TD Cowen Boosts Onsemi (NASDAQ:ON) Price Target to $90.00

Onsemi (NASDAQ:ON) had its price target raised by TD Cowen from $85.00 to $90.00 in a report issued on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Several other equities analysts also recently issued reports on the stock. Susquehanna upped their price objective on shares of Onsemi from $85.00 to $95.00 and gave the company a positive rating in a research note on Wednesday, July 17th. BNP Paribas reissued an underperform rating and set a $55.00 price target on shares of Onsemi in a research note on Friday, April 19th. Wells Fargo & Company lowered their price objective on Onsemi from $110.00 to $95.00 and set an overweight rating for the company in a research report on Tuesday, April 23rd. Needham & Company LLC reiterated a buy rating and set a $92.00 target price on shares of Onsemi in a research report on Thursday, June 13th. Finally, Benchmark lowered their price target on Onsemi from $88.00 to $80.00 and set a buy rating for the company in a report on Tuesday, April 30th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus target price of $85.61.

Onsemi Price Performance

ON stock opened at $71.90 on Tuesday. The stock’s 50 day moving average price is $72.69 and its 200 day moving average price is $73.23. The firm has a market cap of $30.80 billion, a P/E ratio of 14.67, a PEG ratio of 3.40 and a beta of 1.69. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.87 and a current ratio of 3.01. Onsemi has a 1 year low of $59.34 and a 1 year high of $107.16.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.04. The business had revenue of $1.74 billion for 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 revenue was down 17.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.33 earnings per share. On average, sell-side analysts expect that Onsemi will post 4.01 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ON. Capital World Investors bought a new stake in shares of Onsemi in the 4th quarter worth approximately $697,276,000. Norges Bank bought a new position in shares of Onsemi during the fourth quarter worth about $418,102,000. Swedbank AB bought a new stake in Onsemi in the 1st quarter valued at about $90,274,000. Allspring Global Investments Holdings LLC grew its position in 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 worth $195,124,000 after purchasing an additional 828,944 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its holdings in shares of Onsemi by 35.6% during the fourth quarter. Rafferty Asset Management LLC now owns 2,989,554 shares of the semiconductor company’s stock valued at $249,717,000 after buying an additional 785,305 shares during the last quarter. 97.70% of the stock is owned by institutional investors and hedge funds.

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.