Onsemi (NASDAQ:ON) Shares Gap Down to $74.39

Onsemi (NASDAQ:ON)’s share price gapped down before the market opened on Monday . The stock had previously closed at $74.39, but opened at $72.31. Onsemi shares last traded at $73.33, with a volume of 727,730 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have commented on ON shares. Bank of America upped their price objective on shares of Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. JPMorgan Chase & Co. upped their price target on shares of Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Roth Mkm raised their price objective on shares of Onsemi from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their target price on Onsemi from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, KeyCorp dropped their price target on Onsemi from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Tuesday, July 9th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $85.61.

Onsemi Stock Down 2.1 %

The company has a debt-to-equity ratio of 0.31, a current ratio of 3.01 and a quick ratio of 1.95. The company has a market capitalization of $30.57 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 3.78 and a beta of 1.65. The firm’s fifty day moving average price is $72.34 and its 200-day moving average price is $71.77.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. Onsemi had a return on equity of 25.48% and a net margin of 24.84%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the firm earned $1.33 EPS. The business’s revenue for the quarter was down 17.2% compared to the same quarter last year. Sell-side analysts expect that Onsemi will post 4.01 earnings per share for the current fiscal year.

Insider Activity at Onsemi

In related news, CEO Hassane El-Khoury sold 1,500 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $70.80, for a total value of $106,200.00. Following the sale, the chief executive officer now owns 840,620 shares of the company’s stock, valued at $59,515,896. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Onsemi news, insider Simon Keeton sold 30,939 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the completion of the transaction, the insider now owns 231,092 shares in the company, valued at approximately $18,011,310.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $70.80, for a total transaction of $106,200.00. Following the completion of the sale, the chief executive officer now directly owns 840,620 shares in the company, valued at $59,515,896. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Onsemi

Hedge funds and other institutional investors have recently bought and sold shares of the company. Westside Investment Management Inc. grew its holdings in Onsemi by 5,500.0% during the 1st quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 550 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of Onsemi by 36.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 169 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Onsemi during the second quarter worth approximately $43,000. Fidelis Capital Partners LLC bought a new stake in Onsemi in the first quarter worth approximately $45,000. Finally, Oakworth Capital Inc. acquired a new position in Onsemi in the second quarter valued at approximately $53,000. Institutional investors and hedge funds 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.