Onsemi (NASDAQ:ON) Releases Q2 2024 Earnings Guidance

Onsemi (NASDAQ:ON) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.860-0.980 for the period, compared to the consensus estimate of 1.010. The company issued revenue guidance of $1.7 billion-$1.8 billion, compared to the consensus revenue estimate of $1.8 billion. Onsemi also updated its Q2 guidance to $0.86-0.98 EPS.

Onsemi Trading Down 1.6 %

Shares of Onsemi stock opened at $69.01 on Thursday. The firm has a market capitalization of $29.69 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 8.39 and a beta of 1.78. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.74 and a current ratio of 2.87. Onsemi has a fifty-two week low of $59.34 and a fifty-two week high of $111.35. The stock has a 50 day moving average of $72.80 and a 200 day moving average of $74.99.

Onsemi (NASDAQ:ON) last posted its earnings results on Monday, April 29th. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the prior year, the company posted $1.19 earnings per share. Onsemi’s revenue for the quarter was down 4.9% compared to the same quarter last year. As a group, research analysts predict that Onsemi will post 4.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. BNP Paribas reissued an underperform rating and issued a $55.00 target price on shares of Onsemi in a research report on Friday, April 19th. Susquehanna cut their price objective on Onsemi from $90.00 to $85.00 and set a positive rating on the stock in a report on Tuesday. Stifel Nicolaus lowered their target price on Onsemi from $82.00 to $72.00 and set a hold rating for the company in a report on Thursday, April 18th. Roth Mkm boosted their price target on shares of Onsemi from $75.00 to $90.00 and gave the stock a buy rating in a research note on Tuesday, February 6th. Finally, Truist Financial reduced their price target on shares of Onsemi from $89.00 to $85.00 and set a buy rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $90.24.

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.