Onsemi (NASDAQ:ON) Shares Gap Up After Earnings Beat

Onsemi (NASDAQ:ONGet Free Report)’s share price gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $70.83, but opened at $75.60. Onsemi shares last traded at $77.15, with a volume of 4,791,670 shares.

The semiconductor company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.04. Onsemi had a return on equity of 33.78% and a net margin of 26.69%. The business had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2 billion. During the same period in the previous year, the company posted $1.32 EPS. The company’s revenue was down 4.1% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ON. StockNews.com cut shares of Onsemi from a “hold” rating to a “sell” rating in a research report on Tuesday. KeyCorp boosted their price objective on shares of Onsemi from $95.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday. Robert W. Baird reissued a “neutral” rating and issued a $60.00 price objective (down from $120.00) on shares of Onsemi in a research report on Tuesday, October 31st. JPMorgan Chase & Co. dropped their target price on Onsemi from $95.00 to $90.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Truist Financial reduced their price target on Onsemi from $94.00 to $89.00 and set a “buy” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.42.

Get Our Latest Analysis on ON

Hedge Funds Weigh In On Onsemi

A number of institutional investors and hedge funds have recently bought and sold shares of ON. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Onsemi by 40.1% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,028,727 shares of the semiconductor company’s stock worth $97,270,000 after buying an additional 294,276 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in Onsemi by 25.3% in the 2nd quarter. Great West Life Assurance Co. Can now owns 259,762 shares of the semiconductor company’s stock valued at $24,674,000 after acquiring an additional 52,482 shares during the last quarter. Thematics Asset Management boosted its position in shares of Onsemi by 13.5% during the 2nd quarter. Thematics Asset Management now owns 171,867 shares of the semiconductor company’s stock valued at $16,255,000 after purchasing an additional 20,392 shares in the last quarter. Shelton Capital Management grew its stake in shares of Onsemi by 1,826.6% in the 2nd quarter. Shelton Capital Management now owns 53,116 shares of the semiconductor company’s stock worth $5,024,000 after purchasing an additional 50,359 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Onsemi by 2.2% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 37,796 shares of the semiconductor company’s stock worth $3,575,000 after purchasing an additional 822 shares in the last quarter. Institutional investors own 96.36% of the company’s stock.

Onsemi Trading Down 1.6 %

The company has a quick ratio of 1.60, a current ratio of 2.44 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $32.87 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 1.26 and a beta of 1.81. The firm’s 50 day moving average is $77.27 and its 200 day moving average is $84.30.

Onsemi Company Profile

(Get Free Report)

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.

Read More

Receive News & Ratings for Onsemi Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Onsemi and related companies with MarketBeat.com's FREE daily email newsletter.