#4. ON Semiconductor Corp (NASDAQ:ON)
– Investors with long positions as of March 31: 28
– Aggregate value of investors’ holdings as of March 31: $348.54 Million
ON Semiconductor Corp (NASDAQ:ON) fell out of favor with the hedge funds tracked by Insider Monkey during the March quarter, as the number of money managers with long positions in the company dropped to 28 from 34 quarter-over-quarter. Correspondingly, the overall value of those positions shrunk to $348.54 million from $406.54 million during the quarter. Approximately 9% of the company’s total number of outstanding shares were stockpiled by the 28 bullish hedge fund vehicles. The shares of the semiconductor manufacturer are down 4% thus far in 2016. In mid-November, ON Semiconductor agreed to acquire fellow chip company Fairchild Semiconductor Intl Inc. (NASDAQ:FCS) in an all-cash deal valued at $2.4 billion. The acquirer has already obtained the financing for the imminent acquisition, as well as received approvals from regulators in Germany and Japan. The Fairchild transaction, subject to regulatory approvals in the United States and China, is anticipated to close in the middle of the year. Richard S. Pzena’s Pzena Investment Management upped its stake in ON Semiconductor Corp (NASDAQ:ON) by 17% during the March quarter to 13.03 million shares.
Follow On Semiconductor Corp (NASDAQ:ON)
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#3. Marvell Technology Group Ltd. (NASDAQ:MRVL)
– Investors with long positions as of March 31: 31
– Aggregate value of investors’ holdings as of March 31: $661.11 Million
Marvell Technology Group Ltd. (NASDAQ:MRVL) received some love from the small-sized “Insider Monkey” hedge fund industry during the first three months of 2016, with the number of funds invested in the company increasing to 31 from 25 quarter-on-quarter. The aggregate value of hedge funds’ equity investments in Marvell increased to $661.11 million from $416.72 million quarter-over-quarter. The 31 funds invested in the Silicon Valley chip maker accumulated roughly 12% of the company’s shares on March 31. In late April, the U.S. chipmaker appointed three directors backed by Jeffrey Smith’s Starboard Value LP, as well as an additional independent director, in the face of accounting issues and other problems. In early March, the company’s Audit Committee identified problems with the “tone at the top”, including significant pressure on sales and finance personnel to meet revenue targets. These issues resulted in the departure of Marvell’s longtime leaders, so the company is currently searching for a new leader to replace former CEO Sehat Suturdja. Marvell shares are 13% in the green year-to-date. Starboard Value LP owns 20.40 million shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) as of March 31.
