ON Semiconductor Corp (NASDAQ:ONNN) was in 23 hedge funds’ portfolio at the end of March. ONNN investors should be aware of an increase in hedge fund interest lately. There were 16 hedge funds in our database with ONNN positions at the end of the previous quarter.
At the moment, there are dozens of metrics investors can use to track publicly traded companies. Some of the most useful are hedge fund and insider trading sentiment. At Insider Monkey, our research analyses have shown that, historically, those who follow the top picks of the best money managers can trounce their index-focused peers by a solid amount (see just how much).
Just as integral, positive insider trading activity is a second way to parse down the marketplace. As the old adage goes: there are plenty of motivations for a bullish insider to sell shares of his or her company, but just one, very simple reason why they would behave bullishly. Plenty of academic studies have demonstrated the valuable potential of this strategy if “monkeys” know where to look (learn more here).
Keeping this in mind, we’re going to take a peek at the recent action encompassing ON Semiconductor Corp (NASDAQ:ONNN).
Hedge fund activity in ON Semiconductor Corp (NASDAQ:ONNN)
Heading into Q2, a total of 23 of the hedge funds we track were long in this stock, a change of 44% from one quarter earlier. With hedge funds’ capital changing hands, there exists a few key hedge fund managers who were boosting their holdings considerably.
Of the funds we track, Eric Bannasch’s Cadian Capital had the biggest position in ON Semiconductor Corp (NASDAQ:ONNN), worth close to $159.7 million, accounting for 4.4% of its total 13F portfolio. Coming in second is Ken Griffin of Citadel Investment Group, with a $111.6 million position; 0.2% of its 13F portfolio is allocated to the stock. Remaining hedge funds that hold long positions include D. E. Shaw’s D E Shaw, Charles Clough’s Clough Capital Partners and Josh Resnick’s Jericho Capital Asset Management.
With a general bullishness amongst the heavyweights, key money managers were breaking ground themselves. Clough Capital Partners, managed by Charles Clough, created the largest position in ON Semiconductor Corp (NASDAQ:ONNN). Clough Capital Partners had 26.5 million invested in the company at the end of the quarter. Josh Resnick’s Jericho Capital Asset Management also initiated a $20.3 million position during the quarter. The other funds with new positions in the stock are Dmitry Balyasny’s Balyasny Asset Management, Mark Kingdon’s Kingdon Capital, and Glenn Russell Dubin’s Highbridge Capital Management.
What have insiders been doing with ON Semiconductor Corp (NASDAQ:ONNN)?
Insider purchases made by high-level executives is particularly usable when the company in focus has seen transactions within the past 180 days. Over the latest six-month time frame, ON Semiconductor Corp (NASDAQ:ONNN) has experienced zero unique insiders buying, and 5 insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to ON Semiconductor Corp (NASDAQ:ONNN). These stocks are Cavium Inc (NASDAQ:CAVM), Mellanox Technologies, Ltd. (NASDAQ:MLNX), Atmel Corporation (NASDAQ:ATML), AU Optronics Corp. (ADR) (NYSE:AUO), and Freescale Semiconductor Ltd (NYSE:FSL). This group of stocks belong to the semiconductor – broad line industry and their market caps resemble ONNN’s market cap.
