Onsemi (NASDAQ:ON) Shares Gap Down to $70.73

Onsemi (NASDAQ:ON) gapped down before the market opened on Thursday . The stock had previously closed at $70.73, but opened at $69.18. Onsemi shares last traded at $68.78, with a volume of 678,875 shares.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ON shares. Benchmark cut their target price on shares of Onsemi from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Morgan Stanley cut their target price on shares of Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday, April 22nd. Wells Fargo & Company cut their target price on shares of Onsemi from $110.00 to $95.00 and set an “overweight” rating for the company in a research note on Tuesday, April 23rd. Susquehanna dropped their price objective on shares of Onsemi from $90.00 to $85.00 and set a “positive” rating for the company in a research note on Tuesday, April 30th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $92.00 target price on shares of Onsemi in a report on Thursday, June 13th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.28.

Onsemi Stock Up 1.3 %

The firm has a market cap of $29.48 billion, a P/E ratio of 13.98, a price-to-earnings-growth ratio of 3.08 and a beta of 1.71. The stock’s 50 day simple moving average is $70.46 and its 200 day simple moving average is $74.65. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.87.

Onsemi (NASDAQ:ON) last posted its earnings results 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. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The business’s revenue was down 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.19 EPS. Research analysts anticipate that Onsemi will post 3.83 EPS for the current year.

Insider Activity at Onsemi

In other Onsemi news, CFO Trent Thad sold 38,000 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the sale, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at $24,074,193.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Onsemi news, Director Paul Anthony Mascarenas sold 911 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $74.46, for a total transaction of $67,833.06. Following the sale, the director now directly owns 48,929 shares of the company’s stock, valued at $3,643,253.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Trent Thad sold 38,000 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the completion of the sale, the chief financial officer now directly owns 331,829 shares in the company, valued at $24,074,193.95. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

Institutional Investors Weigh In On Onsemi

Institutional investors and hedge funds have recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC bought a new position in shares of Onsemi in the fourth quarter worth approximately $32,000. MeadowBrook Investment Advisors LLC bought a new position in Onsemi during the fourth quarter valued at approximately $33,000. Private Wealth Management Group LLC bought a new position in Onsemi during the fourth quarter valued at approximately $33,000. Hanseatic Management Services Inc. bought a new position in Onsemi during the third quarter valued at approximately $38,000. Finally, Westside Investment Management Inc. grew its holdings in shares of Onsemi by 5,500.0% in the first quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock worth $41,000 after purchasing an additional 550 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.