Roth Capital Has Pessimistic View of Onsemi FY2024 Earnings

Onsemi (NASDAQ:ON) – Roth Capital lowered their FY2024 earnings per share estimates for Onsemi in a research report issued on Monday, October 28th. Roth Capital analyst S. Desilva now expects that the semiconductor company will post earnings per share of $4.00 for the year, down from their prior estimate of $4.03. The consensus estimate for Onsemi’s current full-year earnings is $4.01 per share.

Onsemi (NASDAQ:ON) last released its quarterly earnings data on Monday, October 28th. The semiconductor company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. The business had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.75 billion. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The company’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.39 EPS.

Several other analysts have also recently commented on ON. JPMorgan Chase & Co. raised their target price on Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Susquehanna upped their price objective on shares of Onsemi from $85.00 to $95.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. StockNews.com upgraded shares of Onsemi from a “sell” rating to a “hold” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Finally, Benchmark reiterated a “buy” rating and issued a $90.00 price objective on shares of Onsemi in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $85.91.

Onsemi Price Performance

Shares of NASDAQ:ON opened at $73.63 on Thursday. The company has a current ratio of 3.01, a quick ratio of 1.95 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $71.43 and its two-hundred day moving average is $71.49. The firm has a market capitalization of $31.54 billion, a P/E ratio of 18.27, a PEG ratio of 3.82 and a beta of 1.65. Onsemi has a 52 week low of $59.34 and a 52 week high of $86.77.

Insider Transactions at Onsemi

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total transaction of $109,065.00. Following the transaction, the chief executive officer now directly owns 839,210 shares in the company, valued at approximately $61,018,959.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Onsemi

Institutional investors and hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Onsemi by 39.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,299 shares of the semiconductor company’s stock valued at $978,000 after buying an additional 3,735 shares during the period. Azzad Asset Management Inc. ADV acquired a new stake in Onsemi during the first quarter valued at $1,068,000. Norden Group LLC purchased a new position in Onsemi in the first quarter valued at about $774,000. Westside Investment Management Inc. increased its position in Onsemi by 5,500.0% in the 1st quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock worth $41,000 after purchasing an additional 550 shares during the last quarter. Finally, First Trust Direct Indexing L.P. raised its stake in shares of Onsemi by 9.6% during the 1st quarter. First Trust Direct Indexing L.P. now owns 12,130 shares of the semiconductor company’s stock worth $892,000 after purchasing an additional 1,059 shares in the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.

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.