Onsemi (NASDAQ:ON) Hits New 1-Year Low Following Analyst Downgrade

Onsemi (NASDAQ:ON)’s share price hit a new 52-week low on Tuesday after KeyCorp lowered their price target on the stock from $90.00 to $70.00. KeyCorp currently has an overweight rating on the stock. Onsemi traded as low as $53.10 and last traded at $55.87, with a volume of 12192152 shares traded. The stock had previously closed at $53.94.

Other equities analysts also recently issued reports about the company. The Goldman Sachs Group lowered their price objective on Onsemi from $92.00 to $77.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. TD Cowen dropped their price target on Onsemi from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, October 25th. Mizuho set a $85.00 price objective on shares of Onsemi in a report on Friday, October 18th. BNP Paribas lowered their target price on shares of Onsemi from $60.00 to $55.00 in a report on Friday, October 25th. Finally, Morgan Stanley raised their target price on shares of Onsemi from $63.00 to $64.00 and gave the company an “underweight” rating in a research note on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $83.35.

Insider Transactions at Onsemi

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $71.00, for a total value of $106,500.00. Following the completion of the transaction, the chief executive officer now directly owns 837,710 shares in the company, valued at approximately $59,477,410. The trade was a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ON. Geode Capital Management LLC raised its holdings in shares of Onsemi by 3.0% in the third quarter. Geode Capital Management LLC now owns 10,602,000 shares of the semiconductor company’s stock worth $767,646,000 after buying an additional 309,445 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Onsemi by 18.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock worth $289,088,000 after acquiring an additional 665,633 shares during the last quarter. Van ECK Associates Corp lifted its position in Onsemi by 26.4% during the 3rd quarter. Van ECK Associates Corp now owns 3,495,056 shares of the semiconductor company’s stock worth $237,559,000 after acquiring an additional 729,081 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Onsemi by 14.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,968,160 shares of the semiconductor company’s stock valued at $215,518,000 after purchasing an additional 380,471 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Onsemi by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,404,589 shares of the semiconductor company’s stock valued at $174,597,000 after purchasing an additional 31,889 shares during the period. 97.70% of the stock is owned by institutional investors and hedge funds.

Onsemi Stock Performance

The firm has a 50 day moving average price of $66.59 and a 200-day moving average price of $70.20. The stock has a market capitalization of $23.50 billion, a PE ratio of 13.69, a PEG ratio of 7.07 and a beta of 1.64. 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 (NASDAQ:ON) last issued its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.02. The firm had revenue of $1.76 billion during 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%. The firm’s revenue was down 19.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.39 earnings per share. Research analysts expect that Onsemi will post 4 EPS for the current fiscal year.

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.