Wells Fargo & Company Boosts Onsemi (NASDAQ:ON) Price Target to $60.00

Onsemi (NASDAQ:ON - Get Free Report) had its price objective increased by investment analysts at Wells Fargo & Company from $45.00 to $60.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the semiconductor company's stock. Wells Fargo & Company's price target suggests a potential upside of 11.66% from the company's current price.

A number of other equities analysts have also recently issued reports on the stock. KeyCorp cut their target price on shares of Onsemi from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. KGI Securities initiated coverage on Onsemi in a research report on Friday, May 23rd. They set a "neutral" rating for the company. B. Riley cut Onsemi from a "buy" rating to a "neutral" rating and set a $41.00 target price on the stock. in a report on Thursday, April 24th. JPMorgan Chase & Co. dropped their price target on Onsemi from $60.00 to $48.00 and set a "neutral" rating for the company in a research report on Tuesday, May 6th. Finally, Loop Capital reduced their price objective on Onsemi from $65.00 to $55.00 and set a "buy" 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 issued a buy rating to the stock. According to MarketBeat, Onsemi has a consensus rating of "Moderate Buy" and an average target price of $54.72.

Onsemi Price Performance

Shares of NASDAQ ON traded up $2.71 during midday trading on Monday, hitting $53.73. The company had a trading volume of 1,546,635 shares, compared to its average volume of 8,149,646. The firm has a market capitalization of $22.45 billion, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 16.74 and a beta of 1.39. Onsemi has a twelve month low of $31.04 and a twelve month high of $80.08. The business has a 50-day simple moving average of $41.86 and a two-hundred day simple moving average of $49.63. The company has a quick ratio of 3.38, a current ratio of 5.06 and a debt-to-equity ratio of 0.38.

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

Hedge Funds Weigh In On Onsemi

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. boosted its stake in shares of Onsemi by 61.2% in the first quarter. Geneos Wealth Management Inc. now owns 1,335 shares of the semiconductor company's stock valued at $54,000 after purchasing an additional 507 shares during the period. Bayforest Capital Ltd acquired a new position in shares of Onsemi in the first quarter worth about $535,000. Woodline Partners LP purchased a new position in Onsemi in the first quarter valued at about $9,505,000. Empowered Funds LLC raised its position in shares of Onsemi by 29.0% in the 1st quarter. Empowered Funds LLC now owns 207,321 shares of the semiconductor company's stock valued at $8,436,000 after purchasing an additional 46,551 shares in the last quarter. Finally, MBB Public Markets I LLC acquired a new stake in shares of Onsemi during the first quarter worth approximately $296,000. Institutional investors and hedge funds own 97.70% of the company's stock.

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.

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