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

ON Semiconductor Corp. (ON) ended the recent trading session at $55.69, demonstrating a -1.21% change from the preceding day's closing price. This change lagged the S&P 500's daily gain of 0.46%. Elsewhere, the Dow gained 0.17%, while the tech-heavy Nasdaq added 0.57%. Prior to today's trading, shares of the semiconductor components maker had gained 18.95% outpaced the Computer and Technology sector's gain of 4.54% and the S&P 500's gain of 4.22%.The investment community will be closely monitoring the performance of ON Semiconductor Corp. in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $0.62, reflecting a 34.74% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $1.53 billion, down 11.02% from the year-ago period. For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.36 per share and a revenue of $5.99 billion, signifying shifts of -40.7% and -15.36%, respectively, from the last year. It is also important to note the recent changes to analyst estimates for ON Semiconductor Corp. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook. Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system. The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.15% higher. At present, ON Semiconductor Corp. boasts a Zacks Rank of #3 (Hold). Looking at valuation, ON Semiconductor Corp. is presently trading at a Forward P/E ratio of 23.93. For comparison, its industry has an average Forward P/E of 44.41, which means ON Semiconductor Corp. is trading at a discount to the group. Also, we should mention that ON has a PEG ratio of 3.01. 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 2.5 at yesterday's closing price. The Semiconductor - Analog and Mixed industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 58, putting it in the top 24% of all 250+ industries. The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next 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