Onsemi (NASDAQ:ON) Sets New 12-Month Low Following Analyst Downgrade

Onsemi (NASDAQ:ON) reached 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 trading hands. The stock had previously closed at $53.94.

Other equities research analysts have 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 report on Friday, January 10th. Robert W. Baird upped their price objective on Onsemi from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Loop Capital assumed coverage on Onsemi in a report on Monday, November 11th. They issued a “buy” rating and a $95.00 price objective on the stock. Wells Fargo & Company cut their target price on Onsemi from $85.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Morgan Stanley boosted their target price on Onsemi from $63.00 to $64.00 and gave the company an “underweight” rating in a research report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Onsemi has an average rating of “Moderate Buy” and a consensus target price of $83.35.

Insider Buying and Selling at Onsemi

In other news, CEO Hassane El-Khoury sold 1,500 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $71.00, for a total transaction of $106,500.00. Following the completion of the sale, the chief executive officer now owns 837,710 shares in the company, valued at approximately $59,477,410. This represents a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its holdings in Onsemi by 25.9% during the fourth quarter. Nordea Investment Management AB now owns 402,124 shares of the semiconductor company’s stock worth $25,724,000 after purchasing an additional 82,614 shares in the last quarter. Natixis Advisors LLC increased its holdings 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 buying an additional 18,450 shares in the last quarter. Cinctive Capital Management LP purchased a new position in Onsemi in the third quarter valued at about $1,270,000. Public Employees Retirement System of Ohio increased its stake in shares of Onsemi by 18.7% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 194,409 shares of the semiconductor company’s stock worth $14,116,000 after purchasing an additional 30,695 shares in the last quarter. Finally, World Investment Advisors LLC purchased a new position in shares of Onsemi during the 3rd quarter worth approximately $1,087,000. 97.70% of the stock is owned by hedge funds and other institutional investors.

Onsemi Stock Performance

The company has a current ratio of 3.07, a quick ratio of 2.02 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average price is $66.29 and its two-hundred day moving average price is $70.11. The firm has a market capitalization of $23.52 billion, a PE ratio of 13.70, a PEG ratio of 7.07 and a beta of 1.64.

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