3 Stocks Down More Than 11% in 2024 That Are Screaming Buys in August

Group 1: ON Semiconductor - ON Semiconductor has faced near-term headwinds due to its significant exposure to the automotive and industrial markets, which account for over 79% of total revenue, and are weak in 2024 [4][3] - The company is investing up to $2 billion in a new silicon carbide (SiC) manufacturing facility in Europe to support long-term growth, particularly in electric vehicles [5] - Despite a projected 13.4% decline in full-year sales for 2024, management's guidance for third-quarter revenue suggests a sequential improvement, with expected revenue growth of 8.4% in 2025 [6] Group 2: Hexcel - Hexcel's revenue is heavily reliant on Airbus and Boeing, with 39% and 15% of sales coming from these companies respectively, but has faced challenges due to delivery delays and reduced delivery expectations [7] - The company has lowered its full-year revenue guidance for 2024 to $1.9 billion-$1.98 billion, impacting margins as it had prepared for higher delivery volumes [8] - Long-term growth is supported by the increasing use of advanced composites in newer aircraft, with a projected need for 43,975 new airplanes over the next 20 years [9] Group 3: Keysight Technologies - Keysight Technologies provides hardware, software, and services that assist customers in designing and optimizing their products, with a long-term growth expectation of 5% to 7% annually [11][12] - The company is currently facing challenges due to a pullback in R&D spending amid a slowing economy, leading to an expected sales decline of nearly 10% in 2024 [13] - Despite these challenges, Keysight is attractively priced at slightly less than 23 times expected 2024 earnings, with potential for strong recovery when R&D spending rebounds [14]