ON Semiconductor (NASDAQ:ON) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist Financial raised its price target for ON Semiconductor from $43.00 to $49.00, maintaining a "hold" rating and indicating a potential upside of 2.95% from the current price.
• Institutional investors own 97.70% of ON Semiconductor's stock, with several firms recently increasing their stakes in the company.
• ON Semiconductor reported a quarterly EPS of $0.53, missing consensus estimates, with a revenue of $1.47 billion, which was slightly above expectations but down 15.4% year-over-year.

ON Semiconductor (NASDAQ:ON - Get Free Report) had its target price increased by equities research analysts at Truist Financial from $43.00 to $49.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "hold" rating on the semiconductor company's stock. Truist Financial's target price indicates a potential upside of 1.35% from the stock's current price.

Several other research firms have also issued reports on ON. Rosenblatt Securities reduced their price target on ON Semiconductor from $55.00 to $50.00 and set a "neutral" rating on the stock in a research report on Tuesday. Bank of America reissued a "neutral" rating and issued a $56.00 price target (down from $70.00) on shares of ON Semiconductor in a report on Tuesday. Susquehanna reissued a "positive" rating and issued a $65.00 price objective (down from $75.00) on shares of ON Semiconductor in a research note on Tuesday. Robert W. Baird reduced their target price on shares of ON Semiconductor from $42.00 to $34.00 and set a "neutral" rating on the stock in a report on Tuesday, May 6th. Finally, Morgan Stanley assumed coverage on ON Semiconductor in a report on Monday, May 12th. They set an "equal weight" rating and a $39.00 price target on the stock. Fifteen analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, ON Semiconductor presently has an average rating of "Hold" and an average price target of $56.84.

ON Semiconductor Stock Up 2.9%

Shares of NASDAQ:ON traded up $1.37 on Tuesday, reaching $48.35. The company had a trading volume of 3,696,645 shares, compared to its average volume of 10,083,857. The stock has a market capitalization of $19.77 billion, a P/E ratio of 45.26, a P/E/G ratio of 3.89 and a beta of 1.45. The company has a quick ratio of 3.32, a current ratio of 5.02 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average price of $54.13 and a 200 day moving average price of $47.70. ON Semiconductor has a twelve month low of $31.04 and a twelve month high of $78.61.

ON Semiconductor (NASDAQ:ON - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate 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 15.33% and a net margin of 7.28%. The company's revenue was down 15.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.96 EPS. On average, equities analysts expect that ON Semiconductor will post 2.6 EPS for the current year.

Hedge Funds Weigh In On ON Semiconductor

Several large investors have recently modified their holdings of ON. Costello Asset Management INC purchased a new stake in ON Semiconductor during the first quarter valued at about $26,000. Golden State Wealth Management LLC lifted its position in ON Semiconductor by 83.3% in the first quarter. Golden State Wealth Management LLC now owns 704 shares of the semiconductor company's stock valued at $29,000 after purchasing an additional 320 shares during the last quarter. Trust Co. of Toledo NA OH purchased a new stake in shares of ON Semiconductor during the second quarter valued at approximately $29,000. Elequin Capital LP grew 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 purchasing an additional 274 shares during the last quarter. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of ON Semiconductor during the first quarter worth about $41,000. 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.