Onsemi (NASDAQ:ON) Price Target Raised to $60.00 at Wells Fargo & Company

Onsemi (NASDAQ:ON) had its price target hoisted by investment analysts at Wells Fargo & Company from $45.00 to $60.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 11.66% from the company’s previous close.

Several other research analysts have also recently commented on the stock. KeyCorp decreased their target price on shares of Onsemi from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. UBS Group decreased their target price on shares of Onsemi from $55.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, April 29th. Morgan Stanley initiated coverage on shares of Onsemi in a report on Monday, May 12th. They issued an “equal weight” rating and a $39.00 price objective for the company. Stifel Nicolaus dropped their target price on Onsemi from $52.00 to $42.00 and set a “hold” rating on the stock in a report on Thursday, April 17th. Finally, B. Riley downgraded Onsemi from a “buy” rating to a “neutral” rating and set a $41.00 price objective on the stock. in a research note on Thursday, April 24th. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.72.

Onsemi Stock Performance

Shares of Onsemi stock traded up $2.71 on Monday, reaching $53.73. 1,546,635 shares of the company were exchanged, compared to its average volume of 8,149,646. The firm has a market cap of $22.45 billion, a price-to-earnings ratio of 14.81, a P/E/G ratio of 16.74 and a beta of 1.39. Onsemi has a 1-year low of $31.04 and a 1-year high of $80.08. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.38 and a current ratio of 5.06. The company’s 50-day moving average is $41.86 and its two-hundred day moving average is $49.63.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.04. Onsemi had a return on equity of 20.10% and a net margin of 22.21%. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the company earned $1.08 earnings per share. The firm’s revenue for the quarter was down 22.4% on a year-over-year basis. As a group, research analysts expect that Onsemi will post 2.6 earnings per share for the current fiscal year.

Institutional Trading of Onsemi

Large investors have recently added to or reduced their stakes in the company. Costello Asset Management INC purchased a new position in shares of Onsemi during the 1st quarter valued at $26,000. Golden State Wealth Management LLC grew its stake in shares of Onsemi by 83.3% in the 1st quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company’s stock valued at $29,000 after buying an additional 320 shares in the last quarter. Elequin Capital LP increased its holdings in Onsemi by 108.3% in the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company’s stock worth $33,000 after buying an additional 274 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of Onsemi in the 1st quarter valued at $41,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in Onsemi during the fourth quarter worth $43,000. 97.70% of the stock is owned by institutional investors and hedge funds.

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.