Onsemi (NASDAQ:ON) Stock Price Down 7.2% on Analyst Downgrade

Onsemi (NASDAQ:ON) shares dropped 7.2% during trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $92.00 to $77.00. The Goldman Sachs Group currently has a buy rating on the stock. Onsemi traded as low as $53.96 and last traded at $54.11. Approximately 5,723,070 shares changed hands during trading, a decline of 32% from the average daily volume of 8,378,158 shares. The stock had previously closed at $58.31.

Several other research analysts have also recently issued reports on the stock. BNP Paribas cut their target price on shares of Onsemi from $60.00 to $55.00 in a research report on Friday, October 25th. KeyCorp cut their price objective on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, October 8th. Mizuho set a $85.00 price target on Onsemi in a report on Friday, October 18th. Roth Mkm reaffirmed a “buy” rating and set a $100.00 price objective on shares of Onsemi in a research report on Thursday, December 12th. Finally, TD Cowen decreased their price target on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, October 25th. Two 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $84.43.

Insider Buying and Selling at Onsemi

In other news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total transaction of $109,065.00. Following the sale, the chief executive officer now owns 839,210 shares of the company’s stock, valued at approximately $61,018,959.10. This represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new position in Onsemi in the 3rd quarter valued at about $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Onsemi during the third quarter worth $33,000. GHP Investment Advisors Inc. raised its holdings in Onsemi by 12,850.0% during the third quarter. GHP Investment Advisors Inc. now owns 518 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 514 shares in the last quarter. Safe Harbor Fiduciary LLC acquired a new position in Onsemi during the 3rd quarter worth approximately $43,000. Finally, Massmutual Trust Co. FSB ADV boosted its stake in shares of Onsemi by 42.8% in the third quarter. Massmutual Trust Co. FSB ADV now owns 898 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 269 shares in the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

Onsemi Price Performance

The stock has a market cap of $23.10 billion, a PE ratio of 13.46, a PEG ratio of 7.07 and a beta of 1.64. The company has a 50-day simple moving average of $67.20 and a 200-day simple moving average of $70.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.07 and a quick ratio of 2.02.

Onsemi (NASDAQ:ON) last posted its quarterly earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.02. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.75 billion. During the same period last year, the firm earned $1.39 EPS. The company’s revenue for the quarter was down 19.2% on a year-over-year basis. Sell-side analysts anticipate that Onsemi will post 4 EPS for the current fiscal year.

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.