Onsemi (NASDAQ:ON) Shares Gap Down to $64.47

Onsemi (NASDAQ:ON - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $64.47, but opened at $63.01. Onsemi shares last traded at $62.88, with a volume of 1,002,928 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Rosenblatt Securities restated a "neutral" rating and set a $75.00 target price on shares of Onsemi in a report on Tuesday, February 6th. Susquehanna reaffirmed a "positive" rating and set a $90.00 price target on shares of Onsemi in a research report on Monday, April 8th. JPMorgan Chase & Co. dropped their price target on Onsemi from $95.00 to $90.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $92.00 price target on shares of Onsemi in a research report on Tuesday, February 6th. Finally, TD Cowen raised their price target on Onsemi from $80.00 to $90.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 6th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $98.12.

Onsemi Trading Down 2.4 %

The stock has a market capitalization of $27.05 billion, a PE ratio of 12.85, a P/E/G ratio of 6.27 and a beta of 1.80. 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 firm has a 50 day moving average price of $75.43 and a 200 day moving average price of $76.75.

Onsemi (NASDAQ:ON - Get Free Report) last released its earnings results on Monday, February 5th. The semiconductor company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.04. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2 billion. Onsemi had a return on equity of 31.36% and a net margin of 26.46%. Onsemi's quarterly revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.32 earnings per share. Equities analysts expect that Onsemi will post 4.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Onsemi

Several institutional investors and hedge funds have recently bought and sold shares of the company. Capital World Investors bought a new position in shares of Onsemi in the fourth quarter worth $697,276,000. Moneta Group Investment Advisors LLC increased its holdings in shares of Onsemi by 122,198.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,062,322 shares of the semiconductor company's stock worth $378,107,000 after buying an additional 6,057,365 shares during the period. Norges Bank bought a new stake in shares of Onsemi in the fourth quarter worth about $418,102,000. Alliancebernstein L.P. grew its stake in shares of Onsemi by 114.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,139,098 shares of the semiconductor company's stock worth $320,526,000 after purchasing an additional 2,743,216 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Onsemi by 231.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,681,038 shares of the semiconductor company's stock worth $303,024,000 after purchasing an additional 2,568,864 shares during the last quarter. 97.70% of the stock is owned by institutional investors.

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.