B. Riley Reaffirms Buy Rating for Onsemi (NASDAQ:ON)

B. Riley reaffirmed their buy rating on shares of Onsemi (NASDAQ:ON) in a research report sent to investors on Tuesday, Benzinga reports. B. Riley currently has a $103.00 price target on the semiconductor company’s stock, down from their previous price target of $115.00. B. Riley also issued estimates for Onsemi’s Q2 2024 earnings at $0.92 EPS, Q3 2024 earnings at $0.96 EPS, Q4 2024 earnings at $0.97 EPS, FY2024 earnings at $3.92 EPS, Q1 2025 earnings at $1.02 EPS, Q2 2025 earnings at $1.13 EPS, Q3 2025 earnings at $1.27 EPS, Q4 2025 earnings at $1.25 EPS, FY2025 earnings at $4.67 EPS and FY2026 earnings at $5.84 EPS.

Several other research analysts have also recently weighed in on ON. Stifel Nicolaus dropped their price target on shares of Onsemi from $82.00 to $72.00 and set a hold rating on the stock in a research note on Thursday, April 18th. Truist Financial dropped their price target on shares of Onsemi from $94.00 to $89.00 and set a buy rating on the stock in a research note on Tuesday, February 6th. KeyCorp lifted their price target on shares of Onsemi from $95.00 to $100.00 and gave the stock an overweight rating in a research note on Tuesday, February 6th. BNP Paribas restated an underperform rating and set a $55.00 price objective on shares of Onsemi in a research report on Friday, April 19th. Finally, The Goldman Sachs Group decreased their price objective on shares of Onsemi from $91.00 to $81.00 and set a buy rating on the stock in a research report on Tuesday, April 16th. One investment 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $90.24.

Onsemi Stock Performance

ON stock traded up $0.36 on Tuesday, hitting $70.37. The company had a trading volume of 6,515,239 shares, compared to its average volume of 7,550,528. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35. The company has a current ratio of 2.87, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. The stock’s 50-day simple moving average is $72.46 and its 200 day simple moving average is $74.92. The stock has a market cap of $30.28 billion, a price-to-earnings ratio of 14.38, a P/E/G ratio of 3.12 and a beta of 1.78.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company’s revenue was down 4.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.19 EPS. As a group, equities research analysts expect that Onsemi will post 3.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Onsemi

Large investors have recently modified their holdings of the business. Capital World Investors bought a new position in shares of Onsemi during the 4th quarter worth approximately $697,276,000. Norges Bank bought a new position in shares of Onsemi during the 4th quarter worth approximately $418,102,000. Invesco Ltd. raised its stake in shares of Onsemi by 26.0% during the 3rd quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock worth $540,306,000 after acquiring an additional 1,200,723 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Onsemi by 55.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock worth $195,124,000 after acquiring an additional 828,944 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Onsemi by 23.7% during 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 in the last quarter. 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.