Is ON Semiconductor (ON) Stock Outpacing Its Computer and Technology Peers This Year?
Investors focused on the Computer and Technology space have likely heard of ON Semiconductor (ON), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.
ON Semiconductor is one of 627 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #13 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. ON is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for ON's full-year earnings has moved 29.57% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, ON has gained about 37.03% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 26.63% on a year-to-date basis. This shows that ON Semiconductor is outperforming its peers so far this year.
Breaking things down more, ON is a member of the Semiconductor - Analog and Mixed industry, which includes 10 individual companies and currently sits at #32 in the Zacks Industry Rank. On average, stocks in this group have gained 19.22% this year, meaning that ON is performing better in terms of year-to-date returns.
ON will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.
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