ON Semiconductor (NASDAQ:ON) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Key Points

• Analysts at Needham & Company LLC have raised their price target for ON Semiconductor from $50.00 to $58.00, indicating a potential upside of 20.91% from the current stock price.
• Institutional investors hold a significant share of ON Semiconductor, with 97.70% of the company's stock owned by institutional investors, including notable increases by firms like Janus Henderson Group and Allspring Global Investments.
• ON Semiconductor reported quarterly earnings of $0.53 per share, slightly missing analyst estimates, while experiencing a 15.4% year-over-year revenue decline.

ON Semiconductor (NASDAQ:ON - Get Free Report) had its price target lifted by analysts at Needham & Company LLC from $50.00 to $58.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's price objective would indicate a potential upside of 20.91% from the stock's current price.

Several other analysts have also commented on ON. Susquehanna increased their target price on shares of ON Semiconductor from $50.00 to $75.00 and gave the company a "positive" rating in a research note on Tuesday, July 22nd. Loop Capital cut their target price on shares of ON Semiconductor from $65.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Citigroup boosted their price target on shares of ON Semiconductor from $40.00 to $60.00 and gave the company a "neutral" rating in a report on Monday, July 7th. KeyCorp boosted their price target on shares of ON Semiconductor from $50.00 to $65.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Cantor Fitzgerald started coverage on shares of ON Semiconductor in a report on Wednesday, June 18th. They set a "neutral" rating and a $55.00 price target on the stock. Fourteen investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $56.46.

ON Semiconductor Stock Performance

ON Semiconductor stock traded down $8.85 during midday trading on Monday, reaching $47.97. 30,499,496 shares of the stock traded hands, compared to its average volume of 10,091,813. 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 firm has a fifty day moving average price of $53.83 and a two-hundred day moving average price of $47.76. The firm has a market cap of $20.05 billion, a price-to-earnings ratio of 33.31, a PEG ratio of 4.67 and a beta of 1.45. ON Semiconductor has a fifty-two week low of $31.04 and a fifty-two week high of $78.61.

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 analysts' consensus estimates of $0.54 by ($0.01). The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.45 billion. ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The company's revenue was down 15.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.96 earnings per share. On average, equities research analysts forecast that ON Semiconductor will post 2.6 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC raised its holdings in 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 buying an additional 1,041,989 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of ON Semiconductor by 1.0% in the first quarter. Ameriprise Financial Inc. now owns 11,328,463 shares of the semiconductor company's stock valued at $460,958,000 after purchasing an additional 110,735 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of ON Semiconductor by 15.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 5,835,332 shares of the semiconductor company's stock valued at $312,774,000 after purchasing an additional 774,087 shares during the last quarter. Baillie Gifford & Co. acquired a new stake in shares of ON Semiconductor in the first quarter valued at approximately $219,001,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of ON Semiconductor by 18.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company's stock valued at $316,195,000 after purchasing an additional 771,610 shares during the last quarter. 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.

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