Should You Consider Investing in ON Semiconductor (ON)?

ClearBridge Investments, an investment management firm, published its “Mid Cap  Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Strategy underperformed its Russell Midcap Index during the third quarter. On an absolute basis, the Strategy had losses across 10 of the 11 sectors in which it was invested during the quarter. The leading detractors were the health care, financials and consumer discretionary sectors, while the industrials sector was the sole positive contributor.. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, ClearBridge Investments Mid Cap Strategy mentioned ON Semiconductor Corporation (NASDAQ:ON) and explained its insights for the company. Founded in 1999, ON Semiconductor Corporation (NASDAQ:ON) is a Phoenix, Arizona-based semiconductor manufacturing company with a $31.3 billion market capitalization. ON Semiconductor Corporation (NASDAQ:ON) delivered a 6.68% return since the beginning of the year, while its 12-month returns are up by 17.42%. The stock closed at $72.46 per share on November 18, 2022.

Here is what ClearBridge Investments Mid Cap Strategy  has to say about ON Semiconductor Corporation (NASDAQ:ON) in its Q3 2022 investor letter:

“Our IT holdings also positively contributed to relative performance versus the benchmark. ON Semiconductor (NASDAQ:ON) was boosted during the quarter by high demand for auto semiconductors used in sensing and power management modules amid global chip shortages and tight supply chains.”

Photo by Yogesh Phuyal on Unsplash

Our calculations show that ON Semiconductor Corporation (NASDAQ:ON) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. ON Semiconductor Corporation (NASDAQ:ON) was in 39 hedge fund portfolios at the end of the second quarter of 2022, compared to 48 funds in the previous quarter. ON Semiconductor Corporation (NASDAQ:ON) delivered a 5.32% return in the past 3 months.

In November 2022, we also shared another hedge fund’s views on ON Semiconductor Corporation (NASDAQ:ON) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

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