Rosenblatt Securities Issues Pessimistic Forecast for ON Semiconductor (NASDAQ:ON) Stock Price

Key Points

• Rosenblatt Securities lowered its price target for ON Semiconductor from $55.00 to $50.00 while maintaining a "neutral" rating, indicating only a potential upside of 4.23% from the last close.
• ON Semiconductor's quarterly earnings report reflects a slight miss on earnings per share at $0.53, while revenues were $1.47 billion, showing a 15.4% decline compared to the same quarter last year.
• Despite the mixed ratings from analysts, ON Semiconductor has a current consensus rating of "Hold" with a broad distribution of buy and hold recommendations among investment analysts.

ON Semiconductor (NASDAQ:ON - Get Free Report) had its price objective reduced by Rosenblatt Securities from $55.00 to $50.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the semiconductor company's stock. Rosenblatt Securities' price target would indicate a potential upside of 4.23% from the company's previous close.

ON has been the topic of several other reports. Benchmark decreased their price objective on shares of ON Semiconductor from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Citigroup upped their target price on ON Semiconductor from $40.00 to $60.00 and gave the stock a "neutral" rating in a research note on Monday, July 7th. KeyCorp raised their price objective on ON Semiconductor from $50.00 to $65.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. decreased their price target on ON Semiconductor from $60.00 to $48.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. Finally, Susquehanna upped their price target on shares of ON Semiconductor from $50.00 to $75.00 and gave the company a "positive" rating in a report on Tuesday, July 22nd. Fifteen investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, ON Semiconductor currently has a consensus rating of "Hold" and an average target price of $57.20.

ON Semiconductor Stock Performance

Shares of ON stock opened at $47.97 on Tuesday. The stock has a market capitalization of $20.05 billion, a P/E ratio of 33.31, a PEG ratio of 4.67 and a beta of 1.45. The firm's 50 day moving average is $53.97 and its 200 day moving average is $47.71. ON Semiconductor has a 12 month low of $31.04 and a 12 month high of $78.61. The company has a current ratio of 4.95, a quick ratio of 3.32 and a debt-to-equity ratio of 0.42.

ON Semiconductor (NASDAQ:ON - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.45 billion. ON Semiconductor had a net margin of 9.51% and a return on equity of 17.40%. ON Semiconductor's revenue was down 15.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.96 earnings per share. On average, sell-side analysts anticipate that ON Semiconductor will post 2.6 earnings per share for the current year.

Hedge Funds Weigh In On ON Semiconductor

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its stake in shares of ON Semiconductor by 9.2% during the fourth quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company's stock valued at $780,387,000 after purchasing an additional 1,041,989 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in ON Semiconductor by 1.0% in the 1st quarter. Ameriprise Financial Inc. now owns 11,328,463 shares of the semiconductor company's stock worth $460,958,000 after buying an additional 110,735 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in ON Semiconductor by 15.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 5,835,332 shares of the semiconductor company's stock worth $312,774,000 after buying an additional 774,087 shares during the last quarter. Baillie Gifford & Co. bought a new position in ON Semiconductor during the first quarter valued at approximately $219,001,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of ON Semiconductor by 18.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,014,671 shares of the semiconductor company's stock valued at $316,195,000 after buying an additional 771,610 shares during the period. Hedge funds and other 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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