Integrated circuits on a circuit board. The semiconductor industry has been in focus during the U.S.-China trade war.
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Company: ON Semiconductor Corp (ON)
Business: A premier semiconductor company that focuses on power and sensor products. ON Semi’s segments include (i) Power Solutions Group, which offers a range of discrete, module and integrated semiconductor products; (ii) Analog Solutions Group, which designs and develops analog, mixed-signal and logic application specific integrated circuits and application specific standard products and power solutions; and (iii) Image Sensor Group, which designs and develops complementary metal oxide semiconductor and charge-coupled device image sensors, as well as proximity sensors, image signal processors, and actuator drivers for autofocus and image stabilization for various end users in several markets.
Stock Market Value: $10.7 billion ($26.07 per share)
Activist: Starboard Value
Percentage Ownership: n/a
Average Cost: n/a
Activist Commentary: Starboard is a very successful activist investor and has extensive operational activism experience helping boards and management teams run companies more efficiently and improving margins. Starboard has had significant success in the semiconductor space with investments in Actel, Microtune, Zoran, DSP Group, MIPS Technologies, Integrated Device Technology, Tessera, TriQuint Semiconductor, Micrel, Integrated Silicon Solution, Marvell and Mellanox Technologies. In all twelve of these filings, Starboard has had a positive return on its investment and their average return on the twelve is 71.62%, versus an average of 23.23% for the S&P 500 during the same time periods.