KeyCorp Cuts Onsemi (NASDAQ:ON) Price Target to $70.00

Onsemi (NASDAQ:ON) had its target price cut by equities research analysts at KeyCorp from $90.00 to $70.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target would suggest a potential upside of 25.29% from the stock’s current price.

Several other brokerages have also issued reports on ON. Roth Mkm reiterated a “buy” rating and issued a $100.00 price target on shares of Onsemi in a research note on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and issued a $87.00 price target on shares of Onsemi in a research note on Tuesday, November 19th. TD Cowen decreased their price target on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. BNP Paribas decreased their price target on Onsemi from $60.00 to $55.00 in a research note on Friday, October 25th. Finally, Benchmark reiterated a “buy” rating and issued a $90.00 price target on shares of Onsemi in a research note on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.35.

Onsemi Price Performance

Shares of NASDAQ ON opened at $55.87 on Tuesday. The stock has a market capitalization of $23.79 billion, a PE ratio of 13.86, a P/E/G ratio of 7.07 and a beta of 1.64. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.07 and a quick ratio of 2.02. The business has a fifty day moving average price of $66.86 and a two-hundred day moving average price of $70.29. Onsemi has a fifty-two week low of $53.10 and a fifty-two week high of $85.16.

Onsemi (NASDAQ:ON) last announced its quarterly earnings data on Monday, October 28th. The semiconductor company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.02. The firm 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 quarterly revenue was down 19.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.39 EPS. As a group, equities analysts predict that Onsemi will post 4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Hassane El-Khoury sold 1,500 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $71.00, for a total value of $106,500.00. Following the completion of the sale, the chief executive officer now directly owns 837,710 shares of the company’s stock, valued at $59,477,410. This represents a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.31% of the stock is owned by company insiders.

Institutional Trading of Onsemi

Several institutional investors and hedge funds have recently modified their holdings of ON. Federated Hermes Inc. grew its holdings in shares of Onsemi by 408.2% in the second quarter. Federated Hermes Inc. now owns 144,383 shares of the semiconductor company’s stock valued at $9,897,000 after acquiring an additional 115,972 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Onsemi by 18.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock valued at $289,088,000 after acquiring an additional 665,633 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Onsemi by 3.7% in the second quarter. Renaissance Technologies LLC now owns 602,796 shares of the semiconductor company’s stock valued at $41,322,000 after acquiring an additional 21,700 shares in the last quarter. Argent Trust Co grew its holdings in shares of Onsemi by 9.9% in the second quarter. Argent Trust Co now owns 3,651 shares of the semiconductor company’s stock valued at $250,000 after acquiring an additional 328 shares in the last quarter. Finally, Tredje AP fonden grew its holdings in shares of Onsemi by 320.5% in the second quarter. Tredje AP fonden now owns 67,185 shares of the semiconductor company’s stock valued at $4,606,000 after acquiring an additional 51,207 shares in 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.