Onsemi (NASDAQ:ON) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Onsemi (NASDAQ:ON) released its earnings results on Monday. The semiconductor company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.92 by $0.04, Briefing.com reports. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the firm earned $1.33 earnings per share. The company’s quarterly revenue was down 17.2% compared to the same quarter last year. Onsemi updated its Q3 guidance to $0.91-1.03 EPS and its Q3 2024 guidance to 0.910-1.030 EPS.

Onsemi Price Performance

ON stock traded down $5.33 during midday trading on Thursday, reaching $72.92. The stock had a trading volume of 2,996,523 shares, compared to its average volume of 6,938,196. The company’s fifty day simple moving average is $72.65 and its 200 day simple moving average is $73.19. The company has a current ratio of 3.01, a quick ratio of 1.87 and a debt-to-equity ratio of 0.31. The company has a market cap of $31.24 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 3.22 and a beta of 1.69. Onsemi has a 52-week low of $59.34 and a 52-week high of $107.16.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Bank of America boosted their price objective on shares of Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday. Roth Mkm boosted their price objective on shares of Onsemi from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. Rosenblatt Securities boosted their price objective on shares of Onsemi from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on shares of Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Morgan Stanley cut shares of Onsemi from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $70.00 to $65.00 in a research report on Thursday, July 11th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $86.63.

Insider Buying and Selling at Onsemi

In other news, CFO Trent Thad sold 38,000 shares of Onsemi stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $72.55, for a total transaction of $2,756,900.00. Following the transaction, the chief financial officer now owns 331,829 shares in the company, valued at approximately $24,074,193.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Trent Thad sold 38,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $72.55, for a total value of $2,756,900.00. Following the sale, the chief financial officer now directly owns 331,829 shares in the company, valued at approximately $24,074,193.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul Anthony Mascarenas sold 911 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $74.46, for a total transaction of $67,833.06. Following the completion of the sale, the director now owns 48,929 shares in the company, valued at $3,643,253.34. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

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.