Onsemi (NASDAQ:ON) Shares Down 7.2% After Analyst Downgrade

Onsemi (NASDAQ:ON) fell 7.2% during trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $92.00 to $77.00. The Goldman Sachs Group currently has a buy rating on the stock. Onsemi traded as low as $53.96 and last traded at $54.11. 5,723,070 shares were traded during trading, a decline of 32% from the average session volume of 8,378,158 shares. The stock had previously closed at $58.31.

Several other equities analysts have also commented on ON. TD Cowen dropped their target price on Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, October 25th. Needham & Company LLC reissued a “buy” rating and issued a $87.00 target price on shares of Onsemi in a research report on Tuesday, November 19th. Robert W. Baird increased their price target on shares of Onsemi from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Truist Financial reiterated a “hold” rating and issued a $60.00 target price (down previously from $85.00) on shares of Onsemi in a report on Friday. Finally, Loop Capital began coverage on Onsemi in a report on Monday, November 11th. They set a “buy” rating and a $95.00 target price for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Onsemi has an average rating of “Moderate Buy” and an average price target of $84.43.

Insiders Place Their Bets

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi 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 transaction, the chief executive officer now directly owns 839,210 shares in the company, valued at $61,018,959.10. The trade was a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Onsemi

Large investors have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new position in shares of Onsemi during the third quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new position in Onsemi during the 3rd quarter valued at about $33,000. GHP Investment Advisors Inc. grew its position in Onsemi by 12,850.0% in the 3rd quarter. GHP Investment Advisors Inc. now owns 518 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 514 shares during the last quarter. Safe Harbor Fiduciary LLC acquired a new stake in shares of Onsemi in the third quarter valued at approximately $43,000. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of Onsemi by 42.8% during the third quarter. Massmutual Trust Co. FSB ADV now owns 898 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 269 shares during the last quarter. 97.70% of the stock is owned by institutional investors and hedge funds.

Onsemi Stock Performance

The firm has a market capitalization of $23.10 billion, a price-to-earnings ratio of 13.46, a P/E/G ratio of 7.07 and a beta of 1.64. The company has a 50-day moving average price of $67.20 and a 200-day moving average price of $70.35. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30.

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