Onsemi (NASDAQ:ON) Updates Q3 2024 Earnings Guidance

Onsemi (NASDAQ:ON) issued an update on its third quarter 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 0.910-1.030 for the period, compared to the consensus estimate of 0.970. 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 Q3 guidance to $0.91-1.03 EPS.

Onsemi Stock Performance

NASDAQ:ON traded up $8.28 during mid-day trading on Monday, hitting $78.45. The company’s stock had a trading volume of 3,629,980 shares, compared to its average volume of 6,774,167. Onsemi has a 1 year low of $59.34 and a 1 year high of $111.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.87 and a quick ratio of 1.87. The stock has a market cap of $33.75 billion, a price-to-earnings ratio of 15.99, a PEG ratio of 3.05 and a beta of 1.69. The business’s fifty day moving average is $72.55 and its two-hundred day moving average is $73.16.

Onsemi (NASDAQ:ON) last posted its quarterly earnings results on Monday, July 29th. The semiconductor company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.92 by $0.04. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the company earned $1.33 earnings per share. The firm’s revenue was down 17.2% on a year-over-year basis. Analysts anticipate that Onsemi will post 4.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ON. Rosenblatt Securities decreased their price objective on shares of Onsemi from $75.00 to $70.00 and set a neutral rating for the company in a research report on Tuesday, April 30th. B. Riley restated a buy rating and set a $103.00 price target (down previously from $115.00) on shares of Onsemi in a research report on Tuesday, April 30th. Evercore ISI started coverage on shares of Onsemi in a research report on Tuesday, April 16th. They set an outperform rating and a $104.00 price target for the company. Susquehanna upped their price target on shares of Onsemi from $85.00 to $95.00 and gave the stock a positive rating in a research report on Wednesday, July 17th. Finally, Citigroup downgraded shares of Onsemi from a buy rating to a neutral rating and reduced their price target for the stock from $85.00 to $77.00 in a research report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $88.36.

Insider Buying and Selling

In related news, Director Paul Anthony Mascarenas sold 911 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total transaction of $67,833.06. Following the completion of the transaction, the director now owns 48,929 shares of the company’s stock, valued at approximately $3,643,253.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Onsemi news, Director Paul Anthony Mascarenas sold 911 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total value of $67,833.06. Following the completion of the transaction, the director now owns 48,929 shares of the company’s stock, valued at approximately $3,643,253.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Trent Thad sold 38,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the completion of the transaction, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at approximately $24,074,193.95. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

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.