Onsemi (NASDAQ:ON) Stock Price Down 4.9% on Analyst Downgrade

Onsemi (NASDAQ:ON) shares dropped 4.9% on Friday after Citigroup lowered their price target on the stock from $52.00 to $40.00. Citigroup currently has a neutral rating on the stock. Onsemi traded as low as $32.63 and last traded at $33.17. Approximately 2,186,133 shares were traded during trading, a decline of 70% from the average daily volume of 7,394,829 shares. The stock had previously closed at $34.88.

Other equities research analysts have also issued research reports about the stock. Truist Financial lowered their target price on shares of Onsemi from $60.00 to $52.00 and set a “hold” rating on the stock in a report on Tuesday, February 11th. The Goldman Sachs Group cut their price target on Onsemi from $77.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Mizuho reduced their price objective on shares of Onsemi from $71.00 to $62.00 and set an “outperform” rating on the stock in a research note on Monday, March 24th. Craig Hallum decreased their target price on Onsemi from $78.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, February 11th. Finally, Wells Fargo & Company lowered their price objective on shares of Onsemi from $80.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, February 11th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Onsemi has a consensus rating of “Moderate Buy” and a consensus target price of $65.46.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Gateway Investment Advisers LLC raised its position in shares of Onsemi by 166.0% in the first quarter. Gateway Investment Advisers LLC now owns 100,753 shares of the semiconductor company’s stock valued at $4,100,000 after purchasing an additional 62,877 shares during the period. Curat Global LLC bought a new stake in shares of Onsemi during the 1st quarter worth $378,000. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Onsemi by 23.5% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 5,362 shares of the semiconductor company’s stock valued at $218,000 after purchasing an additional 1,021 shares in the last quarter. Merit Financial Group LLC acquired a new stake in Onsemi in the first quarter valued at approximately $1,038,000. Finally, Czech National Bank grew its position in Onsemi by 4.8% during the 1st quarter. Czech National Bank now owns 96,793 shares of the semiconductor company’s stock worth $3,939,000 after acquiring an additional 4,471 shares during the last quarter. Institutional investors own 97.70% of the company’s stock.

Onsemi Stock Performance

The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38. The company has a market capitalization of $14.81 billion, a P/E ratio of 9.66, a PEG ratio of 16.74 and a beta of 1.48. The company has a fifty day moving average price of $44.79 and a two-hundred day moving average price of $58.43.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results on Monday, February 10th. The semiconductor company reported $0.95 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.03). Onsemi had a net margin of 22.21% and a return on equity of 20.10%. Equities analysts forecast that Onsemi will post 2.6 earnings per share for the current fiscal year.

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.