Onsemi (NASDAQ:ON) Posts Earnings Results, Beats Expectations By $0.02 EPS

Onsemi (NASDAQ:ON) issued its earnings results on Monday. The semiconductor company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02, Briefing.com reports. The firm had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The firm’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same period last year, the firm posted $1.39 earnings per share. Onsemi updated its Q4 guidance to $0.92-1.04 EPS and its Q4 2024 guidance to 0.920-1.040 EPS.

Onsemi Price Performance

NASDAQ:ON traded down $0.42 during trading hours on Tuesday, reaching $71.82. The company had a trading volume of 717,064 shares, compared to its average volume of 6,742,618. The company has a quick ratio of 1.95, a current ratio of 3.01 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average of $71.52 and a two-hundred day moving average of $71.42. Onsemi has a one year low of $59.34 and a one year high of $86.77. The firm has a market capitalization of $30.76 billion, a PE ratio of 17.93, a PEG ratio of 3.82 and a beta of 1.65.

Insider Activity

In other Onsemi news, insider Simon Keeton sold 30,939 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the sale, the insider now directly owns 231,092 shares of the company’s stock, valued at approximately $18,011,310.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Simon Keeton sold 30,939 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $77.94, for a total transaction of $2,411,385.66. Following the sale, the insider now owns 231,092 shares in the company, valued at approximately $18,011,310.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hassane El-Khoury sold 1,500 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $70.80, for a total value of $106,200.00. Following the completion of the sale, the chief executive officer now owns 840,620 shares of the company’s stock, valued at approximately $59,515,896. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,939 shares of company stock worth $2,626,651. Corporate insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

ON has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Onsemi from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. boosted their target price on shares of Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Citigroup cut Onsemi from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $85.00 to $77.00 in a research report on Monday, July 15th. Needham & Company LLC decreased their price objective on Onsemi from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, BNP Paribas reduced their price target on shares of Onsemi from $60.00 to $55.00 in a research report on Friday. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Onsemi presently has an average rating of “Hold” and an average price target of $85.91.

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.