Onsemi (NASDAQ:ON) Stock Price Up 4.5% – Here’s Why

Shares of Onsemi (NASDAQ:ON) traded up 4.5% on Tuesday . The stock traded as high as $70.58 and last traded at $69.45. 874,159 shares changed hands during trading, a decline of 87% from the average session volume of 6,654,104 shares. The stock had previously closed at $66.44.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ON. Benchmark reissued a “buy” rating and issued a $90.00 price objective on shares of Onsemi in a report on Tuesday, October 29th. Wells Fargo & Company assumed coverage on Onsemi in a research note on Friday, November 22nd. They set an “overweight” rating and a $85.00 target price for the company. BNP Paribas decreased their price target on Onsemi from $60.00 to $55.00 in a research note on Friday, October 25th. Rosenblatt Securities reissued a “neutral” rating and set a $75.00 price objective on shares of Onsemi in a research report on Tuesday, October 29th. Finally, Truist Financial decreased their target price on shares of Onsemi from $97.00 to $89.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Two 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 company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $85.87.

Onsemi Trading Down 4.1 %

The business’s 50-day moving average price is $69.18 and its two-hundred day moving average price is $71.25. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.07 and a quick ratio of 2.02. The firm has a market cap of $27.65 billion, a price-to-earnings ratio of 16.11, a price-to-earnings-growth ratio of 7.07 and a beta of 1.63.

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

Insider Buying and Selling

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of Onsemi stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $71.00, for a total transaction of $106,500.00. Following the sale, the chief executive officer now directly owns 837,710 shares in the company, valued at $59,477,410. The trade was a 0.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Natixis Advisors LLC boosted its stake in Onsemi by 1.4% in the third quarter. Natixis Advisors LLC now owns 1,352,005 shares of the semiconductor company’s stock valued at $98,169,000 after acquiring an additional 18,450 shares during the period. Cinctive Capital Management LP acquired a new stake in Onsemi in the third quarter worth $1,270,000. Public Employees Retirement System of Ohio lifted its stake in Onsemi by 18.7% in the third quarter. Public Employees Retirement System of Ohio now owns 194,409 shares of the semiconductor company’s stock valued at $14,116,000 after buying an additional 30,695 shares during the last quarter. World Investment Advisors LLC acquired a new position in shares of Onsemi during the third quarter valued at $1,087,000. Finally, National Bank of Canada FI increased its stake in shares of Onsemi by 94.2% in the third quarter. National Bank of Canada FI now owns 306,437 shares of the semiconductor company’s stock valued at $22,250,000 after purchasing an additional 148,620 shares during the period. 97.70% of the stock is owned by institutional investors and hedge funds.

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.