Here’s Why ON Semiconductor Corporation (ON) Fell in the Quarter
Scout Investments, Inc, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Scout Mid Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The market advance dominated by large-cap tech stocks broadened out, so mid-and small-cap companies outperformed their large-cap counterparts. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Carillon Scout Mid Cap Fund featured stocks like ON Semiconductor Corporation (NASDAQ:ON) in the fourth quarter 2023 investor letter. Headquartered in Scottsdale, Arizona, ON Semiconductor Corporation (NASDAQ:ON) provides intelligent sensing and power solutions. On March 22, 2024, ON Semiconductor Corporation (NASDAQ:ON) stock closed at $74.68 per share. One-month return of ON Semiconductor Corporation (NASDAQ:ON) was -3.73%, and its shares lost 1.31% of their value over the last 52 weeks. ON Semiconductor Corporation (NASDAQ:ON) has a market capitalization of $31.913 billion.
Carillon Scout Mid Cap Fund stated the following regarding ON Semiconductor Corporation (NASDAQ:ON) in its fourth quarter 2023 investor letter:
"Finally, ON Semiconductor Corporation (NASDAQ:ON) rounded out the losers; it suffered from a generally weak semiconductor market, and a glut of electric vehicles at U.S. auto dealers raised concerns over excess semiconductor inventory in the distribution channel, which hurt sentiment on the stock."
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 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, ON Semiconductor Corporation (NASDAQ:ON) was held by 45 hedge fund portfolios, down from 53 in the previous quarter, according to our database.
We discussed ON Semiconductor Corporation (NASDAQ:ON) in another article and shared Alger Mid Cap Growth Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
