Morgan Stanley Cuts Onsemi (NASDAQ:ON) Price Target to $70.00

Onsemi (NASDAQ:ON) had its price objective cut by Morgan Stanley from $80.00 to $70.00 in a research report report published on Monday, Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

Several other research firms also recently weighed in on ON. Stifel Nicolaus decreased their price target on shares of Onsemi from $82.00 to $72.00 and set a hold rating for the company in a research note on Thursday, April 18th. Needham & Company LLC reaffirmed a buy rating and issued a $92.00 price target on shares of Onsemi in a research note on Tuesday, February 6th. Rosenblatt Securities reissued a neutral rating and set a $75.00 target price on shares of Onsemi in a research report on Tuesday, February 6th. Roth Mkm boosted their target price on shares of Onsemi from $75.00 to $90.00 and gave the stock a buy rating in a research report on Tuesday, February 6th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Onsemi from $95.00 to $90.00 and set a neutral rating for the company in a research report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Onsemi currently has a consensus rating of Moderate Buy and an average target price of $95.28.

Onsemi Price Performance

ON stock opened at $66.38 on Monday. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35. The company has a quick ratio of 1.74, a current ratio of 2.71 and a debt-to-equity ratio of 0.33. The firm has a market cap of $28.53 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 6.40 and a beta of 1.80. The company’s fifty day simple moving average is $73.60 and its 200 day simple moving average is $75.77.

Onsemi (NASDAQ:ON) last posted its quarterly earnings results on Monday, February 5th. The semiconductor company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.04. Onsemi had a net margin of 26.46% and a return on equity of 31.36%. The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2 billion. During the same period in the previous year, the firm posted $1.32 earnings per share. The business’s revenue was down 4.1% compared to the same quarter last year. On average, analysts expect that Onsemi will post 4.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Onsemi by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 50,341,366 shares of the semiconductor company’s stock valued at $4,205,014,000 after acquiring an additional 321,682 shares during the last quarter. Capital World Investors purchased a new position in Onsemi in the fourth quarter valued at about $697,276,000. Invesco Ltd. boosted its stake in Onsemi by 26.0% in the third quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock valued at $540,306,000 after acquiring an additional 1,200,723 shares during the last quarter. Norges Bank purchased a new position in Onsemi in the fourth quarter valued at about $418,102,000. Finally, Ameriprise Financial Inc. boosted its stake in Onsemi by 23.7% in the third quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock valued at $397,108,000 after acquiring an additional 817,237 shares during the last quarter. 97.70% of the stock is currently 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.