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Should You Hold ON Semiconductor Corporation (ON)?

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Artisan Mid Cap Fund featured stocks like ON Semiconductor Corporation (NASDAQ:ON) in the first quarter 2024 investor letter. Headquartered in Scottsdale, Arizona, ON Semiconductor Corporation (NASDAQ:ON) provides intelligent sensing and power solutions. On April 11, 2024, ON Semiconductor Corporation (NASDAQ:ON) stock closed at $70.60 per share. One-month return of ON Semiconductor Corporation (NASDAQ:ON) was -5.70%, and its shares lost 9.39% of their value over the last 52 weeks. ON Semiconductor Corporation (NASDAQ:ON) has a market capitalization of $30.347 billion.

Artisan Mid Cap Fund stated the following regarding ON Semiconductor Corporation (NASDAQ:ON) in its first quarter 2024 investor letter:

"Among our top detractors were Atlassian, ON Semiconductor Corporation (NASDAQ:ON) and Exact Sciences. ON Semiconductor is a leading designer and manufacturer of chips for power management and image sensing. From a battery-electric vehicle (EV) standpoint, ON is a leading producer of silicon carbide chips. Shares have been under pressure as the company grapples with multiple quarters of inventory right-sizing across the entire auto supply chain and slower-than-expected growth of EV sales. However, ON is seeing smaller sales declines than peers due to market share gains, and we believe the company will be equally well positioned if automakers rebalance their efforts from full EVs toward hybrid vehicles. We remain patient."

Semiconductor Market Share by Country: Top 12
Semiconductor Market Share by Country: Top 12

A robotic arm holding a semiconductor chip, emphasizing the precision and quality of the company's production equipment.

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ON Semiconductor Corporation (NASDAQ:ON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, ON Semiconductor Corporation (NASDAQ:ON) was held by 45 hedge fund portfolios, down from 53 in the previous quarter, according to our database.

We previously discussed ON Semiconductor Corporation (NASDAQ:ON) in another article, where we shared the list of undervalued semiconductor stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.