Onsemi (NASDAQ:ON) Trading 7.4% Higher – Here’s Why

Onsemi (NASDAQ:ON)’s stock price was up 7.4% during mid-day trading on Wednesday . The company traded as high as $55.15 and last traded at $55.82. Approximately 7,547,111 shares changed hands during trading, a decline of 18% from the average daily volume of 9,234,256 shares. The stock had previously closed at $51.95.

Analyst Ratings Changes

A number of research analysts recently issued reports on ON shares. B. Riley decreased their price objective on Onsemi from $90.00 to $73.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. Benchmark reduced their price target on Onsemi from $90.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Loop Capital began coverage on Onsemi in a research report on Monday, November 11th. They set a “buy” rating and a $95.00 price target for the company. StockNews.com raised Onsemi from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Finally, Robert W. Baird increased their price target on Onsemi from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $68.16.

Onsemi Stock Performance

The firm has a market capitalization of $22.78 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 16.67 and a beta of 1.61. The company has a fifty day moving average of $57.39 and a two-hundred day moving average of $66.13. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.38 and a current ratio of 5.06.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, February 10th. The semiconductor company reported $0.95 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.03). Onsemi had a return on equity of 20.10% and a net margin of 22.21%. As a group, equities research analysts predict that Onsemi will post 2.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now owns 837,710 shares in the company, valued at $59,477,410. This trade represents a 0.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Onsemi

A number of hedge funds have recently added to or reduced their stakes in ON. Creative Planning increased its stake in Onsemi by 35.9% during the 3rd quarter. Creative Planning now owns 29,879 shares of the semiconductor company’s stock worth $2,170,000 after acquiring an additional 7,888 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of Onsemi by 5.4% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 7,909 shares of the semiconductor company’s stock valued at $574,000 after purchasing an additional 405 shares during the last quarter. Signaturefd LLC increased its stake in shares of Onsemi by 20.1% in the 3rd quarter. Signaturefd LLC now owns 7,799 shares of the semiconductor company’s stock valued at $566,000 after purchasing an additional 1,306 shares during the last quarter. Eastern Bank bought a new position in shares of Onsemi in the 3rd quarter valued at $364,000. Finally, Private Advisor Group LLC increased its stake in shares of Onsemi by 25.8% in the 3rd quarter. Private Advisor Group LLC now owns 8,424 shares of the semiconductor company’s stock valued at $612,000 after purchasing an additional 1,728 shares during the last quarter. Institutional investors 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.