Morgan Stanley Initiates Coverage on Onsemi (NASDAQ:ON)

Equities researchers at Morgan Stanley assumed coverage on shares of Onsemi (NASDAQ:ON) in a research note issued to investors on Monday. The brokerage set an “equal weight” rating and a $39.00 price target on the semiconductor company’s stock. Morgan Stanley’s price objective would suggest a potential downside of 4.83% from the company’s current price.

A number of other brokerages have also recently commented on ON. Mizuho reduced their target price on shares of Onsemi from $71.00 to $62.00 and set an “outperform” rating for the company in a report on Monday, March 24th. Roth Capital set a $60.00 price objective on shares of Onsemi in a research note on Friday, March 7th. TD Cowen increased their target price on shares of Onsemi from $38.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, May 6th. Roth Mkm decreased their price objective on shares of Onsemi from $100.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Finally, JPMorgan Chase & Co. decreased their target price on Onsemi from $60.00 to $48.00 and set a “neutral” rating for the company in a research report on Tuesday, May 6th. Eleven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $54.12.

Onsemi Stock Up 3.0%

Shares of Onsemi stock opened at $40.98 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.38 and a current ratio of 5.06. The stock has a market capitalization of $17.12 billion, a price-to-earnings ratio of 11.29, a P/E/G ratio of 16.74 and a beta of 1.39. Onsemi has a 52-week low of $31.04 and a 52-week high of $80.08. The company’s 50 day moving average price is $39.72 and its 200-day moving average price is $53.80.

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

Institutional Trading of Onsemi

Several hedge funds have recently made changes to their positions in ON. Vanguard Group Inc. raised its holdings in shares of Onsemi by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 51,135,303 shares of the semiconductor company’s stock valued at $3,224,081,000 after buying an additional 344,354 shares during the period. Janus Henderson Group PLC lifted its position in shares of Onsemi by 9.2% during the 4th quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company’s stock worth $780,387,000 after buying an additional 1,041,989 shares during the last quarter. Norges Bank purchased a new position in shares of Onsemi during the fourth quarter worth about $378,312,000. Baillie Gifford & Co. purchased a new stake in Onsemi in the first quarter valued at approximately $219,001,000. Finally, Allspring Global Investments Holdings LLC grew its position in Onsemi by 26.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,061,245 shares of the semiconductor company’s stock worth $203,462,000 after purchasing an additional 1,055,461 shares during the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.

About Onsemi

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.