William Blair Research Analysts Decrease Earnings Estimates for Onsemi (NASDAQ:ON)

Onsemi (NASDAQ:ON) – Equities research analysts at William Blair cut their Q2 2024 earnings per share estimates for shares of Onsemi in a report released on Tuesday, April 30th. William Blair analyst J. Dorsheimer now anticipates that the semiconductor company will earn $0.94 per share for the quarter, down from their prior estimate of $0.98. The consensus estimate for Onsemi’s current full-year earnings is $4.23 per share. William Blair also issued estimates for Onsemi’s Q3 2024 earnings at $1.00 EPS, Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $3.95 EPS, Q1 2025 earnings at $1.08 EPS, Q2 2025 earnings at $1.13 EPS, Q3 2025 earnings at $1.17 EPS and FY2025 earnings at $4.62 EPS.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, April 29th. The semiconductor company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.19 EPS.

Several other brokerages have also weighed in on ON. Evercore ISI assumed coverage on Onsemi in a report on Tuesday, April 16th. They set an “outperform” rating and a $104.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $92.00 price objective on shares of Onsemi in a report on Tuesday. Mizuho reduced their price objective on Onsemi from $92.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday. Susquehanna reduced their price objective on Onsemi from $90.00 to $85.00 and set a “positive” rating for the company in a report on Tuesday. Finally, The Goldman Sachs Group reduced their price objective on Onsemi from $91.00 to $81.00 and set a “buy” rating for the company in a report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.24.

Onsemi Stock Performance

ON stock opened at $70.16 on Wednesday. The firm has a market cap of $30.16 billion, a PE ratio of 14.32, a P/E/G ratio of 7.03 and a beta of 1.80. The company has a quick ratio of 1.74, a current ratio of 2.87 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average of $72.80 and a 200-day moving average of $74.99. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35.

Hedge Funds Weigh In On Onsemi

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital World Investors purchased a new position in Onsemi in the fourth quarter worth about $697,276,000. Norges Bank bought a new stake in Onsemi in the fourth quarter worth $418,102,000. Invesco Ltd. boosted its stake in Onsemi by 26.0% during the third quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock worth $540,306,000 after buying an additional 1,200,723 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Onsemi by 55.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock valued at $195,124,000 after acquiring an additional 828,944 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings 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 worth $397,108,000 after acquiring an additional 817,237 shares during the last quarter. 97.70% of the stock is owned by institutional investors.

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.