Onsemi Expected to Post Q2 2024 Earnings of $0.94 Per Share (NASDAQ:ON)

Onsemi (NASDAQ:ON) – Research analysts at William Blair reduced their Q2 2024 EPS estimates for Onsemi in a report issued on Tuesday, April 30th. William Blair analyst J. Dorsheimer now anticipates that the semiconductor company will earn $0.94 per share for the quarter, down from their prior estimate of $0.98. The consensus estimate for Onsemi’s current full-year earnings is $4.23 per share. William Blair also issued estimates for Onsemi’s Q3 2024 earnings at $1.00 EPS, Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $3.95 EPS, Q1 2025 earnings at $1.08 EPS, Q2 2025 earnings at $1.13 EPS, Q3 2025 earnings at $1.17 EPS and FY2025 earnings at $4.62 EPS.

Other research analysts have also issued reports about the company. TD Cowen lowered their price objective on Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. cut their price target on Onsemi from $95.00 to $90.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. Morgan Stanley reduced their price objective on shares of Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a research report on Monday, April 22nd. Roth Mkm boosted their target price on shares of Onsemi from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. Finally, StockNews.com upgraded shares of Onsemi from a “sell” rating to a “hold” rating in a report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.24.

Onsemi Trading Down 1.6 %

Shares of ON stock opened at $69.01 on Wednesday. Onsemi has a 1-year low of $59.34 and a 1-year high of $111.35. The company has a current ratio of 2.87, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. The stock has a market cap of $29.66 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 7.03 and a beta of 1.80. The stock has a 50-day moving average of $72.80 and a 200-day moving average of $74.99.

Onsemi (NASDAQ:ON) last announced its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company’s revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 EPS.

Institutional Trading of Onsemi

Several institutional investors and hedge funds have recently made changes to their positions in ON. Capital World Investors purchased a new stake in Onsemi in the fourth quarter worth approximately $697,276,000. Norges Bank bought a new position in shares of Onsemi during the 4th quarter valued at $418,102,000. Invesco Ltd. raised its position in Onsemi by 26.0% in the 3rd quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock worth $540,306,000 after purchasing an additional 1,200,723 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Onsemi by 55.0% in 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 purchasing an additional 828,944 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in 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 purchasing an additional 817,237 shares during the last quarter. Hedge funds and other 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.