TD Cowen Increases Onsemi (NASDAQ:ON) Price Target to $90.00

Onsemi (NASDAQ:ON) had its price target increased by TD Cowen from $85.00 to $90.00 in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

ON has been the topic of several other reports. BNP Paribas restated an underperform rating and set a $55.00 price objective on shares of Onsemi in a report on Friday, April 19th. Evercore ISI started coverage on Onsemi in a report on Tuesday, April 16th. They set an outperform rating and a $104.00 price objective on the stock. Stifel Nicolaus reduced their price objective on Onsemi from $82.00 to $72.00 and set a hold rating on the stock in a report on Thursday, April 18th. Jefferies Financial Group assumed coverage on Onsemi in a report on Monday, May 13th. They set a buy rating and a $100.00 price objective on the stock. Finally, Susquehanna lifted their price target on Onsemi from $85.00 to $95.00 and gave the company a positive rating in a report on Wednesday, July 17th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $85.61.

Onsemi Price Performance

NASDAQ:ON opened at $67.95 on Tuesday. The firm has a market capitalization of $29.11 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 3.40 and a beta of 1.69. Onsemi has a 1 year low of $59.34 and a 1 year high of $104.87. The business has a 50 day simple moving average of $72.60 and a 200-day simple moving average of $73.18. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.01 and a quick ratio of 1.87.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. Onsemi had a return on equity of 25.48% and a net margin of 24.84%. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company earned $1.33 EPS. Onsemi’s quarterly revenue was down 17.2% compared to the same quarter last year. Equities analysts forecast that Onsemi will post 4.01 EPS for the current year.

Insider Activity

In other news, CFO Trent Thad sold 38,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was 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 owns 331,829 shares of the company’s stock, valued at approximately $24,074,193.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Paul Anthony Mascarenas sold 911 shares of Onsemi stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $74.46, for a total value of $67,833.06. Following the completion of the transaction, the director now owns 48,929 shares in the company, valued at approximately $3,643,253.34. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Trent Thad sold 38,000 shares of Onsemi stock in a transaction dated 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 owns 331,829 shares of the company’s stock, valued at approximately $24,074,193.95. The disclosure for this sale can be found here. Insiders sold a total of 69,850 shares of company stock valued at $5,236,119 in the last quarter. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Onsemi

Several institutional investors and hedge funds have recently modified their holdings of ON. Apollon Wealth Management LLC increased its stake in Onsemi by 26.4% during the 4th quarter. Apollon Wealth Management LLC now owns 7,089 shares of the semiconductor company’s stock worth $592,000 after buying an additional 1,482 shares in the last quarter. International Assets Investment Management LLC increased its stake in Onsemi by 7,749.6% during the 4th quarter. International Assets Investment Management LLC now owns 83,363 shares of the semiconductor company’s stock worth $6,963,000 after buying an additional 82,301 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Onsemi by 8.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 456,999 shares of the semiconductor company’s stock worth $38,188,000 after buying an additional 35,362 shares in the last quarter. Harvest Fund Management Co. Ltd grew its position in shares of Onsemi by 7.1% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 9,610 shares of the semiconductor company’s stock valued at $798,000 after purchasing an additional 637 shares in the last quarter. Finally, State of Michigan Retirement System lifted its position in Onsemi by 3.6% during the fourth quarter. State of Michigan Retirement System now owns 140,536 shares of the semiconductor company’s stock worth $11,739,000 after buying an additional 4,900 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.