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

Onsemi (NASDAQ:ON) had its target price decreased by analysts at Truist Financial from $89.00 to $85.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Truist Financial’s price target suggests a potential upside of 19.99% from the company’s previous close.

A number of other brokerages also recently weighed in on ON. Needham & Company LLC reiterated a “buy” rating and issued a $92.00 price objective on shares of Onsemi in a research report on Tuesday. Morgan Stanley cut their target price on shares of Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday, April 22nd. StockNews.com raised shares of Onsemi from a “sell” rating to a “hold” rating in a research note on Wednesday, February 14th. JPMorgan Chase & Co. cut their target price on shares of Onsemi from $95.00 to $90.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Finally, BNP Paribas reissued an “underperform” rating and set a $55.00 target price on shares of Onsemi in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $90.24.

Onsemi Stock Performance

NASDAQ ON traded up $0.02 on Tuesday, reaching $70.84. 3,548,001 shares of the company’s stock traded hands, compared to its average volume of 7,498,926. The firm has a market cap of $30.45 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 6.71 and a beta of 1.80. The stock has a 50 day moving average price of $72.95 and a 200-day moving average price of $75.13. Onsemi has a fifty-two week low of $59.34 and a fifty-two week high of $111.35. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.74 and a current ratio of 2.71.

Onsemi (NASDAQ:ON) last posted its earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The company had revenue of $1.86 billion during 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 period in the previous year, the firm posted $1.19 earnings per share. Equities research analysts predict that Onsemi will post 4.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Onsemi

Large investors have recently modified their holdings of the company. Capital World Investors purchased a new position in shares of Onsemi in the 4th quarter valued at $697,276,000. Norges Bank purchased a new position in shares of Onsemi in the 4th quarter valued at $418,102,000. Invesco Ltd. grew its position in shares of Onsemi by 26.0% in the 3rd quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock valued at $540,306,000 after buying an additional 1,200,723 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Onsemi by 55.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock valued at $195,124,000 after buying an additional 828,944 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of Onsemi by 23.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock valued at $397,108,000 after buying an additional 817,237 shares during the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

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.