Should You Be Bullish on ON Semiconductor Corporation (ON) Over the Long Term? – Yahoo Canada Finance
Fred Alger Management, an investment management company, released its “Alger Mid Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S. equities experienced a robust rally in Q1, with the S&P Index finishing up 10.56%. The fund underperformed the Russell Midcap Growth Index in the quarter. Industrials and healthcare sectors were the leading contributors while financials and utilities detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Alger Mid Cap Growth Fund highlighted stocks like ON Semiconductor Corporation (NASDAQ:ON), in the first quarter 2024 investor letter. ON Semiconductor Corporation (NASDAQ:ON) provides intelligent sensing and power solutions. The one-month return of ON Semiconductor Corporation (NASDAQ:ON) was 2.79%, and its shares lost 17.54% of their value over the last 52 weeks. On June 13, 2024, ON Semiconductor Corporation (NASDAQ:ON) stock closed at 75.04 per share with a market capitalization of $32.285 billion.
Alger Mid Cap Growth Fund stated the following regarding ON Semiconductor Corporation (NASDAQ:ON) in its first quarter 2024 investor letter:
"ON Semiconductor Corporation (NASDAQ:ON) specializes in designing, marketing, and manufacturing a range of semiconductors, including analog, discrete, and data management types, with an emphasis on power semiconductors. The company has a global operational and sales presence, catering to key electronics sectors such as computing, wireless communications, networking, automotive, industrial, and consumer electronics. During the quarter, the company reported fiscal fourth quarter results, where revenues and earnings met analyst estimates. While the company has executed well compared to other automotive and analog semiconductors, shares detracted from performance after management lowered their fiscal first quarter guidance, citing near-term industry headwinds. While the company is navigating a challenging operating environment with an ongoing inventory correction and EV demand weakness, we believe the company has the potential to be a strong secular grower over the long- term."
A technician soldering a semiconductor chip, emphasizing the power of the company's products.
ON Semiconductor Corporation (NASDAQ:ON) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held ON Semiconductor Corporation (NASDAQ:ON) at the end of the first quarter which was 45 in the previous quarter. In the first quarter, ON Semiconductor Corporation (NASDAQ:ON) reported $1.86 billion in revenue, down 8% from Q4 2023 and 5% from Q1 2023. While we acknowledge the potential of ON Semiconductor Corporation (NASDAQ:ON) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed ON Semiconductor Corporation (NASDAQ:ON) and shared the list of Buzzing AI Semiconductor Stocks in 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.
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