Onsemi (NASDAQ:ON) Price Target Cut to $63.00 by Analysts at Morgan Stanley

Onsemi (NASDAQ:ON) had its price target lowered by equities researchers at Morgan Stanley from $66.00 to $63.00 in a report issued on Friday. Morgan Stanley’s price objective would suggest a potential downside of 15.96% from the company’s previous close.

ON has been the subject of a number of other research reports. KeyCorp reduced their price objective on Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. StockNews.com downgraded shares of Onsemi from a “hold” rating to a “sell” rating in a research report on Monday, August 26th. Bank of America increased their price target on shares of Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. BNP Paribas dropped their price objective on shares of Onsemi from $60.00 to $55.00 in a research note on Friday. Finally, TD Cowen lowered their price target on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Friday. Three analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Onsemi presently has an average rating of “Hold” and an average target price of $85.43.

Onsemi Stock Performance

ON traded up $3.71 on Friday, reaching $74.96. The company had a trading volume of 9,108,917 shares, compared to its average volume of 6,734,156. The company has a quick ratio of 1.95, a current ratio of 3.01 and a debt-to-equity ratio of 0.31. Onsemi has a 1 year low of $59.34 and a 1 year high of $86.77. The stock has a market capitalization of $32.25 billion, a PE ratio of 15.08, a P/E/G ratio of 3.57 and a beta of 1.65. The stock has a 50-day moving average price of $71.63 and a 200-day moving average price of $71.41.

Onsemi (NASDAQ:ON) last posted its earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. Onsemi had a return on equity of 25.48% and a net margin of 24.84%. The business’s quarterly revenue was down 17.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 EPS. As a group, research analysts forecast that Onsemi will post 4.01 EPS for the current fiscal year.

Insider Buying and Selling

In other Onsemi news, insider Simon Keeton sold 30,939 shares of Onsemi stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $77.94, for a total value of $2,411,385.66. Following the completion of the sale, the insider now owns 231,092 shares in the company, valued at $18,011,310.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total value of $109,065.00. Following the transaction, the chief executive officer now owns 839,210 shares in the company, valued at approximately $61,018,959.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Simon Keeton sold 30,939 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $77.94, for a total value of $2,411,385.66. Following the sale, the insider now owns 231,092 shares of the company’s stock, valued at $18,011,310.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,939 shares of company stock worth $2,626,651. 0.31% of the stock is owned by company insiders.

Institutional Trading of Onsemi

A number of institutional investors have recently modified their holdings of the company. Mediolanum International Funds Ltd purchased a new stake in Onsemi during the first quarter worth approximately $2,447,000. Assenagon Asset Management S.A. boosted its position in Onsemi by 690.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock worth $6,945,000 after purchasing an additional 88,496 shares during the period. Norden Group LLC purchased a new stake in Onsemi during the 1st quarter worth $774,000. Axxcess Wealth Management LLC acquired a new stake in Onsemi in the 1st quarter valued at $808,000. Finally, Meeder Asset Management Inc. raised its position in Onsemi by 42.9% in the first quarter. Meeder Asset Management Inc. now owns 26,029 shares of the semiconductor company’s stock valued at $1,914,000 after purchasing an additional 7,820 shares during the period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

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.