Artisan Partners Expects Huge Growth in ON Semiconductor Corp. (ON)

Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” second quarter investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class: APFDX returned -20.46%, Advisor Class: APDDX posted a return of -20.42%, and Institutional Class: APHDX returned -20.40%, compared to the benchmark return of -15.66% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Artisan Partners discussed stocks like ON Semiconductor Corporation (NASDAQ:ON) in the second quarter investor letter. Headquartered in Phoenix, Arizona, ON Semiconductor Corporation (NASDAQ:ON) is an intelligent sensing and power solutions provider. On September 23, 2022, ON Semiconductor Corporation (NASDAQ:ON) stock closed at $63.31 per share. One-month return of ON Semiconductor Corporation (NASDAQ:ON) was -11.55% and its shares gained 28.44% of their value over the last 52 weeks. ON Semiconductor Corporation (NASDAQ:ON) has a market capitalization of $27.428 billion.

Here is what Artisan Partners specifically said about ON Semiconductor Corporation (NASDAQ:ON) in its Q2 2022 investor letter:

“ON Semiconductor Corporation (NASDAQ:ON) is a global market leader in power management and image sensors. The company reported 49% gross margins in 1Q22 which met the new management team’s 48%-50% long-term target after revising it higher just one quarter ago. We believe ON has a clear path to >50% gross margins, and its financial results reflect the ongoing structural improvements in both manufacturing and products, cost initiatives, product mix and rising prices. Growing demand for chips in electric vehicles, renewable energy infrastructure, advanced driver assistance (multiple cameras), factory automation and machine vision should drive sustainable high single-digit top-line growth. With shares trading at an attractive discount to our PMV estimate, we continued to move this holding up the Crop of the portfolio.”

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ON Semiconductor Corporation (NASDAQ:ON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held ON Semiconductor Corporation (NASDAQ:ON) at the end of the second quarter which was 48 in the previous quarter.

We discussed ON Semiconductor Corporation (NASDAQ:ON) in another article and shared the list of stocks that have the capacity to skyrocket. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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