Onsemi (NASDAQ:ON) Lowered to Underweight at Morgan Stanley

Morgan Stanley cut shares of Onsemi (NASDAQ:ON) from an equal weight rating to an underweight rating in a research note published on Thursday, MarketBeat.com reports. They currently have $65.00 price objective on the semiconductor company’s stock, down from their previous price objective of $70.00.

A number of other research analysts also recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Onsemi in a research report on Monday, May 13th. They set a buy rating and a $100.00 price objective on the stock. Needham & Company LLC reiterated a buy rating and issued a $92.00 price target on shares of Onsemi in a research report on Thursday, June 13th. Truist Financial decreased their price target on shares of Onsemi from $89.00 to $85.00 and set a buy rating on the stock in a research report on Tuesday, April 30th. Evercore ISI initiated coverage on shares of Onsemi in a research note on Tuesday, April 16th. They issued an outperform rating and a $104.00 price objective for the company. Finally, B. Riley reissued a buy rating and issued a $103.00 price objective (down from $115.00) on shares of Onsemi in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Onsemi presently has an average rating of Moderate Buy and an average price target of $89.88.

Onsemi Trading Down 3.1 %

NASDAQ:ON opened at $74.24 on Thursday. Onsemi has a one year low of $59.34 and a one year high of $111.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.87 and a quick ratio of 1.87. The company’s 50-day simple moving average is $72.06 and its 200 day simple moving average is $73.78. The firm has a market capitalization of $31.94 billion, a P/E ratio of 15.15, a PEG ratio of 3.49 and a beta of 1.69.

Onsemi (NASDAQ:ON) last issued 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 business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The business’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.19 earnings per share. As a group, analysts forecast that Onsemi will post 3.83 EPS for the current fiscal year.

Insider Transactions at Onsemi

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

Hedge Funds Weigh In On Onsemi

A number of large investors have recently modified their holdings of the company. Apollon Wealth Management LLC grew its holdings in Onsemi by 26.4% during the 4th quarter. Apollon Wealth Management LLC now owns 7,089 shares of the semiconductor company’s stock valued at $592,000 after purchasing an additional 1,482 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Onsemi by 7,749.6% during the 4th quarter. International Assets Investment Management LLC now owns 83,363 shares of the semiconductor company’s stock valued at $6,963,000 after buying an additional 82,301 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Onsemi by 8.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 456,999 shares of the semiconductor company’s stock valued at $38,188,000 after buying an additional 35,362 shares during the last quarter. Harvest Fund Management Co. Ltd grew its position in Onsemi by 7.1% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 9,610 shares of the semiconductor company’s stock worth $798,000 after purchasing an additional 637 shares during the last quarter. Finally, State of Michigan Retirement System grew its position in Onsemi by 3.6% in the 4th quarter. State of Michigan Retirement System now owns 140,536 shares of the semiconductor company’s stock worth $11,739,000 after purchasing an additional 4,900 shares during the last quarter. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

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.