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8. ON Semiconductor Corp (NASDAQ:ON)

Number of Hedge Fund Holders In Q4 2024: 52

ON Semiconductor Corp (NASDAQ:ON) makes semiconductors and is a major supplier to the automotive industry.

The stock is down significantly so far in 2025 as it reported disappointing Q4 2024 results with revenue of $1.72 billion (down nearly 15% year-over-year) and adjusted earnings per share (EPS) of $0.95, both missing analyst expectations of $1.76 billion in revenue and $0.97 EPS.

All major segments saw revenue declines: Power Solutions Group (-16%), Analog and Mixed-Signal Group (-18%), and Intelligent Sensing Group (-2%).

On top of that, ON Semiconductor issued weak Q1 2025 guidance with projected revenue between $1.35 billion to $1.45 billion, significantly below market expectations of $1.69 billion. Gross margin guidance was also reduced to 38.9%-40.9%.

The company announced a restructuring plan involving a 9% workforce reduction to cut costs amid declining demand and revenue. This move will incur charges of $50 million to $60 million in 2025.

The consensus price target of $66.5 implies 66.92% upside.

ON stock is down 37.26% year-to-date.