Onsemi (NASDAQ:ON) Shares Gap Up After Earnings Beat

Onsemi (NASDAQ:ON)’s share price gapped up prior to trading on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $70.17, but opened at $75.90. Onsemi shares last traded at $78.35, with a volume of 1,395,284 shares traded.

The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.04. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The firm’s revenue for the quarter was down 17.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 earnings per share.

Analysts Set New Price Targets

ON has been the subject of several research analyst reports. KeyCorp lowered their price objective on shares of Onsemi from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Tuesday, July 9th. Benchmark lowered their price objective on shares of Onsemi from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Mizuho lowered their price objective on shares of Onsemi from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. B. Riley restated a “buy” rating and set a $103.00 price objective (down from $115.00) on shares of Onsemi in a research report on Tuesday, April 30th. Finally, The Goldman Sachs Group lowered their price objective on shares of Onsemi from $91.00 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $88.36.

Insider Buying and Selling

In other Onsemi news, Director Paul Anthony Mascarenas sold 911 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total transaction of $67,833.06. Following the sale, the director now owns 48,929 shares of the company’s stock, valued at $3,643,253.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Onsemi news, Director Paul Anthony Mascarenas sold 911 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total transaction of $67,833.06. Following the sale, the director now owns 48,929 shares of the company’s stock, valued at $3,643,253.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Trent Thad sold 38,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the sale, the chief financial officer now directly owns 331,829 shares in the company, valued at approximately $24,074,193.95. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Onsemi

A number of institutional investors and hedge funds have recently made changes to their positions in ON. Assenagon Asset Management S.A. boosted its position in shares of Onsemi by 94.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 67,021 shares of the semiconductor company’s stock worth $5,598,000 after purchasing an additional 32,496 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Onsemi by 11.6% in the 4th quarter. Blue Trust Inc. now owns 4,541 shares of the semiconductor company’s stock worth $379,000 after acquiring an additional 473 shares during the last quarter. Caprock Group LLC raised its holdings in shares of Onsemi by 34.3% in the 4th quarter. Caprock Group LLC now owns 4,795 shares of the semiconductor company’s stock worth $401,000 after acquiring an additional 1,225 shares during the last quarter. Quent Capital LLC raised its holdings in shares of Onsemi by 25.3% in the 4th quarter. Quent Capital LLC now owns 980 shares of the semiconductor company’s stock worth $82,000 after acquiring an additional 198 shares during the last quarter. Finally, Realta Investment Advisors acquired a new stake in shares of Onsemi in the 4th quarter worth about $288,000. Institutional investors own 97.70% of the company’s stock.

Onsemi Stock Up 11.8 %

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.87. The company has a market cap of $33.75 billion, a price-to-earnings ratio of 15.99, a price-to-earnings-growth ratio of 3.05 and a beta of 1.69. The stock’s fifty day moving average is $72.55 and its two-hundred day moving average is $73.16.

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.