Onsemi (NASDAQ:ON) Receives New Coverage from Analysts at Evercore ISI

Evercore ISI assumed coverage on shares of Onsemi (NASDAQ:ON) in a research report report published on Tuesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $104.00 target price on the semiconductor company’s stock.

A number of other research analysts have also weighed in on the stock. KeyCorp raised their target price on shares of Onsemi from $95.00 to $100.00 and gave the stock an overweight rating in a research note on Tuesday, February 6th. Truist Financial decreased their target price on shares of Onsemi from $94.00 to $89.00 and set a buy rating on the stock in a research note on Tuesday, February 6th. Susquehanna reissued a positive rating and issued a $90.00 target price on shares of Onsemi in a research note on Monday, April 8th. TD Cowen raised their target price on shares of Onsemi from $80.00 to $90.00 and gave the stock an outperform rating in a research note on Tuesday, February 6th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Onsemi from $95.00 to $90.00 and set a neutral rating on the stock in a research note on Tuesday, February 6th. Eleven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $98.52.

Onsemi Price Performance

NASDAQ:ON opened at $64.72 on Tuesday. Onsemi has a 52 week low of $61.47 and a 52 week 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 stock has a market capitalization of $27.82 billion, a PE ratio of 13.24, a price-to-earnings-growth ratio of 6.45 and a beta of 1.80. The stock’s 50-day moving average price is $75.68 and its 200-day moving average price is $76.84.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results on Monday, February 5th. The semiconductor company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.04. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2 billion. Onsemi had a net margin of 26.46% and a return on equity of 31.36%. Onsemi’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period last year, the company posted $1.32 EPS. As a group, equities analysts expect that Onsemi will post 4.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Onsemi

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Onsemi by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 50,341,366 shares of the semiconductor company’s stock worth $4,205,014,000 after acquiring an additional 321,682 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Onsemi by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 9,271,748 shares of the semiconductor company’s stock worth $761,615,000 after purchasing an additional 136,908 shares during the last quarter. Capital World Investors purchased a new stake in shares of Onsemi during the 4th quarter worth $697,276,000. Voya Investment Management LLC lifted its position in shares of Onsemi by 16.2% during the 4th quarter. Voya Investment Management LLC now owns 6,229,535 shares of the semiconductor company’s stock worth $520,353,000 after purchasing an additional 868,203 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC lifted its position in shares of Onsemi by 122,198.2% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,062,322 shares of the semiconductor company’s stock worth $378,107,000 after purchasing an additional 6,057,365 shares during the last quarter. 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.