Onsemi (NASDAQ:ON) Shares Gap Down After Analyst Downgrade

Onsemi (NASDAQ:ON) gapped down before the market opened on Monday after Morgan Stanley lowered their price target on the stock from $66.00 to $63.00. The stock had previously closed at $71.25, but opened at $67.30. Onsemi shares last traded at $72.63, with a volume of 5,098,499 shares traded.

Several other research analysts have also commented on ON. Roth Mkm raised their price target on shares of Onsemi from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Rosenblatt Securities upped their price target on shares of Onsemi from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Citigroup downgraded shares of Onsemi from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $85.00 to $77.00 in a research report on Monday, July 15th. KeyCorp reduced their price objective on Onsemi from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Finally, JPMorgan Chase & Co. increased their target price on shares of Onsemi from $85.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $85.43.

Insiders Place Their Bets

In other news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $72.71, for a total transaction of $109,065.00. Following the completion of the sale, 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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Simon Keeton sold 30,939 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total value of $2,411,385.66. Following the completion of the transaction, the insider now owns 231,092 shares in the company, valued at approximately $18,011,310.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total transaction of $109,065.00. Following the sale, the chief executive officer now owns 839,210 shares in the company, valued at approximately $61,018,959.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,939 shares of company stock worth $2,626,651 in the last quarter. 0.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Onsemi

A number of hedge funds have recently made changes to their positions in the company. Davis Investment Partners LLC grew its holdings in Onsemi by 0.8% during the 3rd quarter. Davis Investment Partners LLC now owns 17,112 shares of the semiconductor company’s stock worth $1,224,000 after acquiring an additional 142 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its position in shares of Onsemi by 36.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 169 shares in the last quarter. Greenleaf Trust grew its stake in shares of Onsemi by 3.4% during the third quarter. Greenleaf Trust now owns 5,262 shares of the semiconductor company’s stock valued at $382,000 after purchasing an additional 173 shares during the last quarter. Covestor Ltd increased its holdings in shares of Onsemi by 24.5% in the first quarter. Covestor Ltd now owns 965 shares of the semiconductor company’s stock valued at $71,000 after purchasing an additional 190 shares in the last quarter. Finally, Meridian Financial Partners LLC raised its position in Onsemi by 1.7% in the 3rd quarter. Meridian Financial Partners LLC now owns 11,305 shares of the semiconductor company’s stock worth $821,000 after purchasing an additional 192 shares during the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

Onsemi Price Performance

The stock has a market capitalization of $32.14 billion, a P/E ratio of 15.08, a price-to-earnings-growth ratio of 3.57 and a beta of 1.65. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.95 and a current ratio of 3.01. The stock has a 50-day simple moving average of $71.63 and a 200 day simple moving average of $71.41.

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

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.