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

ON Semiconductor Corp. (ON) closed the most recent trading day at $70.95, moving +1.11% from the previous trading session. This change outpaced the S&P 500's 0.06% loss on the day. At the same time, the Dow added 0.59%, and the tech-heavy Nasdaq lost 0.3%.

Heading into today, shares of the semiconductor components maker had gained 13.32% over the past month, outpacing the Computer and Technology sector's gain of 4.06% and the S&P 500's gain of 5.76% in that time.

Wall Street will be looking for positivity from ON Semiconductor Corp. as it approaches its next earnings report date. The company is expected to report EPS of $0.94, up 168.57% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1.79 billion, up 23.84% from the prior-year quarter.

Investors might also notice recent changes to analyst estimates for ON Semiconductor Corp.These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.51% higher. ON Semiconductor Corp. is currently a Zacks Rank #2 (Buy).

Digging into valuation, ON Semiconductor Corp. currently has a Forward P/E ratio of 21.39. This represents a discount compared to its industry's average Forward P/E of 23.98.

The Semiconductor - Analog and Mixed industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 43, putting it in the top 17% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.


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