Zacks Research Weighs in on Onsemi’s Q3 2024 Earnings (NASDAQ:ON)

Onsemi (NASDAQ:ON) – Equities research analysts at Zacks Research decreased their Q3 2024 earnings estimates for shares of Onsemi in a research note issued on Monday, August 19th. Zacks Research analyst A. Ganguly now forecasts that the semiconductor company will post earnings per share of $0.97 for the quarter, down from their prior forecast of $0.98. The consensus estimate for Onsemi’s current full-year earnings is $4.01 per share. Zacks Research also issued estimates for Onsemi’s Q4 2024 earnings at $1.00 EPS, Q1 2025 earnings at $1.04 EPS, Q4 2025 earnings at $1.31 EPS and FY2025 earnings at $4.65 EPS.

ON has been the topic of several other reports. Jefferies Financial Group started coverage on Onsemi in a report on Monday, May 13th. They issued a “buy” rating and a $100.00 target price on the stock. Susquehanna lifted their target price on shares of Onsemi from $85.00 to $95.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Benchmark raised their price target on Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Citigroup cut Onsemi from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $85.00 to $77.00 in a research report on Monday, July 15th. Finally, Roth Mkm raised their target price on Onsemi from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Two 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $85.61.

Onsemi Stock Performance

Shares of ON stock opened at $76.68 on Tuesday. Onsemi has a 12 month low of $59.34 and a 12 month high of $101.30. The stock has a market cap of $32.99 billion, a PE ratio of 15.60, a price-to-earnings-growth ratio of 3.33 and a beta of 1.69. The company’s fifty day moving average price is $72.46 and its 200-day moving average price is $73.11. The company has a current ratio of 3.01, a quick ratio of 1.95 and a debt-to-equity ratio of 0.31.

Onsemi (NASDAQ:ON) last posted its earnings results on Monday, July 29th. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.04. Onsemi had a return on equity of 25.48% and a net margin of 24.84%. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the firm earned $1.33 earnings per share. The business’s revenue was down 17.2% compared to the same quarter last year.

Insider Buying and Selling at Onsemi

In other Onsemi news, insider Simon Keeton sold 30,939 shares of Onsemi stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $77.94, for a total value of $2,411,385.66. Following the sale, the insider now directly owns 231,092 shares in the company, valued at approximately $18,011,310.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Trent Thad sold 38,000 shares of the business’s 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 sale, the chief financial officer now owns 331,829 shares in the company, valued at $24,074,193.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Simon Keeton sold 30,939 shares of Onsemi 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 completion of the transaction, the insider now directly owns 231,092 shares of the company’s stock, valued at $18,011,310.48. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Onsemi by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 50,341,366 shares of the semiconductor company’s stock worth $4,205,014,000 after purchasing an additional 321,682 shares during the last quarter. Capital World Investors purchased a new position in Onsemi in the 4th quarter worth about $697,276,000. Norges Bank bought a new stake in shares of Onsemi during the fourth quarter valued at approximately $418,102,000. Dimensional Fund Advisors LP boosted its holdings in shares of Onsemi by 18.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,217,221 shares of the semiconductor company’s stock valued at $289,088,000 after purchasing an additional 665,633 shares during the period. Finally, Capital International Investors grew its stake in Onsemi by 1.0% in the first quarter. Capital International Investors now owns 4,107,006 shares of the semiconductor company’s stock worth $302,070,000 after purchasing an additional 42,117 shares in the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.

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.