ON Semiconductor (NASDAQ:ON) Price Target Raised to $56.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised its price target for ON Semiconductor from $48.00 to $56.00, suggesting a potential upside of 16.74% from the stock's current price.
• While ON Semiconductor has a consensus rating of "Hold," recent reports from analysts show a mix of target price adjustments and ratings, indicating varying levels of confidence in the stock's performance.
• In the latest earnings report, ON Semiconductor missed the earnings per share estimate by $0.01 but exceeded revenue expectations, reporting $1.47 billion for the quarter, although revenue was down 15.4% year over year.

ON Semiconductor (NASDAQ:ON - Get Free Report) had its price target increased by JPMorgan Chase & Co. from $48.00 to $56.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the semiconductor company's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 17.67% from the company's previous close.

ON has been the subject of several other research reports. KeyCorp raised their price target on shares of ON Semiconductor from $50.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Wells Fargo & Company reissued an "overweight" rating and issued a $65.00 target price (up previously from $60.00) on shares of ON Semiconductor in a report on Wednesday, July 16th. Rosenblatt Securities lowered their price target on ON Semiconductor from $55.00 to $50.00 and set a "neutral" rating on the stock in a report on Tuesday. Robert W. Baird reduced their price objective on ON Semiconductor from $42.00 to $34.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Finally, Loop Capital decreased their target price on ON Semiconductor from $65.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Fifteen analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, ON Semiconductor currently has a consensus rating of "Hold" and an average target price of $56.84.

ON Semiconductor Stock Up 1.3%

Shares of ON traded up $0.61 during mid-day trading on Tuesday, reaching $47.59. The company had a trading volume of 9,866,399 shares, compared to its average volume of 10,746,045. ON Semiconductor has a 52 week low of $31.04 and a 52 week high of $78.61. 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 $19.46 billion, a price-to-earnings ratio of 44.48, a price-to-earnings-growth ratio of 2.37 and a beta of 1.45. The firm has a 50-day moving average price of $54.22 and a 200 day moving average price of $47.65.

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

Hedge Funds Weigh In On ON Semiconductor

Hedge funds have recently made changes to their positions in the business. Costello Asset Management INC purchased a new position in ON Semiconductor in the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC grew its holdings 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 valued at $29,000 after buying an additional 320 shares in the last quarter. Trust Co. of Toledo NA OH bought a new stake in shares of ON Semiconductor during the second quarter valued at approximately $29,000. Elequin Capital LP lifted its holdings in shares of ON Semiconductor by 108.3% in the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock worth $33,000 after buying an additional 274 shares in the last quarter. Finally, Opal Wealth Advisors LLC bought a new position in shares of ON Semiconductor during the first quarter worth $41,000. Institutional investors 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.