Morgan Stanley Cuts Onsemi (NASDAQ:ON) Price Target to $70.00

Onsemi (NASDAQ:ON) had its price target dropped by equities researchers at Morgan Stanley from $80.00 to $70.00 in a report released on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s target price indicates a potential upside of 16.30% from the company’s current price.

A number of other equities research analysts also recently issued reports on ON. The Goldman Sachs Group decreased their price target on shares of Onsemi from $91.00 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, April 16th. Susquehanna restated a “positive” rating and set a $90.00 price objective on shares of Onsemi in a research report on Monday, April 8th. Truist Financial dropped their target price on Onsemi from $94.00 to $89.00 and set a “buy” rating for the company in a report on Tuesday, February 6th. Roth Mkm increased their price target on Onsemi from $75.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Finally, Stifel Nicolaus dropped their price objective on shares of Onsemi from $82.00 to $72.00 and set a “hold” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Onsemi currently has a consensus rating of “Moderate Buy” and an average price target of $96.28.

Onsemi Stock Performance

ON stock traded down $0.52 during midday trading on Monday, reaching $60.19. 1,311,337 shares of the company’s stock traded hands, compared to its average volume of 7,235,930. The stock’s 50-day moving average is $74.67 and its 200 day moving average is $76.24. The stock has a market cap of $25.87 billion, a P/E ratio of 12.27, a PEG ratio of 5.92 and a beta of 1.80. Onsemi has a 52-week low of $60.01 and a 52-week high of $111.35. The company has a current ratio of 2.71, a quick ratio of 1.74 and a debt-to-equity ratio of 0.33.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, February 5th. The semiconductor company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.04. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2 billion. Onsemi had a net margin of 26.46% and a return on equity of 31.36%. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.32 EPS. As a group, analysts anticipate that Onsemi will post 4.31 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Retirement Guys Formula LLC boosted its stake in Onsemi by 32.8% during the 1st quarter. Retirement Guys Formula LLC now owns 15,171 shares of the semiconductor company’s stock valued at $1,116,000 after acquiring an additional 3,750 shares during the last quarter. First Trust Direct Indexing L.P. grew its stake in Onsemi by 9.6% in the first quarter. First Trust Direct Indexing L.P. now owns 12,130 shares of the semiconductor company’s stock worth $892,000 after purchasing an additional 1,059 shares in the last quarter. Westside Investment Management Inc. increased its holdings in Onsemi by 5,500.0% in the first quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 550 shares during the last quarter. Norden Group LLC bought a new stake in Onsemi in the first quarter valued at about $774,000. Finally, BluePath Capital Management LLC raised its stake in Onsemi by 61.8% during the first quarter. BluePath Capital Management LLC now owns 5,547 shares of the semiconductor company’s stock valued at $408,000 after buying an additional 2,118 shares in the last quarter. Institutional investors and hedge funds 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.