B. Riley Research Analysts Decrease Earnings Estimates for Onsemi (NASDAQ:ON)

Onsemi (NASDAQ:ON) – Stock analysts at B. Riley lowered their Q2 2024 EPS estimates for shares of Onsemi in a report issued on Monday, April 29th. B. Riley analyst C. Ellis now forecasts that the semiconductor company will post earnings per share of $0.92 for the quarter, down from their prior estimate of $1.06. B. Riley currently has a “Buy” rating and a $103.00 target price on the stock. The consensus estimate for Onsemi’s current full-year earnings is $4.23 per share. B. Riley also issued estimates for Onsemi’s Q3 2024 earnings at $0.96 EPS, Q4 2024 earnings at $0.97 EPS, FY2024 earnings at $3.92 EPS, Q1 2025 earnings at $1.02 EPS, Q2 2025 earnings at $1.13 EPS, Q3 2025 earnings at $1.27 EPS and Q4 2025 earnings at $1.25 EPS.

Onsemi (NASDAQ:ON) last issued its quarterly earnings data on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the company posted $1.19 earnings per share. The business’s revenue was down 4.9% on a year-over-year basis.

Several other research analysts have also recently weighed in on ON. JPMorgan Chase & Co. lowered their price objective on Onsemi from $95.00 to $90.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. Rosenblatt Securities lowered their price target on shares of Onsemi from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday. Stifel Nicolaus cut their price objective on shares of Onsemi from $82.00 to $72.00 and set a “hold” rating for the company in a report on Thursday, April 18th. BNP Paribas reaffirmed an “underperform” rating and set a $55.00 target price on shares of Onsemi in a report on Friday, April 19th. Finally, KeyCorp dropped their price target on shares of Onsemi from $100.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $90.24.

Onsemi Stock Performance

NASDAQ:ON opened at $69.01 on Wednesday. The company has a current ratio of 2.87, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. The stock has a 50 day simple moving average of $72.80 and a 200 day simple moving average of $74.99. Onsemi has a 1-year low of $59.34 and a 1-year high of $111.35. The stock has a market cap of $29.66 billion, a P/E ratio of 14.21, a PEG ratio of 7.03 and a beta of 1.80.

Hedge Funds Weigh In On Onsemi

A number of institutional investors have recently added to or reduced their stakes in ON. Capital World Investors acquired a new stake in shares of Onsemi during the 4th quarter valued at $697,276,000. Norges Bank bought a new position in Onsemi in the fourth quarter valued at about $418,102,000. Invesco Ltd. boosted its stake in shares of Onsemi by 26.0% during the third quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock valued at $540,306,000 after purchasing an additional 1,200,723 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Onsemi by 55.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock worth $195,124,000 after purchasing an additional 828,944 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Onsemi by 23.7% in the third quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock valued at $397,108,000 after buying an additional 817,237 shares during the period. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Onsemi Company Profile

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.