Truist Financial Cuts Onsemi (NASDAQ:ON) Price Target to $85.00

Onsemi (NASDAQ:ON) had its price target dropped by investment analysts at Truist Financial from $89.00 to $85.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Truist Financial’s price objective would indicate a potential upside of 23.17% from the stock’s current price.

Several other research firms have also recently issued reports on ON. KeyCorp decreased their price objective on shares of Onsemi from $100.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday. TD Cowen cut their price objective on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday. Mizuho reduced their price target on shares of Onsemi from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday. Wells Fargo & Company lowered their price objective on shares of Onsemi from $110.00 to $95.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 23rd. Finally, Roth Mkm raised their target price on Onsemi from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Onsemi presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.24.

Onsemi Stock Performance

ON opened at $69.01 on Tuesday. Onsemi has a twelve month low of $59.34 and a twelve month high of $111.35. The stock has a market cap of $29.66 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 7.03 and a beta of 1.80. The business’s 50 day moving average is $72.80 and its 200-day moving average is $74.99. The company has a current ratio of 2.87, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the previous year, the business earned $1.19 EPS. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, analysts predict that Onsemi will post 4.23 earnings per share for the current year.

Hedge Funds Weigh In On Onsemi

Several large investors have recently added to or reduced their stakes in the company. Iridian Asset Management LLC CT boosted its stake in Onsemi by 7.0% during the first quarter. Iridian Asset Management LLC CT now owns 51,475 shares of the semiconductor company’s stock worth $3,786,000 after buying an additional 3,369 shares in the last quarter. Wambolt & Associates LLC lifted its holdings in shares of Onsemi by 41.2% during the 1st quarter. Wambolt & Associates LLC now owns 24,037 shares of the semiconductor company’s stock worth $1,775,000 after acquiring an additional 7,012 shares during the period. Norden Group LLC acquired a new stake in shares of Onsemi during the 1st quarter valued at about $774,000. Van ECK Associates Corp increased its stake in Onsemi by 25.7% in the first quarter. Van ECK Associates Corp now owns 2,564,123 shares of the semiconductor company’s stock valued at $188,591,000 after acquiring an additional 523,655 shares during the period. Finally, Fortis Group Advisors LLC acquired a new position in Onsemi in the first quarter worth about $1,032,000. Institutional investors and hedge funds own 97.70% of the company’s stock.

Onsemi Company Profile

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.