ON Semiconductor (NASDAQ:ON) Given "Overweight" Rating at Wells Fargo & Company

ON Semiconductor (NASDAQ:ON - Get Free Report)'s stock had its "overweight" rating reiterated by equities research analysts at Wells Fargo & Company in a research report issued on Wednesday, MarketBeat reports. They presently have a $65.00 target price on the semiconductor company's stock, up from their previous target price of $60.00. Wells Fargo & Company's price objective would suggest a potential upside of 9.21% from the stock's previous close.

A number of other research analysts have also recently commented on the stock. KGI Securities assumed coverage on shares of ON Semiconductor in a report on Friday, May 23rd. They issued a "neutral" rating on the stock. Mizuho increased their target price on shares of ON Semiconductor from $60.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Rosenblatt Securities reiterated a "neutral" rating and set a $42.00 target price on shares of ON Semiconductor in a report on Tuesday, May 6th. The Goldman Sachs Group started coverage on shares of ON Semiconductor in a report on Thursday, July 10th. They set a "neutral" rating and a $60.00 target price on the stock. Finally, TD Cowen increased their target price on shares of ON Semiconductor from $38.00 to $44.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $57.85.

ON Semiconductor Trading Up 1.0%

Shares of ON opened at $59.52 on Wednesday. ON Semiconductor has a twelve month low of $31.04 and a twelve month high of $80.08. The company has a market cap of $24.87 billion, a P/E ratio of 41.33, a P/E/G ratio of 4.86 and a beta of 1.43. The company has a current ratio of 4.95, a quick ratio of 3.32 and a debt-to-equity ratio of 0.42. The company's fifty day simple moving average is $50.19 and its 200-day simple moving average is $47.99.

ON Semiconductor (NASDAQ:ON - Get Free Report) last announced its earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. ON Semiconductor had a net margin of 9.51% and a return on equity of 17.40%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm posted $1.08 earnings per share. The business's revenue for the quarter was down 22.4% on a year-over-year basis. As a group, analysts expect that ON Semiconductor will post 2.6 EPS for the current year.

Hedge Funds Weigh In On ON Semiconductor

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of ON Semiconductor by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company's stock worth $3,224,081,000 after purchasing an additional 344,354 shares during the period. Janus Henderson Group PLC grew its stake in shares of ON Semiconductor by 9.2% during the 4th quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company's stock worth $780,387,000 after purchasing an additional 1,041,989 shares during the period. Ameriprise Financial Inc. grew its stake in shares of ON Semiconductor by 1.0% during the 1st quarter. Ameriprise Financial Inc. now owns 11,328,463 shares of the semiconductor company's stock worth $460,958,000 after purchasing an additional 110,735 shares during the period. Norges Bank acquired a new stake in shares of ON Semiconductor during the 4th quarter worth approximately $378,312,000. Finally, Baillie Gifford & Co. acquired a new stake in shares of ON Semiconductor during the 1st quarter worth approximately $219,001,000. 97.70% of the stock is owned by hedge funds and other institutional investors.

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.