Onsemi (NASDAQ:ON) Earns Buy Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group began coverage on shares of Onsemi (NASDAQ:ON) in a research note published on Monday morning, Marketbeat.com reports. The firm issued a buy rating and a $100.00 price objective on the semiconductor company’s stock.

A number of other research firms also recently commented on ON. Deutsche Bank Aktiengesellschaft dropped their price objective on Onsemi from $90.00 to $85.00 and set a buy rating on the stock in a report on Tuesday, April 30th. Rosenblatt Securities cut their price objective on shares of Onsemi from $75.00 to $70.00 and set a neutral rating on the stock in a report on Tuesday, April 30th. B. Riley reaffirmed a buy rating and issued a $103.00 target price (down from $115.00) on shares of Onsemi in a research report on Tuesday, April 30th. Wells Fargo & Company reduced their price target on shares of Onsemi from $110.00 to $95.00 and set an overweight rating for the company in a research report on Tuesday, April 23rd. Finally, Evercore ISI initiated coverage on Onsemi in a report on Tuesday, April 16th. They set an outperform rating and a $104.00 price objective on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $90.28.

Onsemi Price Performance

ON stock opened at $74.74 on Monday. The business’s 50-day moving average is $71.30 and its two-hundred day moving average is $73.92. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.87 and a quick ratio of 1.87. The firm has a market capitalization of $32.16 billion, a P/E ratio of 15.25, a P/E/G ratio of 3.30 and a beta of 1.78. Onsemi has a 1 year low of $59.34 and a 1 year high of $111.35.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the previous year, the firm earned $1.19 earnings per share. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. Analysts anticipate that Onsemi will post 3.83 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Capital World Investors acquired a new position in Onsemi during the fourth quarter worth about $697,276,000. Norges Bank purchased a new stake in Onsemi in the 4th quarter valued at approximately $418,102,000. Invesco Ltd. grew its holdings in Onsemi by 26.0% during the 3rd quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock valued at $540,306,000 after buying an additional 1,200,723 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Onsemi by 55.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock worth $195,124,000 after buying an additional 828,944 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Onsemi by 23.7% in the third quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock worth $397,108,000 after acquiring an additional 817,237 shares during the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

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.