Starboard Value has acquired a significant stake in ON Semiconductor Corporation, valued at $414.33 million, coinciding with the company's strong fiscal first quarter earnings of $1.22 per share and revenues of $1.95 billion, which exceeded market expectations. Despite a recent dip in share price, ON Semiconductor's stock has surged 75.61% year-to-date, demonstrating robust performance in the semiconductor market and leading to its upgrade to Zacks Rank #1. The company is also set to replace IPG Photonics Corp in the S&P 500, further highlighting its growing prominence.
“Starboard Value · owns more than · 5.99 million shares of ON Semiconductor Corporation · $414.33 million”
“ON Semiconductor Corporation · released market-beating earnings for · the fiscal first quarter of 2022 · $1.22 EPS”
“ON Semiconductor Corp. · closed the last trading session · $62.66 · 1.8% lower”
“ON Semiconductor Corp. · consensus EPS estimate for the upcoming report has remained · unchanged · at $1.26 over the past month”
“ON Semiconductor Corp. · closed the last trading session · 1.8% lower · at $62.66”
“ON Semiconductor Corporation (NASDAQ:ON) · supplies · 80,000 different parts · to leading industries”
“ON Semiconductor Corporation (NASDAQ:ON) · has · 33,000 employees globally · true”
“ON Semiconductor Corporation (NASDAQ:ON) · is a market leader in · image sensors and power semiconductor products · true”
“ON Semiconductor Corporation (NASDAQ:ON) · was held by · 48 hedge funds · as of Q1 2022”
“ON Semiconductor · has been showing · superior relative performance · versus other chipmakers”
“ON Semiconductor · shares have plunged · 7.8% · YTD”
“ON Semiconductor Corp. · closed · most recent trading day · $62.66”
