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In the latest trading session, ON Semiconductor Corp. (ON) closed at $50.31, marking a -1.58% move from the previous day. This move lagged the S&P 500's daily loss of 0.88%. Meanwhile, the Dow lost 0.82%, and the Nasdaq, a tech-heavy index, added 0.08%.
Heading into today, shares of the semiconductor components maker had lost 13.75% over the past month, lagging the Computer and Technology sector's loss of 7.53% and the S&P 500's loss of 8.06% in that time.
ON Semiconductor Corp. will be looking to display strength as it nears 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%. Our most recent consensus estimate is calling for quarterly revenue 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 should also note any 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.
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, 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 a Zacks Rank #1 (Strong Buy).
Looking at its valuation, ON Semiconductor Corp. is holding a Forward P/E ratio of 10.42. This valuation marks a discount compared to its industry's average Forward P/E of 15.99.
The Semiconductor - Analog and Mixed industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 19, putting it in the top 8% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow ON in the coming trading sessions, be sure to utilize Zacks.com.
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