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

Equities research analysts at Wells Fargo & Company began coverage on shares of Onsemi (NASDAQ:ON) in a note issued to investors on Friday, MarketBeat Ratings reports. The firm set an “overweight” rating and a $85.00 price target on the semiconductor company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 22.09% from the company’s current price.

Other equities research analysts have also issued reports about the company. Rosenblatt Securities reiterated a “neutral” rating and set a $75.00 price objective on shares of Onsemi in a research note on Tuesday, October 29th. TD Cowen decreased their price objective on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Benchmark restated a “buy” rating and set a $90.00 price target on shares of Onsemi in a research report on Tuesday, October 29th. Needham & Company LLC reissued a “buy” rating and issued a $87.00 target price on shares of Onsemi in a research note on Tuesday, November 19th. Finally, BNP Paribas dropped their price target on Onsemi from $60.00 to $55.00 in a research report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $85.87.

Onsemi Price Performance

Shares of Onsemi stock opened at $69.62 on Friday. 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 has a twelve month low of $59.34 and a twelve month high of $86.77. The business has a 50-day moving average price of $70.21 and a 200 day moving average price of $71.79. The firm has a market cap of $29.64 billion, a PE ratio of 17.28, a P/E/G ratio of 7.34 and a beta of 1.65.

Onsemi (NASDAQ:ON) last announced 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. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.75 billion. Onsemi had a return on equity of 22.38% and a net margin of 23.80%. The business’s revenue was down 19.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.39 EPS. Sell-side analysts predict that Onsemi will post 4 earnings per share for the current fiscal year.

Insider Buying and Selling at Onsemi

In related news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $70.80, for a total transaction of $106,200.00. Following the sale, the chief executive officer now directly owns 840,620 shares of the company’s stock, valued at $59,515,896. This represents a 0.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Onsemi

Institutional investors have recently modified their holdings of the business. Westside Investment Management Inc. boosted its stake in shares of Onsemi by 67.9% in the 3rd quarter. Westside Investment Management Inc. now owns 940 shares of the semiconductor company’s stock valued at $68,000 after buying an additional 380 shares during the period. Coldstream Capital Management Inc. lifted its stake in Onsemi by 19.6% in the third quarter. Coldstream Capital Management Inc. now owns 6,498 shares of the semiconductor company’s stock worth $468,000 after acquiring an additional 1,066 shares during the last quarter. Geode Capital Management LLC grew its holdings in Onsemi by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock worth $767,646,000 after acquiring an additional 309,445 shares in the last quarter. M&T Bank Corp grew its holdings in Onsemi by 6.9% during the 3rd quarter. M&T Bank Corp now owns 32,519 shares of the semiconductor company’s stock worth $2,362,000 after acquiring an additional 2,110 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of Onsemi by 18.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 194,409 shares of the semiconductor company’s stock valued at $14,116,000 after purchasing an additional 30,695 shares during the last quarter. Institutional investors and hedge funds 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.