Truist Financial Cuts Onsemi (NASDAQ:ON) Price Target to $85.00

Onsemi (NASDAQ:ON) had its target price cut by research analysts at Truist Financial from $89.00 to $85.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Truist Financial’s price target would suggest a potential upside of 19.99% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Benchmark decreased their price target on shares of Onsemi from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and issued a $92.00 target price on shares of Onsemi in a research note on Tuesday. Morgan Stanley reduced their target price on shares of Onsemi from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Monday, April 22nd. Roth Mkm boosted their target price on shares of Onsemi from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. Finally, Evercore ISI assumed coverage on shares of Onsemi in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $104.00 target price on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Onsemi has a consensus rating of “Moderate Buy” and an average target price of $90.24.

Onsemi Stock Performance

Shares of Onsemi stock traded up $0.02 during midday trading on Tuesday, hitting $70.84. The company had a trading volume of 3,548,001 shares, compared to its average volume of 7,498,926. The business’s 50 day simple moving average is $72.95 and its two-hundred day simple moving average is $75.13. The stock has a market cap of $30.45 billion, a PE ratio of 14.50, 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 current ratio of 2.71 and a quick ratio of 1.74. Onsemi has a 1-year low of $59.34 and a 1-year high of $111.35.

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

Institutional Trading of Onsemi

Several institutional investors and hedge funds have recently added to or reduced their stakes in ON. Exchange Traded Concepts LLC increased its stake in shares of Onsemi by 199.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 4,062 shares of the semiconductor company’s stock valued at $378,000 after acquiring an additional 2,707 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in shares of Onsemi by 16.3% in the 3rd quarter. Valeo Financial Advisors LLC now owns 2,927 shares of the semiconductor company’s stock valued at $272,000 after acquiring an additional 410 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Onsemi by 9.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 54,676 shares of the semiconductor company’s stock valued at $5,082,000 after acquiring an additional 4,741 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Onsemi by 7.0% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 48,903 shares of the semiconductor company’s stock valued at $4,546,000 after acquiring an additional 3,200 shares during the last quarter. Finally, Balboa Wealth Partners bought a new stake in shares of Onsemi in the 3rd quarter valued at about $212,000. 97.70% of the stock is owned by 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.