Onsemi (NASDAQ:ON) Releases Q2 2024 Earnings Guidance

Onsemi (NASDAQ:ON) updated its second quarter 2024 earnings guidance on Monday. The company provided EPS guidance of 0.860-0.980 for the period, compared to the consensus EPS estimate of 1.010. The company issued revenue guidance of $1.7 billion-$1.8 billion, compared to the consensus revenue estimate of $1.8 billion. Onsemi also updated its Q2 guidance to $0.86-0.98 EPS.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ON shares. Evercore ISI started coverage on Onsemi in a research report on Tuesday, April 16th. They set an outperform rating and a $104.00 price objective on the stock. Needham & Company LLC reaffirmed a buy rating and set a $92.00 price objective on shares of Onsemi in a research report on Tuesday, February 6th. Susquehanna reaffirmed a positive rating and set a $90.00 price objective on shares of Onsemi in a research report on Monday, April 8th. StockNews.com raised Onsemi from a sell rating to a hold rating in a research report on Wednesday, February 14th. Finally, The Goldman Sachs Group cut their price objective on Onsemi from $91.00 to $81.00 and set a buy rating on the stock in a research report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $95.28.

Onsemi Stock Up 4.0 %

Onsemi stock traded up $2.69 during midday trading on Monday, hitting $70.75. 8,860,961 shares of the stock were exchanged, compared to its average volume of 7,490,149. Onsemi has a 1 year low of $59.34 and a 1 year high of $111.35. The firm has a market cap of $30.41 billion, a P/E ratio of 13.92, a P/E/G ratio of 6.71 and a beta of 1.80. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.71 and a quick ratio of 1.74. The company has a 50 day moving average price of $73.11 and a two-hundred day moving average price of $75.28.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. Onsemi had a net margin of 26.46% and a return on equity of 31.36%. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.19 EPS. On average, sell-side analysts predict that Onsemi will post 4.26 earnings per share for the current fiscal year.

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.