KeyCorp Trims Onsemi (NASDAQ:ON) Target Price to $90.00

Onsemi (NASDAQ:ON) had its price objective reduced by KeyCorp from $100.00 to $90.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price objective points to a potential upside of 27.08% from the stock’s previous close.

ON has been the subject of several other research reports. StockNews.com upgraded shares of Onsemi from a “sell” rating to a “hold” rating in a research report on Wednesday, February 14th. Morgan Stanley reduced their target price on shares of Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a report on Monday, April 22nd. Mizuho lowered their price objective on shares of Onsemi from $92.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday. TD Cowen reduced their price objective on Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Rosenblatt Securities reduced their price objective on shares of Onsemi from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.00.

Onsemi Trading Up 4.1 %

Shares of Onsemi stock opened at $70.82 on Tuesday. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35. The stock has a market capitalization of $30.44 billion, a P/E ratio of 14.48, a price-to-earnings-growth ratio of 6.71 and a beta of 1.80. The company has a 50-day simple moving average of $73.11 and a 200 day simple moving average of $75.28. The company has a quick ratio of 1.74, a current ratio of 2.71 and a debt-to-equity ratio of 0.33.

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

Institutional Investors Weigh In On Onsemi

Several large investors have recently added to or reduced their stakes in ON. Capital World Investors acquired a new stake in shares of Onsemi during the fourth quarter worth $697,276,000. Norges Bank purchased a new position in Onsemi during the fourth quarter worth approximately $418,102,000. Invesco Ltd. grew its stake in Onsemi by 26.0% in the 3rd quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock valued at $540,306,000 after acquiring an additional 1,200,723 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Onsemi by 55.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock valued at $195,124,000 after purchasing an additional 828,944 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in shares of Onsemi by 23.7% during the third quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock valued at $397,108,000 after acquiring an additional 817,237 shares during the last quarter. 97.70% of the stock is owned by hedge funds and other institutional investors.

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.