Wells Fargo & Company Has Lowered Expectations for Onsemi (NASDAQ:ON) Stock Price

Onsemi (NASDAQ:ON) had its target price reduced by Wells Fargo & Company from $60.00 to $45.00 in a report published on Tuesday,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

ON has been the topic of a number of other reports. Needham & Company LLC cut their price target on shares of Onsemi from $57.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday. TD Cowen raised their target price on shares of Onsemi from $38.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley lowered their price target on Onsemi from $52.00 to $44.00 and set an “underweight” rating for the company in a report on Tuesday, February 11th. UBS Group reduced their price objective on Onsemi from $55.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, April 29th. Finally, The Goldman Sachs Group lowered their target price on Onsemi from $77.00 to $64.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Onsemi has an average rating of “Moderate Buy” and a consensus price target of $54.32.

Onsemi Stock Up 2.5 %

Shares of NASDAQ ON opened at $39.77 on Tuesday. Onsemi has a 1 year low of $31.04 and a 1 year high of $80.08. The firm has a 50-day simple moving average of $39.79 and a two-hundred day simple moving average of $54.19. The company has a market cap of $16.62 billion, a P/E ratio of 10.96, a PEG ratio of 16.74 and a beta of 1.39. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. Onsemi had a return on equity of 20.10% and a net margin of 22.21%. Onsemi’s quarterly revenue was down 22.4% compared to the same quarter last year. During the same period last year, the company earned $1.08 EPS. Research analysts anticipate that Onsemi will post 2.6 earnings per share for the current year.

Hedge Funds Weigh In On Onsemi

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ON. Nordea Investment Management AB raised its stake in shares of Onsemi by 25.9% in the fourth quarter. Nordea Investment Management AB now owns 402,124 shares of the semiconductor company’s stock worth $25,724,000 after purchasing an additional 82,614 shares during the last quarter. Blue Trust Inc. boosted its position in Onsemi by 16.1% in the fourth quarter. Blue Trust Inc. now owns 8,076 shares of the semiconductor company’s stock valued at $509,000 after buying an additional 1,119 shares during the last quarter. Oak Thistle LLC acquired a new position in Onsemi in the 4th quarter worth approximately $515,000. Deltec Asset Management LLC acquired a new stake in Onsemi during the 4th quarter valued at approximately $6,343,000. Finally, Wedge Capital Management L L P NC lifted its stake in Onsemi by 40.4% during the 4th quarter. Wedge Capital Management L L P NC now owns 27,964 shares of the semiconductor company’s stock valued at $1,763,000 after acquiring an additional 8,043 shares during the period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

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.