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

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

Other analysts have also issued research reports about the stock. 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. BNP Paribas cut their price objective on shares of Onsemi from $60.00 to $55.00 in a report on Friday, October 25th. Loop Capital began coverage on Onsemi in a research note on Monday, November 11th. They set a “buy” rating and a $95.00 target price for the company. Truist Financial reduced their price target on Onsemi from $97.00 to $89.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, Robert W. Baird lifted their price objective on Onsemi from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Onsemi presently has a consensus rating of “Moderate Buy” and an average target price of $85.87.

Onsemi Price Performance

Shares of Onsemi stock opened at $69.62 on Friday. The business’s fifty day moving average price is $70.25 and its 200 day moving average price is $71.79. Onsemi has a twelve month low of $59.34 and a twelve month high of $86.77. The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $29.64 billion, a P/E ratio of 17.28, a PEG ratio of 7.34 and a beta of 1.65.

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

Insider Activity

In related news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total transaction of $109,065.00. Following 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 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ON. Capital Performance Advisors LLP acquired a new stake in Onsemi during the 3rd quarter worth about $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Onsemi in the third quarter worth approximately $33,000. GHP Investment Advisors Inc. raised its holdings in shares of Onsemi by 12,850.0% during the third quarter. GHP Investment Advisors Inc. now owns 518 shares of the semiconductor company’s stock valued at $38,000 after acquiring an additional 514 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in shares of Onsemi by 36.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 169 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Onsemi during the 2nd quarter worth approximately $43,000. Institutional investors own 97.70% of the company’s stock.

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.