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

In the latest trading session, ON Semiconductor Corp. (ON) closed at $42.81, marking a -0.12% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.49%. Meanwhile, the Dow experienced a drop of 0.2%, and the technology-dominated Nasdaq saw an increase of 1.22%.Shares of the semiconductor components maker witnessed a loss of 10.58% over the previous month, beating the performance of the Computer and Technology sector with its loss of 12.07% and underperforming the S&P 500's loss of 8.15%.Market participants will be closely following the financial results of ON Semiconductor Corp. in its upcoming release. The company's upcoming EPS is projected at $0.51, signifying a 52.78% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1.41 billion, down 24.54% from the prior-year quarter.For the full year, the Zacks Consensus Estimates are projecting earnings of $2.49 per share and revenue of $6.07 billion, which would represent changes of -37.44% and -14.3%, respectively, from the prior year.Additionally, investors should keep an eye on any recent revisions to analyst forecasts for ON Semiconductor Corp. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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 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, 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. Within the past 30 days, our consensus EPS projection has moved 37.33% lower. At present, ON Semiconductor Corp. boasts a Zacks Rank of #5 (Strong Sell).Valuation is also important, so investors should note that ON Semiconductor Corp. has a Forward P/E ratio of 17.24 right now. For comparison, its industry has an average Forward P/E of 29.39, which means ON Semiconductor Corp. is trading at a discount to the group.One should further note that ON currently holds a PEG ratio of 13.47. 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. Semiconductor - Analog and Mixed stocks are, on average, holding a PEG ratio of 1.94 based on yesterday's closing prices.The Semiconductor - Analog and Mixed industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 201, placing it within the bottom 20% of over 250 industries.The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want 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