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

Onsemi (NASDAQ:ON) released its earnings results on Monday. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04, Briefing.com reports. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the prior year, the business posted $1.19 earnings per share. The firm’s revenue for the quarter was down 4.9% compared to the same quarter last year. Onsemi updated its Q2 guidance to $0.86-0.98 EPS and its Q2 2024 guidance to 0.860-0.980 EPS.

Onsemi Trading Down 1.6 %

Shares of NASDAQ ON opened at $69.01 on Thursday. The stock’s 50 day simple moving average is $72.63 and its 200 day simple moving average is $74.95. The company has a current ratio of 2.87, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. The company has a market cap of $29.69 billion, a price-to-earnings ratio of 14.08, a price-to-earnings-growth ratio of 8.39 and a beta of 1.78. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35.

Analyst Ratings Changes

ON has been the topic of several recent analyst reports. Morgan Stanley reduced their target price on Onsemi from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Monday, April 22nd. The Goldman Sachs Group cut their price objective on Onsemi from $91.00 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Stifel Nicolaus cut their price objective on Onsemi from $82.00 to $72.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. Benchmark cut their price objective on Onsemi from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, TD Cowen cut their price objective on Onsemi from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.24.

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.