Onsemi Expected to Post Q2 2024 Earnings of $0.92 Per Share (NASDAQ:ON)

Onsemi (NASDAQ:ON - Free Report) - Equities research analysts at Zacks Research dropped their Q2 2024 earnings estimates for shares of Onsemi in a report issued on Monday, May 20th. Zacks Research analyst A. Ganguly now expects that the semiconductor company will post earnings per share of $0.92 for the quarter, down from their prior estimate of $1.03. The consensus estimate for Onsemi's current full-year earnings is $3.85 per share. Zacks Research also issued estimates for Onsemi's Q3 2024 earnings at $0.98 EPS, Q4 2024 earnings at $1.04 EPS, FY2024 earnings at $4.02 EPS, Q1 2025 earnings at $1.06 EPS, Q2 2025 earnings at $1.10 EPS, Q3 2025 earnings at $1.18 EPS, Q4 2025 earnings at $1.33 EPS, FY2025 earnings at $4.66 EPS, Q1 2026 earnings at $1.27 EPS and FY2026 earnings at $5.62 EPS.

Onsemi (NASDAQ:ON - Get Free Report) last announced its quarterly earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The firm's quarterly revenue was down 4.9% on a year-over-year basis. During the same period last year, the firm posted $1.19 EPS.

Several other equities research analysts have also recently commented on ON. Jefferies Financial Group assumed coverage on shares of Onsemi in a research report on Monday, May 13th. They set a "buy" rating and a $100.00 price target for the company. Benchmark decreased their price objective on shares of Onsemi from $88.00 to $80.00 and set a "buy" rating for the company in a report on Tuesday, April 30th. Stifel Nicolaus decreased 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. Roth Mkm boosted their price objective on shares of Onsemi from $75.00 to $90.00 and gave the company a "buy" rating in a report on Tuesday, February 6th. Finally, Truist Financial decreased their price objective on shares of Onsemi from $89.00 to $85.00 and set a "buy" rating for the company in a report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Onsemi currently has an average rating of "Moderate Buy" and a consensus price target of $90.28.

Onsemi Price Performance

ON traded down $1.46 during midday trading on Tuesday, hitting $72.82. The company had a trading volume of 4,277,589 shares, compared to its average volume of 7,238,488. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.87 and a current ratio of 2.87. The company has a market capitalization of $31.33 billion, a PE ratio of 15.16, a P/E/G ratio of 3.32 and a beta of 1.78. Onsemi has a twelve month low of $59.34 and a twelve month high of $111.35. The firm's 50-day simple moving average is $70.83 and its 200-day simple moving average is $74.16.

Institutional Trading of Onsemi

Hedge funds have recently added to or reduced their stakes in the stock. Integrated Advisors Network LLC raised its holdings in Onsemi by 1.7% in the 4th quarter. Integrated Advisors Network LLC now owns 9,715 shares of the semiconductor company's stock valued at $811,000 after buying an additional 164 shares during the last quarter. Perigon Wealth Management LLC increased its position in Onsemi by 7.7% in the 4th quarter. Perigon Wealth Management LLC now owns 2,463 shares of the semiconductor company's stock valued at $206,000 after acquiring an additional 177 shares during the period. STF Management LP raised its stake in shares of Onsemi by 2.5% during the fourth quarter. STF Management LP now owns 7,209 shares of the semiconductor company's stock valued at $602,000 after acquiring an additional 178 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Onsemi by 24.5% during the first quarter. Covestor Ltd now owns 965 shares of the semiconductor company's stock worth $71,000 after purchasing an additional 190 shares during the period. Finally, Quent Capital LLC lifted its holdings in Onsemi by 25.3% during the 4th quarter. Quent Capital LLC now owns 980 shares of the semiconductor company's stock worth $82,000 after buying an additional 198 shares during the period. Institutional investors and hedge funds own 97.70% of the company's stock.

Insider Transactions at Onsemi

In other news, Director Paul Anthony Mascarenas sold 911 shares of the business's stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total value of $67,833.06. Following the completion of the transaction, the director now directly owns 48,929 shares in the company, valued at approximately $3,643,253.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is currently owned by insiders.

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.