TD Cowen Cuts ON Semiconductor (NASDAQ:ON) Price Target to $55.00

Key Points

• TD Cowen has lowered its price target on ON Semiconductor's stock from $68.00 to $55.00, while maintaining a "buy" rating, indicating a potential upside of 14.65% from the current price.
• In contrast, Mizuho increased their price target to $72.00 with an "outperform" rating, revealing mixed analyst sentiment towards the stock, which currently has a consensus rating of "Hold."
• ON Semiconductor reported a quarterly earnings miss with an EPS of $0.53, below the expected $0.54, and faced a 15.4% decline in revenue year-over-year.

ON Semiconductor (NASDAQ:ON - Free Report) had its price target cut by TD Cowen from $68.00 to $55.00 in a research report report published on Tuesday, MarketBeat Ratings reports. They currently have a buy rating on the semiconductor company's stock.

Other analysts also recently issued reports about the company. KGI Securities initiated coverage on ON Semiconductor in a research report on Friday, May 23rd. They set a "neutral" rating on the stock. Morgan Stanley began coverage on ON Semiconductor in a research report on Monday, May 12th. They issued an "equal weight" rating and a $39.00 price objective on the stock. JPMorgan Chase & Co. reduced their price objective on ON Semiconductor from $60.00 to $48.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. Citigroup upped their price objective on ON Semiconductor from $40.00 to $60.00 and gave the company a "neutral" rating in a research report on Monday, July 7th. Finally, Loop Capital reduced their price objective on ON Semiconductor from $65.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Fifteen equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $56.84.

ON Semiconductor Price Performance

ON traded up $0.61 during trading on Tuesday, reaching $47.59. 9,866,399 shares of the stock were exchanged, compared to its average volume of 10,746,045. The business's 50 day moving average price is $54.22 and its two-hundred day moving average price is $47.65. The company has a debt-to-equity ratio of 0.42, a current ratio of 5.02 and a quick ratio of 3.32. The company has a market capitalization of $19.46 billion, a price-to-earnings ratio of 44.48, a P/E/G ratio of 2.37 and a beta of 1.45. ON Semiconductor has a 1 year low of $31.04 and a 1 year high of $78.61.

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

Institutional Investors Weigh In On ON Semiconductor

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. 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 position in ON Semiconductor by 83.3% during the 1st quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock worth $29,000 after acquiring an additional 320 shares in the last quarter. Trust Co. of Toledo NA OH acquired a new position in ON Semiconductor during the 2nd quarter worth approximately $29,000. Elequin Capital LP lifted its position in ON Semiconductor by 108.3% during the 4th quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock worth $33,000 after acquiring an additional 274 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in ON Semiconductor during the 1st quarter worth approximately $41,000. 97.70% of the stock is currently owned by institutional investors and hedge funds.

ON Semiconductor 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.