Q3 2022 EPS Estimates for ON Semiconductor Corp Lifted by B. Riley (NASDAQ:ON)

ON Semiconductor Corp (NASDAQ:ONGet Rating) – Equities research analysts at B. Riley raised their Q3 2022 earnings per share estimates for ON Semiconductor in a note issued to investors on Monday, August 1st. B. Riley analyst C. Ellis now expects that the semiconductor company will post earnings per share of $1.31 for the quarter, up from their previous estimate of $1.24. B. Riley has a “Buy” rating and a $80.00 price target on the stock. The consensus estimate for ON Semiconductor’s current full-year earnings is $4.90 per share. B. Riley also issued estimates for ON Semiconductor’s Q4 2022 earnings at $1.27 EPS, FY2022 earnings at $5.14 EPS, Q1 2023 earnings at $1.22 EPS, Q2 2023 earnings at $1.26 EPS, Q3 2023 earnings at $1.36 EPS, Q4 2023 earnings at $1.36 EPS and FY2023 earnings at $5.20 EPS.

A number of other brokerages also recently issued reports on ON. StockNews.com downgraded ON Semiconductor from a “buy” rating to a “hold” rating in a report on Wednesday. Citigroup upped their price objective on ON Semiconductor from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday. The Goldman Sachs Group upped their price objective on ON Semiconductor from $60.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday. Mizuho increased their price target on ON Semiconductor from $68.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Truist Financial reduced their price objective on ON Semiconductor from $73.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, April 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $71.46.

ON Semiconductor Trading Up 4.9 %

NASDAQ ON opened at $68.83 on Wednesday. ON Semiconductor has a 1-year low of $40.85 and a 1-year high of $71.25. The firm has a market cap of $29.91 billion, a PE ratio of 17.83, a price-to-earnings-growth ratio of 0.67 and a beta of 1.82. The company has a current ratio of 2.79, a quick ratio of 1.83 and a debt-to-equity ratio of 0.56. The stock has a 50-day moving average of $57.12 and a 200-day moving average of $57.55.

ON Semiconductor (NASDAQ:ONGet Rating) last released its earnings results on Monday, August 1st. The semiconductor company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.08. ON Semiconductor had a return on equity of 41.43% and a net margin of 22.60%. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the previous year, the company posted $0.63 EPS. ON Semiconductor’s revenue for the quarter was up 24.9% on a year-over-year basis.

Institutional Investors Weigh In On ON Semiconductor

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. grew its holdings in shares of ON Semiconductor by 10.6% during the second quarter. Envestnet Asset Management Inc. now owns 375,799 shares of the semiconductor company’s stock worth $18,906,000 after buying an additional 36,151 shares in the last quarter. Biechele Royce Advisors lifted its position in ON Semiconductor by 12.1% during the second quarter. Biechele Royce Advisors now owns 163,455 shares of the semiconductor company’s stock valued at $8,223,000 after buying an additional 17,635 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in ON Semiconductor by 15.0% during the second quarter. Janney Montgomery Scott LLC now owns 44,096 shares of the semiconductor company’s stock valued at $2,329,000 after buying an additional 5,750 shares in the last quarter. Assetmark Inc. acquired a new position in shares of ON Semiconductor during the second quarter worth $27,000. Finally, Retirement Systems of Alabama acquired a new position in shares of ON Semiconductor during the second quarter worth $7,247,000. 92.86% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ON Semiconductor

In other ON Semiconductor news, CEO Hassane El-Khoury sold 20,000 shares of the stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $56.17, for a total value of $1,123,400.00. Following the sale, the chief executive officer now directly owns 261,162 shares of the company’s stock, valued at approximately $14,669,469.54. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Hassane El-Khoury sold 20,000 shares of the stock in a transaction on Monday, July 18th. The shares were sold at an average price of $56.17, for a total value of $1,123,400.00. Following the transaction, the chief executive officer now directly owns 261,162 shares of the company’s stock, valued at approximately $14,669,469.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Vince Craig Hopkin sold 6,296 shares of the firm’s 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 directly owns 169,073 shares in the company, valued at $8,808,703.30. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

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.

Further Reading

Earnings History and Estimates for ON Semiconductor (NASDAQ:ON)

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