ON Semiconductor Corp. (ON) Outpaces Stock Market Gains: What You Should Know

ON Semiconductor Corp. (ON) closed the most recent trading day at $53.80, moving +2.71% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 0.55%. Meanwhile, the Dow experienced a rise of 0.25%, and the technology-dominated Nasdaq saw an increase of 0.63%.Prior to today's trading, shares of the semiconductor components maker had gained 17.39% over the past month. This has outpaced the Computer and Technology sector's gain of 11.3% and the S&P 500's gain of 6.29% in that time.Market participants will be closely following the financial results of ON Semiconductor Corp. in its upcoming release. On that day, ON Semiconductor Corp. is projected to report earnings of $0.54 per share, which would represent a year-over-year decline of 43.75%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.45 billion, down 16.44% from the year-ago period.For the full year, the Zacks Consensus Estimates are projecting earnings of $2.31 per share and revenue of $5.9 billion, which would represent changes of -41.96% and -16.64%, respectively, from the prior year.Investors should also take note of any recent adjustments to analyst estimates for ON Semiconductor Corp. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.4% lower. ON Semiconductor Corp. currently has a Zacks Rank of #3 (Hold).From a valuation perspective, ON Semiconductor Corp. is currently exchanging hands at a Forward P/E ratio of 22.67. This valuation marks a discount compared to its industry's average Forward P/E of 36.47.One should further note that ON currently holds a PEG ratio of 4.27. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Semiconductor - Analog and Mixed was holding an average PEG ratio of 2.12 at yesterday's closing price.The Semiconductor - Analog and Mixed industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 144, placing it within the bottom 42% of over 250 industries.The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ON Semiconductor Corporation (ON): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks