Onsemi (NASDAQ:ON) Earns Buy Rating from Benchmark

Benchmark reissued their buy rating on shares of Onsemi (NASDAQ:ON) in a research report sent to investors on Tuesday morning, Benzinga reports. Benchmark currently has a $90.00 price objective on the semiconductor company’s stock.

Several other equities research analysts also recently weighed in on the stock. Rosenblatt Securities raised their price target on shares of Onsemi from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Citigroup cut Onsemi from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $77.00 in a research note on Monday, July 15th. Bank of America increased their price objective on Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Morgan Stanley boosted their target price on Onsemi from $63.00 to $64.00 and gave the stock an “underweight” rating in a research report on Tuesday. Finally, Truist Financial raised their price target on shares of Onsemi from $85.00 to $97.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $85.91.

Onsemi Stock Performance

Onsemi stock opened at $70.99 on Tuesday. Onsemi has a twelve month low of $59.34 and a twelve month high of $86.77. The company has a quick ratio of 1.95, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $30.23 billion, a P/E ratio of 17.62, a PEG ratio of 7.89 and a beta of 1.65. The stock’s 50 day moving average is $71.27 and its 200 day moving average is $71.52.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results 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. Onsemi had a return on equity of 22.38% and a net margin of 23.80%. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.75 billion. During the same period last year, the company earned $1.39 earnings per share. The company’s revenue was down 19.2% on a year-over-year basis. On average, equities research analysts predict that Onsemi will post 4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total value of $109,065.00. Following the completion of the transaction, the chief executive officer now owns 839,210 shares of the company’s stock, valued at approximately $61,018,959.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Onsemi

Hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in Onsemi by 18.7% during 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 buying an additional 665,633 shares during the last quarter. Capital International Investors lifted its stake in shares of Onsemi by 1.0% in the 1st quarter. Capital International Investors now owns 4,107,006 shares of the semiconductor company’s stock valued at $302,070,000 after purchasing an additional 42,117 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Onsemi by 26.4% during the 3rd quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock valued at $237,559,000 after purchasing an additional 729,081 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Onsemi by 14.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock valued at $215,518,000 after buying an additional 380,471 shares during the period. Finally, Earnest Partners LLC lifted its position in Onsemi by 6.7% in the first quarter. Earnest Partners LLC now owns 2,596,042 shares of the semiconductor company’s stock worth $190,939,000 after buying an additional 161,987 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.