Morgan Stanley Trims ON Semiconductor (NASDAQ:ON) Target Price to $56.00

Posted by on Jun 10th, 2022

ON Semiconductor (NASDAQ:ON – Get Rating) had its target price decreased by investment analysts at Morgan Stanley from $60.00 to $56.00 in a research report issued on Friday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price target indicates a potential downside of 7.93% from the company’s current price.

ON has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft reduced their price target on ON Semiconductor from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, April 20th. StockNews.com began coverage on shares of ON Semiconductor in a report on Thursday, March 31st. They issued a “buy” rating on the stock. Wells Fargo & Company upgraded shares of ON Semiconductor from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $58.00 to $65.00 in a report on Wednesday, May 11th. Zacks Investment Research cut shares of ON Semiconductor from a “strong-buy” rating to a “hold” rating and set a $55.00 target price for the company. in a research report on Tuesday, April 12th. Finally, Benchmark restated a “buy” rating and issued a $72.00 price objective on shares of ON Semiconductor in a report on Tuesday, May 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $69.12.

ON stock traded down $1.84 during mid-day trading on Friday, hitting $60.82. 135,843 shares of the stock were exchanged, compared to its average volume of 6,596,511. The business has a fifty day moving average price of $56.35 and a 200 day moving average price of $60.05. ON Semiconductor has a 12 month low of $34.01 and a 12 month high of $71.25. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.79 and a quick ratio of 1.83. The stock has a market capitalization of $26.43 billion, a price-to-earnings ratio of 18.66 and a beta of 1.72.

ON Semiconductor (NASDAQ:ON – Get Rating) last announced its quarterly earnings data on Monday, May 2nd. The semiconductor company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.17. ON Semiconductor had a net margin of 20.13% and a return on equity of 38.08%. The company had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the prior year, the company earned $0.35 EPS. The firm’s revenue was up 31.3% on a year-over-year basis. As a group, equities analysts forecast that ON Semiconductor will post 4.91 EPS for the current fiscal year.

In other news, EVP Vince Craig Hopkin sold 6,296 shares of ON Semiconductor stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $52.10, for a total transaction of $328,021.60. Following the transaction, the executive vice president now owns 169,073 shares in the company, valued at approximately $8,808,703.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul Anthony Mascarenas sold 20,000 shares of the company’s stock in a transaction dated Monday, March 28th. The shares were sold at an average price of $65.00, for a total transaction of $1,300,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,378 shares of company stock worth $2,832,409. Company insiders own 0.40% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Teachers Retirement System of The State of Kentucky grew its stake in shares of ON Semiconductor by 23.4% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 624,794 shares of the semiconductor company’s stock valued at $39,119,000 after buying an additional 118,524 shares in the last quarter. Kestra Private Wealth Services LLC grew its position in ON Semiconductor by 205.2% in the 1st quarter. Kestra Private Wealth Services LLC now owns 12,901 shares of the semiconductor company’s stock valued at $808,000 after acquiring an additional 8,674 shares in the last quarter. Fortitude Advisory Group L.L.C. lifted its position in shares of ON Semiconductor by 66.4% during the first quarter. Fortitude Advisory Group L.L.C. now owns 872 shares of the semiconductor company’s stock worth $55,000 after purchasing an additional 348 shares in the last quarter. Advisory Services Network LLC boosted its stake in shares of ON Semiconductor by 160.0% in the first quarter. Advisory Services Network LLC now owns 8,124 shares of the semiconductor company’s stock valued at $509,000 after purchasing an additional 4,999 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of ON Semiconductor by 271.6% in the first quarter. The Manufacturers Life Insurance Company now owns 40,167 shares of the semiconductor company’s stock valued at $2,568,000 after purchasing an additional 29,358 shares in the last quarter. 92.86% of the stock is owned by institutional investors.

About ON Semiconductor (Get Rating)

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.

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