Onsemi (NASDAQ:ON) Issues Q3 2024 Earnings Guidance

Onsemi (NASDAQ:ON) updated its third quarter 2024 earnings guidance on Monday. The company provided EPS guidance of 0.910-1.030 for the period, compared to the consensus EPS estimate of 0.970. 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 Q3 guidance to $0.91-1.03 EPS.

Analyst Upgrades and Downgrades

Several research firms recently commented on ON. JPMorgan Chase & Co. raised their price target on shares of Onsemi from $85.00 to $88.00 and gave the company a neutral rating in a report on Tuesday. Needham & Company LLC restated a buy rating and issued a $92.00 price target on shares of Onsemi in a report on Thursday, June 13th. Citigroup lowered shares of Onsemi from a buy rating to a neutral rating and cut their price target for the company from $85.00 to $77.00 in a report on Monday, July 15th. Bank of America lifted their price objective on shares of Onsemi from $80.00 to $90.00 and gave the company a buy rating in a research note on Tuesday. Finally, Morgan Stanley lowered shares of Onsemi from an equal weight rating to an underweight rating and dropped their price objective for the company from $70.00 to $65.00 in a research note on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $86.63.

Onsemi Stock Performance

Onsemi stock traded down $6.98 during trading hours on Thursday, reaching $71.27. 3,801,466 shares of the company were exchanged, compared to its average volume of 6,944,487. The firm has a market cap of $30.53 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 3.22 and a beta of 1.69. 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 stock has a 50-day moving average of $72.65 and a 200 day moving average of $73.19. Onsemi has a 12 month low of $59.34 and a 12 month high of $107.16.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Onsemi had a return on equity of 25.48% and a net margin of 24.84%. The company’s revenue was down 17.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.33 earnings per share. As a group, research analysts anticipate that Onsemi will post 4.01 earnings per share for the current year.

Insider Activity

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 sale, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at $24,074,193.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the chief financial officer now directly owns 331,829 shares of the company’s stock, valued at $24,074,193.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul Anthony Mascarenas sold 911 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $74.46, for a total value of $67,833.06. Following the completion of the sale, the director now directly 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.