5 Stocks to Buy at a Discount Now

This article presents an overview of the 5 Stocks to Buy at a Discount Now. For a detailed overview of such stocks, read our article, 12 Stocks to Buy at a Discount Now.

5. ON Semiconductor Corp (NASDAQ:ON)

Number of Hedge Fund Investors: 53

With a low PE ratio, 9% YTD decline in stock price and positive hedge fund sentiment, ON Semiconductor Corp (NASDAQ:ON) ranks fifth in our list of the top stocks to buy at a discount now according to hedge funds.

In November, Goldman Sachs published a list of stocks it recommends to buy on the back of sales growth, balance sheet strength and high return on equity. On Semiconductor made it to the list.

As of the end of the third quarter of 2023, 53 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in ON Semiconductor Corp (NASDAQ:ON). The biggest stakeholder of ON Semiconductor Corp (NASDAQ:ON) was Ken Griffin’s Citadel Investment Group which owns a $232 million stake in ON Semiconductor Corp (NASDAQ:ON).

ClearBridge Sustainability Leaders Strategy made the following comment about ON Semiconductor Corporation (NASDAQ:ON) in its Q2 2023 investor letter:

“To fund our purchase of Lam Research, we exited ON Semiconductor Corporation (NASDAQ:ON), preferring Lam at this point in the semiconductor cycle, and as we are also cautious on automotive demand, a key end market for ON Semiconductor.”