Truist Financial Reaffirms “Hold” Rating for Onsemi (NASDAQ:ON)

Onsemi (NASDAQ:ON)‘s stock had its “hold” rating restated by Truist Financial in a research note issued to investors on Friday,Benzinga reports. They presently have a $60.00 price objective on the semiconductor company’s stock, down from their prior price objective of $85.00. Truist Financial’s target price would suggest a potential upside of 2.90% from the company’s current price.

Other equities analysts also recently issued reports about the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $75.00 target price on shares of Onsemi in a research report on Tuesday, October 29th. Wells Fargo & Company initiated coverage on shares of Onsemi in a report on Friday, November 22nd. They issued an “overweight” rating and a $85.00 price objective for the company. Roth Mkm reiterated a “buy” rating and set a $100.00 target price on shares of Onsemi in a report on Thursday, December 12th. Mizuho set a $85.00 price target on shares of Onsemi in a research note on Friday, October 18th. Finally, TD Cowen reduced their price objective on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $84.61.

Onsemi Price Performance

Shares of ON opened at $58.31 on Friday. The firm has a 50-day simple moving average of $67.20 and a two-hundred day simple moving average of $70.35. The stock has a market cap of $24.83 billion, a PE ratio of 14.47, a P/E/G ratio of 7.07 and a beta of 1.64. Onsemi has a 1-year low of $57.96 and a 1-year high of $85.16. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.07 and a quick ratio of 2.02.

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

Insiders Place Their Bets

In related news, CEO Hassane El-Khoury sold 1,500 shares of the stock in a transaction on Monday, November 25th. The shares were 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 in the company, valued at $59,477,410. This represents a 0.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Onsemi

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in shares of Onsemi by 3.0% during the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock worth $767,646,000 after purchasing an additional 309,445 shares during the period. Dimensional Fund Advisors LP raised its position 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 buying an additional 665,633 shares during the last quarter. Van ECK Associates Corp lifted 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 worth $237,559,000 after acquiring an additional 729,081 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Onsemi by 14.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock valued at $215,518,000 after acquiring an additional 380,471 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Onsemi by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,404,589 shares of the semiconductor company’s stock worth $174,597,000 after acquiring an additional 31,889 shares during the period. 97.70% of the stock is 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.