Onsemi (NASDAQ:ON) Issues Q2 2024 Earnings Guidance

Onsemi (NASDAQ:ON) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided EPS guidance of 0.860-0.980 for the period, compared to the consensus EPS estimate of 1.010. The company issued revenue guidance of $1.7 billion-$1.8 billion, compared to the consensus revenue estimate of $1.8 billion. Onsemi also updated its Q2 guidance to $0.86-0.98 EPS.

Onsemi Stock Up 3.3 %

Shares of ON traded up $2.27 during trading hours on Monday, reaching $70.33. The company’s stock had a trading volume of 8,648,427 shares, compared to its average volume of 7,488,110. The firm has a market cap of $30.23 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 6.71 and a beta of 1.80. Onsemi has a 1-year low of $59.34 and a 1-year high of $111.35. The company has a quick ratio of 1.74, a current ratio of 2.71 and a debt-to-equity ratio of 0.33. The company has a 50 day moving average of $73.11 and a two-hundred day moving average of $75.28.

Onsemi (NASDAQ:ON) last released its quarterly earnings data on Monday, April 29th. The semiconductor company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Onsemi had a return on equity of 31.36% and a net margin of 26.46%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the company posted $1.19 earnings per share. The firm’s revenue was down 4.9% on a year-over-year basis. As a group, research analysts predict that Onsemi will post 4.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Mizuho reduced their price objective on Onsemi from $98.00 to $92.00 and set a buy rating for the company in a research report on Tuesday, February 6th. TD Cowen raised their target price on Onsemi from $80.00 to $90.00 and gave the stock an outperform rating in a research report on Tuesday, February 6th. StockNews.com raised Onsemi from a sell rating to a hold rating in a research report on Wednesday, February 14th. KeyCorp raised their target price on Onsemi from $95.00 to $100.00 and gave the stock an overweight rating in a research report on Tuesday, February 6th. Finally, JPMorgan Chase & Co. reduced their target price on Onsemi from $95.00 to $90.00 and set a neutral rating for the company in a research report on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $95.28.

Onsemi Company Profile

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.