Onsemi (NASDAQ:ON) Posts Quarterly Earnings Results

Onsemi (NASDAQ:ON) announced its quarterly earnings results on Monday. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04, Briefing.com reports. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter last year, the business earned $1.19 earnings per share. Onsemi’s revenue was down 4.9% compared to the same quarter last year. Onsemi updated its Q2 guidance to $0.86-0.98 EPS and its Q2 2024 guidance to 0.860-0.980 EPS.

Onsemi Price Performance

NASDAQ:ON opened at $70.16 on Wednesday. The firm has a market cap of $30.16 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 7.03 and a beta of 1.80. Onsemi has a 12 month low of $59.34 and a 12 month high of $111.35. The company has a quick ratio of 1.74, a current ratio of 2.87 and a debt-to-equity ratio of 0.32. The company’s 50-day moving average price is $72.80 and its two-hundred day moving average price is $74.99.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Mizuho dropped their price target on shares of Onsemi from $92.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday. BNP Paribas restated an “underperform” rating and issued a $55.00 price target on shares of Onsemi in a research note on Friday, April 19th. TD Cowen dropped their price target on shares of Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday. Susquehanna lowered their price objective on shares of Onsemi from $90.00 to $85.00 and set a “positive” rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company lowered their price objective 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. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $90.24.

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.