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ON Semiconductor Corporation (NASDAQ: ON) Must Gain 6.05% To Achieve Consensus Price Target

ON Semiconductor Corporation (NASDAQ:ON) has a beta value of 1.74 and has seen 4.53 million shares traded in the last trading session. The company, currently valued at $29.04B, closed the last trade at $70.08 per share which meant it lost -$0.72 on the day or -1.02% during that session. The ON stock price is -10.27% off its 52-week high price of $77.28 and 36.13% above the 52-week low of $44.76. If we look at the company’s 10-day average daily trading volume, we find that it stood at 5.61 million shares traded. The 3-month trading volume is 6.38 million shares.

The consensus among analysts is that ON Semiconductor Corporation (ON) is an Overweight stock at the moment, with a recommendation rating of 2.10. 0 analysts rate the stock as a Sell, while 3 rate it as Overweight. 9 out of 31 have rated it as a Hold, with 19 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $1.31.

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ON Semiconductor Corporation (NASDAQ:ON) trade information

Sporting -1.02% in the red in last session, the stock has traded in the green over the last five days, with the highest price hit on Tuesday, 01/24/23 when the ON stock price touched $70.08 or saw a rise of 1.67%. Year-to-date, ON Semiconductor Corporation shares have moved 12.36%, while the 5-day performance has seen it change 6.39%. Over the past 30 days, the shares of ON Semiconductor Corporation (NASDAQ:ON) have changed 7.75%. Short interest in the company has seen 20.74 million shares shorted with days to cover at 3.07.

Wall Street analysts have a consensus price target for the stock at $74.59, which means that the shares’ value could jump 6.05% from current levels. The projected low price target is $55.00 while the price target rests at a high of $83.00. In that case, then, we find that the current price level is -18.44% off the targeted high while a plunge would see the stock lose 21.52% from current levels.

ON Semiconductor Corporation (ON) estimates and forecasts

Figures show that ON Semiconductor Corporation shares have outperformed across the wider relevant industry. The company’s shares have gained 18.10% over the past 6 months, with this year growth rate of 78.98%, compared to 25.70% for the industry. Other than that, the company has, however, increased its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are 50.60% and 14.70% for the next quarter. Revenue growth from the last financial year stood is estimated to be 22.30%.

24 analysts offering their estimates for the company have set an average revenue estimate of $2.12 billion for the current quarter. 24 have an estimated revenue figure of $2.1 billion for the next quarter concluding in Dec 2022. Year-ago sales stood $1.74 billion and $1.85 billion respectively for this quarter and the next, and analysts expect sales will grow by 21.70% for the current quarter and 13.50% for the next.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was 39.30% over the past 5 years. Earnings growth for 2023 is a modest 306.80% while over the next 5 years, the company’s earnings are expected to increase by 18.33%.

ON Dividends

ON Semiconductor Corporation is expected to release its next earnings report between February 06 and February 10 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.

ON Semiconductor Corporation (NASDAQ:ON)’s Major holders

Insiders own 0.39% of the company shares, while shares held by institutions stand at 101.19% with a share float percentage of 101.59%. Investors are also buoyed by the number of investors in a company, with ON Semiconductor Corporation having a total of 1,068 institutions that hold shares in the company. The top two institutional holders are Vanguard Group, Inc. (The) with over 50.34 million shares worth more than $2.53 billion. As of Jun 29, 2022, Vanguard Group, Inc. (The) held 11.62% of shares outstanding.

The other major institutional holder is Blackrock Inc., with the holding of over 45.24 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $2.28 billion and represent 10.44% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Vanguard Total Stock Market Index Fund and Janus Henderson Enterprise Fund. As of Jun 29, 2022, the former fund manager holds about 2.95% shares in the company for having 12.8 million shares of worth $643.77 million while later fund manager owns 10.13 million shares of worth $509.44 million as of Jun 29, 2022, which makes it owner of about 2.34% of company’s outstanding stock.

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