Onsemi (NASDAQ:ON) Given New $90.00 Price Target at Bank of America

Onsemi (NASDAQ:ON) had its price objective increased by Bank of America from $80.00 to $90.00 in a research note released on Tuesday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Several other analysts have also issued reports on ON. B. Riley reiterated a buy rating and issued a $103.00 target price (down previously from $115.00) on shares of Onsemi in a research note on Tuesday, April 30th. Mizuho reduced their target price on shares of Onsemi from $92.00 to $87.00 and set a buy rating for the company in a research note on Tuesday, April 30th. Benchmark upped their target price on shares of Onsemi from $80.00 to $90.00 and gave the stock a buy rating in a research note on Tuesday. Susquehanna upped their target price on shares of Onsemi from $85.00 to $95.00 and gave the stock a positive rating in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group assumed coverage on shares of Onsemi in a report on Monday, May 13th. They issued a buy rating and a $100.00 price target on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, Onsemi has a consensus rating of Hold and a consensus target price of $85.61.

Onsemi Stock Performance

Shares of ON stock opened at $67.95 on Tuesday. Onsemi has a 12 month low of $59.34 and a 12 month high of $104.87. The company has a current ratio of 3.01, a quick ratio of 1.87 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $29.11 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 3.40 and a beta of 1.69. The firm has a fifty day simple moving average of $72.60 and a two-hundred day simple moving average of $73.18.

Onsemi (NASDAQ:ON) last posted its earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the business posted $1.33 EPS. The business’s revenue was down 17.2% compared to the same quarter last year. Analysts forecast that Onsemi will post 4.01 EPS for the current fiscal year.

Insider Buying and Selling at Onsemi

In other Onsemi news, CFO Trent Thad sold 38,000 shares of the company’s stock in a transaction dated 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 directly owns 331,829 shares of the company’s stock, valued at $24,074,193.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Trent Thad sold 38,000 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total value of $2,756,900.00. Following the sale, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at $24,074,193.95. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul Anthony Mascarenas sold 911 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $74.46, for a total transaction of $67,833.06. Following the completion of the sale, the director now directly owns 48,929 shares in the company, valued at $3,643,253.34. The disclosure for this sale can be found here. Insiders have sold a total of 69,850 shares of company stock valued at $5,236,119 over the last three months. 0.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Onsemi

A number of institutional investors and hedge funds have recently modified their holdings of the company. Capital World Investors bought a new position in shares of Onsemi in the fourth quarter worth approximately $697,276,000. Norges Bank bought a new position in shares of Onsemi in the fourth quarter worth approximately $418,102,000. Swedbank AB bought a new position in shares of Onsemi in the first quarter worth approximately $90,274,000. Allspring Global Investments Holdings LLC increased its position 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 worth $195,124,000 after purchasing an additional 828,944 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its position in shares of Onsemi by 35.6% in the fourth quarter. Rafferty Asset Management LLC now owns 2,989,554 shares of the semiconductor company’s stock worth $249,717,000 after purchasing an additional 785,305 shares during the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

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.