Onsemi (NASDAQ:ON) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Onsemi (NASDAQ:ON) released its earnings results on Monday. The semiconductor company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04, Briefing.com reports. Onsemi had a net margin of 24.84% and a return on equity of 25.92%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the company earned $1.33 earnings per share. The firm’s revenue was down 17.2% on a year-over-year basis. Onsemi updated its Q3 guidance to $0.91-1.03 EPS and its Q3 2024 guidance to 0.910-1.030 EPS.

Onsemi Stock Up 4.9 %

Shares of NASDAQ ON traded up $3.63 during trading hours on Wednesday, hitting $77.60. The company had a trading volume of 2,823,601 shares, compared to its average volume of 6,909,684. Onsemi has a 1-year low of $59.34 and a 1-year high of $111.35. The company has a quick ratio of 1.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.32. The firm’s 50 day moving average is $72.65 and its 200-day moving average is $73.19. The stock has a market capitalization of $33.39 billion, a P/E ratio of 15.10, a price-to-earnings-growth ratio of 3.40 and a beta of 1.69.

Insiders Place Their Bets

In other news, CFO Trent Thad sold 38,000 shares of Onsemi stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the completion of the transaction, the chief financial officer now directly owns 331,829 shares in the company, valued at approximately $24,074,193.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Paul Anthony Mascarenas sold 911 shares of Onsemi stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $74.46, for a total transaction of $67,833.06. Following the completion of the sale, the director now directly owns 48,929 shares of the company’s stock, valued at approximately $3,643,253.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Trent Thad sold 38,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total value of $2,756,900.00. Following the completion of the transaction, the chief financial officer now directly owns 331,829 shares in the company, valued at $24,074,193.95. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Citigroup lowered Onsemi from a “buy” rating to a “neutral” rating and cut their target price for the company from $85.00 to $77.00 in a research note on Monday, July 15th. Mizuho lowered their target price on shares of Onsemi from $92.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Roth Mkm increased their price objective on Onsemi from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday. Wells Fargo & Company cut their target price on shares of Onsemi from $110.00 to $95.00 and set an “overweight” rating for the company in a research note on Tuesday, April 23rd. Finally, TD Cowen increased their price objective on shares of Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday. Three analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $88.56.

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.