BlackRock and Vanguard Are Betting on ON Semiconductor (ON) Stock
Shares of ON Semiconductor (NASDAQ: ON ) are in full focus following purchases from BlackRock (NYSE: BLK ) and Vanguard . ON stock was a former favorite of billionaire Stanley Druckenmiller before he exited his position during the third quarter of last year. Semiconductor stocks have been battered this year due to falling consumer demand and recessionary fears. Citi analyst Christopher Danely believes the worst is yet to come, predicting another 15% drop through the rest of the year. He explained: “We believe this will be the worst downturn in at least a decade in semiconductors because of three aspects that have not existed for ten years – excessive valuation, excessive inventory build, and a recession.” ON Stock: BlackRock and Vanguard Purchase Shares According to a 13G filing received on July 8, BlackRock purchased 3.98 million shares of ON, increasing its existing position by 9.64%. After the purchase, the investment firm now owns a total of 45.24 million shares. According to a 13G filing received on July 11, Vanguard purchased 10.17 million shares of ON, increasing its existing position by 25.32%.
BlackRock and Vanguard Are Betting on ON Semiconductor (ON) Stock
Shares of ON Semiconductor (NASDAQ: ON ) are in full focus following purchases from BlackRock (NYSE: BLK ) and Vanguard . ON stock was a former favorite of billionaire Stanley Druckenmiller before he exited his position during the third quarter of last year. Semiconductor stocks have been battered this year due to falling consumer demand and recessionary fears. Citi analyst Christopher Danely believes the worst is yet to come, predicting another 15% drop through the rest of the year. He explained: “We believe this will be the worst downturn in at least a decade in semiconductors because of three aspects that have not existed for ten years – excessive valuation, excessive inventory build, and a recession.” ON Stock: BlackRock and Vanguard Purchase Shares According to a 13G filing received on July 8, BlackRock purchased 3.98 million shares of ON, increasing its existing position by 9.64%. After the purchase, the investment firm now owns a total of 45.24 million shares. According to a 13G filing received on July 11, Vanguard purchased 10.17 million shares of ON, increasing its existing position by 25.32%.