLC CT now owns 90,709 shares of the semiconductor company’s stock valued at $6,586,000 after acquiring an additional 17,020 shares during the period. First Trust Direct Indexing L.P. raised its holdings in Onsemi by 4.5% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 13,996 shares of the semiconductor company’s stock worth $1,016,000 after purchasing an additional 609 shares during the period. China Universal Asset Management Co. Ltd. raised its position in Onsemi by 110.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 5,433 shares of the semiconductor company’s stock worth $394,000 after acquiring an additional 2,846 shares during the period. Nisa Investment Advisors LLC lifted its stake in Onsemi by 24.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 42,028 shares of the semiconductor company’s stock valued at $3,052,000 after buying an additional 8,182 shares in the last quarter. Finally, Custom Index Systems LLC boosted its stake in shares of Onsemi by 5.9% in the third quarter. Custom Index Systems LLC now owns 7,633 shares of the semiconductor company’s stock worth $554,000 after acquiring an additional 425 shares during the last quarter. Institutional investors own 97.70% of the company’s stock.

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.