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

Onsemi (NASDAQ:ON) released its quarterly 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. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. Onsemi had a return on equity of 25.92% and a net margin of 24.84%. Onsemi’s revenue for the quarter was down 17.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 EPS. Onsemi updated its Q3 guidance to $0.91-1.03 EPS and its Q3 2024 guidance to 0.910-1.030 EPS.

Onsemi Stock Performance

NASDAQ ON traded up $4.11 during midday trading on Wednesday, hitting $78.08. The company had a trading volume of 3,311,889 shares, compared to its average volume of 6,913,029. The firm has a fifty day simple moving average of $72.65 and a two-hundred day simple moving average of $73.19. Onsemi has a fifty-two week low of $59.34 and a fifty-two week high of $111.35. The company has a quick ratio of 1.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.32. The stock has a market cap of $33.59 billion, a price-to-earnings ratio of 15.10, a P/E/G ratio of 3.40 and a beta of 1.69.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ON. JPMorgan Chase & Co. lifted their price target on shares of Onsemi from $85.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday. Evercore ISI started coverage on shares of Onsemi in a research report on Tuesday, April 16th. They set an “outperform” rating and a $104.00 price target on the stock. Mizuho cut their price objective on Onsemi from $92.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Benchmark lifted their target price on Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Citigroup cut Onsemi from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $85.00 to $77.00 in a report on Monday, July 15th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $88.56.

Insider Buying and Selling

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

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.