Onsemi (NASDAQ:ON) Coverage Initiated by Analysts at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Onsemi (NASDAQ:ON) in a research note issued to investors on Friday, Marketbeat Ratings reports. The firm issued an overweight rating and a $85.00 price target on the semiconductor company’s stock.

Other equities research analysts also recently issued reports about the company. Roth Mkm raised their price target on Onsemi from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Bank of America raised their price objective on shares of Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. TD Cowen decreased their target price on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Morgan Stanley lifted their price objective on shares of Onsemi from $63.00 to $64.00 and gave the company an “underweight” rating in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $85.87.

Onsemi Stock Performance

ON stock opened at $69.62 on Friday. The firm has a 50 day simple moving average of $70.25 and a 200 day simple moving average of $71.79. Onsemi has a 52 week low of $59.34 and a 52 week high of $86.77. The stock has a market cap of $29.64 billion, a P/E ratio of 17.28, a P/E/G ratio of 7.34 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.02 and a current ratio of 3.07.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.02. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the business posted $1.39 EPS. The company’s revenue for the quarter was down 19.2% on a year-over-year basis. Research analysts anticipate that Onsemi will post 4 earnings per share for the current fiscal year.

Insider Activity at Onsemi

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total value of $109,065.00. Following the completion of the sale, the chief executive officer now owns 839,210 shares in the company, valued at approximately $61,018,959.10. This trade represents a 0.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of Onsemi

Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in Onsemi by 3.0% in the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock valued at $767,646,000 after acquiring an additional 309,445 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Onsemi by 18.7% during the second quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock valued at $289,088,000 after purchasing an additional 665,633 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Onsemi by 26.4% in the 3rd quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock valued at $237,559,000 after purchasing an additional 729,081 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Onsemi by 14.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock worth $215,518,000 after buying an additional 380,471 shares in the last quarter. Finally, Earnest Partners LLC lifted its position in shares of Onsemi by 6.7% during the 1st quarter. Earnest Partners LLC now owns 2,596,042 shares of the semiconductor company’s stock worth $190,939,000 after buying an additional 161,987 shares during the period. 97.70% of the stock is currently owned by 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.