Onsemi (NASDAQ:ON) Earns Overweight Rating from Analysts at Wells Fargo & Company

Equities researchers at Wells Fargo & Company assumed coverage on shares of Onsemi (NASDAQ:ON) in a research report issued on Friday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $85.00 price target on the semiconductor company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 22.09% from the company’s previous close.

ON has been the topic of several other research reports. StockNews.com raised Onsemi from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Truist Financial cut their target price on shares of Onsemi from $97.00 to $89.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Bank of America increased their price target on shares of Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Rosenblatt Securities reissued a “neutral” rating and set a $75.00 price objective on shares of Onsemi in a research report on Tuesday, October 29th. Finally, Morgan Stanley upped their target price on shares of Onsemi from $63.00 to $64.00 and gave the company an “underweight” rating in a report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.87.

Onsemi Stock Up 1.7 %

ON stock opened at $69.62 on Friday. The stock has a market cap of $29.64 billion, a P/E ratio of 17.28, a PEG ratio of 7.34 and a beta of 1.65. The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. Onsemi has a twelve month low of $59.34 and a twelve month high of $86.77. The company’s 50 day moving average is $70.21 and its two-hundred day moving average is $71.79.

Onsemi (NASDAQ:ON) last released its quarterly earnings data on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the prior year, the firm posted $1.39 earnings per share. Onsemi’s revenue for the quarter was down 19.2% on a year-over-year basis. Research analysts expect that Onsemi will post 4 earnings per share for the current fiscal year.

Insider Transactions at Onsemi

In related news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total value of $109,065.00. Following the completion of the transaction, the chief executive officer now directly owns 839,210 shares of the company’s stock, valued at $61,018,959.10. This trade represents a 0.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of Onsemi

Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of Onsemi by 3.0% in the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock valued at $767,646,000 after purchasing an additional 309,445 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Onsemi by 18.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock valued at $289,088,000 after buying an additional 665,633 shares in the last quarter. Van ECK Associates Corp increased its position in Onsemi by 26.4% during the third quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock worth $237,559,000 after buying an additional 729,081 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Onsemi by 14.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock worth $215,518,000 after acquiring an additional 380,471 shares during the last quarter. Finally, Earnest Partners LLC lifted its position in shares of Onsemi by 6.7% in the first quarter. Earnest Partners LLC now owns 2,596,042 shares of the semiconductor company’s stock valued at $190,939,000 after acquiring an additional 161,987 shares in the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

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.