Onsemi (NASDAQ:ON) Trading 8.8% Higher - Here's What Happened

Shares of Onsemi (NASDAQ:ON - Get Free Report) were up 8.8% on Tuesday . The stock traded as high as $47.00 and last traded at $46.30. Approximately 10,135,724 shares were traded during trading, an increase of 2% from the average daily volume of 9,928,528 shares. The stock had previously closed at $42.54.

Analyst Upgrades and Downgrades

ON has been the topic of several research analyst reports. KGI Securities initiated coverage on Onsemi in a research report on Friday, May 23rd. They set a "neutral" rating on the stock. KeyCorp cut their price target on Onsemi from $60.00 to $55.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. UBS Group cut their price target on Onsemi from $55.00 to $40.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 29th. Morgan Stanley initiated coverage on Onsemi in a research report on Monday, May 12th. They set an "equal weight" rating and a $39.00 price target on the stock. Finally, JPMorgan Chase & Co. cut their price target on Onsemi from $60.00 to $48.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Onsemi currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.12.

Onsemi Price Performance

The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38. The company has a 50-day moving average price of $39.78 and a 200-day moving average price of $50.74. The firm has a market capitalization of $21.22 billion, a PE ratio of 13.99, a P/E/G ratio of 16.74 and a beta of 1.39.

Onsemi (NASDAQ:ON - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. Onsemi had a return on equity of 20.10% and a net margin of 22.21%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the business earned $1.08 earnings per share. The business's revenue was down 22.4% on a year-over-year basis. Sell-side analysts forecast that Onsemi will post 2.6 EPS for the current year.

Hedge Funds Weigh In On Onsemi

Several institutional investors have recently added to or reduced their stakes in ON. Costello Asset Management INC purchased a new position in shares of Onsemi in the 1st quarter worth about $26,000. Golden State Wealth Management LLC raised its holdings in shares of Onsemi by 83.3% in the 1st quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 320 shares during the period. Elequin Capital LP raised its holdings in shares of Onsemi by 108.3% in the 4th quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 274 shares during the period. Newbridge Financial Services Group Inc. purchased a new position in shares of Onsemi in the 4th quarter worth about $41,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Onsemi in the 1st quarter worth about $41,000. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Onsemi 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.