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In the latest trading session, ON Semiconductor Corp. (ON) closed at $52.46, marking a -1.87% move from the previous day. This change lagged the S&P 500's 0.22% gain on the day. At the same time, the Dow lost 0.13%, and the tech-heavy Nasdaq gained 0.2%.
Heading into today, shares of the semiconductor components maker had lost 4.65% over the past month, outpacing the Computer and Technology sector's loss of 8.36% and the S&P 500's loss of 8.32% in that time.
Investors will be hoping for strength from ON Semiconductor Corp. as it approaches its next earnings release. On that day, ON Semiconductor Corp. is projected to report earnings of $1.26 per share, which would represent year-over-year growth of 100%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.02 billion, up 20.71% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.91 per share and revenue of $7.99 billion, which would represent changes of +66.44% and +18.57%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for ON Semiconductor Corp.These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. ON Semiconductor Corp. is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, ON Semiconductor Corp. currently has a Forward P/E ratio of 10.9. Its industry sports an average Forward P/E of 15.58, so we one might conclude that ON Semiconductor Corp. is trading at a discount comparatively.
The Semiconductor - Analog and Mixed industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 20, which puts it in the top 8% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
To follow ON in the coming trading sessions, be sure to utilize Zacks.com.