Onsemi (NASDAQ:ON) Issues Q2 2024 Earnings Guidance

Onsemi (NASDAQ:ON) updated its second quarter 2024 earnings guidance on Monday. The company provided EPS guidance of 0.860-0.980 for the period, compared to the consensus EPS estimate of 1.010. The company issued revenue guidance of $1.7 billion-$1.8 billion, compared to the consensus revenue estimate of $1.8 billion. Onsemi also updated its Q2 guidance to $0.86-0.98 EPS.

Onsemi Trading Up 4.0 %

Shares of NASDAQ:ON traded up $2.69 during trading on Monday, reaching $70.75. The stock had a trading volume of 8,860,961 shares, compared to its average volume of 7,490,149. Onsemi has a 52 week low of $59.34 and a 52 week high of $111.35. The firm’s fifty day moving average is $73.11 and its 200 day moving average is $75.28. The stock has a market cap of $30.41 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 6.71 and a beta of 1.80. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.74 and a current ratio of 2.71.

Onsemi (NASDAQ:ON) last posted its quarterly earnings data on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. Onsemi had a return on equity of 31.36% and a net margin of 26.46%. The business’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period last year, the company posted $1.19 EPS. As a group, equities analysts forecast that Onsemi will post 4.26 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on ON shares. Wells Fargo & Company cut their target price on shares of Onsemi from $110.00 to $95.00 and set an overweight rating on the stock in a research note on Tuesday, April 23rd. The Goldman Sachs Group reduced their target price on Onsemi from $91.00 to $81.00 and set a buy rating for the company in a research note on Tuesday, April 16th. BNP Paribas reaffirmed an underperform rating and set a $55.00 price target on shares of Onsemi in a research note on Friday, April 19th. Evercore ISI began coverage on Onsemi in a report on Tuesday, April 16th. They issued an outperform rating and a $104.00 price target on the stock. Finally, Morgan Stanley decreased their price objective on Onsemi from $80.00 to $70.00 and set an equal weight rating for the company in a report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $95.28.

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.