Citigroup Issues Pessimistic Forecast for ON Semiconductor (NASDAQ:ON) Stock Price

Key Points

• Citigroup has reduced its price target for ON Semiconductor from $60.00 to $54.00, maintaining a "neutral" rating while indicating a potential upside of 13.50% from the current share price.
• Several other brokerages, including Susquehanna and Truist Financial, have also adjusted their ratings and price targets for ON Semiconductor, reflecting varied outlooks on the stock.
• Despite a recent earnings miss, ON Semiconductor reported revenues of $1.47 billion, which exceeded analyst consensus estimates, while overall sales were down 15.4% year-over-year.

ON Semiconductor (NASDAQ:ON - Get Free Report) had its price objective decreased by stock analysts at Citigroup from $60.00 to $54.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the semiconductor company's stock. Citigroup's price objective suggests a potential upside of 13.03% from the company's current price.

A number of other equities research analysts have also recently issued reports on the company. Stifel Nicolaus upped their price objective on ON Semiconductor from $42.00 to $50.00 and gave the stock a "hold" rating in a research note on Friday, July 18th. Robert W. Baird cut their price target on shares of ON Semiconductor from $42.00 to $34.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. B. Riley reissued a "neutral" rating and issued a $56.00 price objective (up previously from $40.00) on shares of ON Semiconductor in a research report on Wednesday, June 18th. Wells Fargo & Company cut their target price on shares of ON Semiconductor from $65.00 to $62.00 and set an "overweight" rating for the company in a research note on Tuesday. Finally, KGI Securities began coverage on ON Semiconductor in a research report on Friday, May 23rd. They set a "neutral" rating on the stock. Fifteen investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $56.84.

ON Semiconductor Stock Up 1.7%

NASDAQ ON traded up $0.80 during trading on Tuesday, hitting $47.78. The stock had a trading volume of 4,922,332 shares, compared to its average volume of 10,091,174. The company's 50-day moving average price is $54.13 and its two-hundred day moving average price is $47.70. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.32 and a current ratio of 5.02. The company has a market capitalization of $19.54 billion, a PE ratio of 44.68, a P/E/G ratio of 3.89 and a beta of 1.45. ON Semiconductor has a 12 month low of $31.04 and a 12 month high of $78.61.

ON Semiconductor (NASDAQ:ON - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The semiconductor company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.01). The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.45 billion. ON Semiconductor had a return on equity of 15.33% and a net margin of 7.28%. The company's quarterly revenue was down 15.4% compared to the same quarter last year. During the same period last year, the firm earned $0.96 earnings per share. As a group, sell-side analysts forecast that ON Semiconductor will post 2.6 EPS for the current year.

Institutional Investors Weigh In On ON Semiconductor

Institutional investors and hedge funds have recently made changes to their positions in the stock. Costello Asset Management INC acquired a new position in ON Semiconductor during the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC lifted its holdings in shares of ON Semiconductor by 83.3% in the 1st quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 320 shares in the last quarter. Trust Co. of Toledo NA OH acquired a new stake in ON Semiconductor in the 2nd quarter valued at $29,000. Elequin Capital LP increased its stake in ON Semiconductor by 108.3% during the 4th quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 274 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in ON Semiconductor during the first quarter worth $41,000. Institutional investors and hedge funds own 97.70% of the company's stock.

About ON Semiconductor

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.