Wells Fargo & Company Cuts ON Semiconductor (NASDAQ:ON) Price Target to $62.00

Key Points

• Wells Fargo & Company has reduced its price target for ON Semiconductor from $65.00 to $62.00, while maintaining an "overweight" rating on the stock, indicating a potential upside of 30.44% from its last closing price.
• Multiple analysts have recently downgraded their price targets for ON Semiconductor, with estimates ranging from $34.00 by Robert W. Baird to $55.00 by TD Cowen, contributing to a consensus hold rating with an average target of $57.20.
• ON Semiconductor reported a quarterly EPS of $0.53, slightly below analysts' expectations, and its revenue declined 15.4% year-over-year, reflecting challenges in the semiconductor market.

ON Semiconductor (NASDAQ:ON - Get Free Report) had its price target dropped by Wells Fargo & Company from $65.00 to $62.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the semiconductor company's stock. Wells Fargo & Company's price objective would indicate a potential upside of 30.44% from the stock's previous close.

Other analysts have also recently issued research reports about the company. Robert W. Baird lowered their price target on ON Semiconductor from $42.00 to $34.00 and set a "neutral" rating for the company in a research report on Tuesday, May 6th. TD Cowen lowered their target price on shares of ON Semiconductor from $68.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday. B. Riley reiterated a "neutral" rating and set a $56.00 target price (up previously from $40.00) on shares of ON Semiconductor in a research note on Wednesday, June 18th. Susquehanna lowered their target price on shares of ON Semiconductor from $75.00 to $65.00 and set a "positive" rating for the company in a research note on Tuesday. Finally, Rosenblatt Securities lowered their target price on shares of ON Semiconductor from $55.00 to $50.00 and set a "neutral" rating for the company in a research note on Tuesday. Fifteen analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $57.20.

ON Semiconductor Stock Performance

ON traded down $0.44 on Tuesday, reaching $47.53. 4,158,140 shares of the stock were exchanged, compared to its average volume of 10,046,333. The company's 50-day moving average price is $53.97 and its 200 day moving average price is $47.71. ON Semiconductor has a fifty-two week low of $31.04 and a fifty-two week high of $78.61. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.95 and a quick ratio of 3.32. The firm has a market capitalization of $19.86 billion, a PE ratio of 33.03, a PEG ratio of 4.67 and a beta of 1.45.

ON Semiconductor (NASDAQ:ON - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The semiconductor company reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.01). ON Semiconductor had a return on equity of 17.40% and a net margin of 9.51%. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same period in the prior year, the firm posted $0.96 EPS. The business's revenue was down 15.4% compared to the same quarter last year. As a group, sell-side analysts forecast that ON Semiconductor will post 2.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. ExodusPoint Capital Management LP acquired a new position in ON Semiconductor during the 4th quarter valued at about $1,912,000. Resona Asset Management Co. Ltd. acquired a new position in ON Semiconductor during the 4th quarter valued at about $7,918,000. Federated Hermes Inc. boosted its stake in ON Semiconductor by 2.8% during the 4th quarter. Federated Hermes Inc. now owns 110,604 shares of the semiconductor company's stock valued at $6,974,000 after purchasing an additional 3,014 shares during the period. Cerity Partners LLC boosted its stake in ON Semiconductor by 12.8% during the 4th quarter. Cerity Partners LLC now owns 34,356 shares of the semiconductor company's stock valued at $2,306,000 after purchasing an additional 3,890 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in ON Semiconductor by 43.2% during the 4th quarter. Renaissance Technologies LLC now owns 579,296 shares of the semiconductor company's stock valued at $36,525,000 after purchasing an additional 174,800 shares during the period. 97.70% of the stock is owned by institutional investors and hedge funds.

ON Semiconductor 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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