Onsemi (NASDAQ:ON) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Onsemi (NASDAQ:ON) in a report issued on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $87.00 price objective on the semiconductor company’s stock.

Several other brokerages have also weighed in on ON. StockNews.com raised Onsemi from a “sell” rating to a “hold” rating in a report on Tuesday, October 29th. Loop Capital assumed coverage on Onsemi in a research report on Monday, November 11th. They set a “buy” rating and a $95.00 price target on the stock. Bank of America boosted their target price on shares of Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Robert W. Baird upped their price objective on shares of Onsemi from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Finally, Mizuho set a $85.00 price objective on shares of Onsemi in a report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.87.

Onsemi Trading Up 1.7 %

NASDAQ:ON opened at $69.62 on Tuesday. The company has a quick ratio of 2.02, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. Onsemi has a 52-week low of $59.34 and a 52-week high of $86.77. The stock has a fifty day simple moving average of $70.25 and a 200-day simple moving average of $71.79. The company has a market capitalization of $29.64 billion, a PE ratio of 17.28, a price-to-earnings-growth ratio of 7.15 and a beta of 1.65.

Onsemi (NASDAQ:ON) last announced its quarterly earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.02. The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.75 billion. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. Onsemi’s revenue was down 19.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.39 earnings per share. On average, equities research analysts expect that Onsemi will post 4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $70.80, for a total value of $106,200.00. Following the transaction, the chief executive officer now owns 840,620 shares in the company, valued at $59,515,896. This represents a 0.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Onsemi

Institutional investors have recently modified their holdings of the stock. Natixis Advisors LLC raised its position in shares of Onsemi by 1.4% during the third quarter. Natixis Advisors LLC now owns 1,352,005 shares of the semiconductor company’s stock valued at $98,169,000 after buying an additional 18,450 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Onsemi by 690.2% during the second quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock worth $6,945,000 after purchasing an additional 88,496 shares during the period. Axxcess Wealth Management LLC acquired a new stake in Onsemi during the 1st quarter worth approximately $808,000. Comerica Bank lifted its position in Onsemi by 21.1% in the 1st quarter. Comerica Bank now owns 98,781 shares of the semiconductor company’s stock valued at $7,265,000 after acquiring an additional 17,198 shares in the last quarter. Finally, Deltec Asset Management LLC acquired a new position in shares of Onsemi during the second quarter worth about $1,212,000. Institutional investors and hedge funds own 97.70% of the company’s stock.

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.