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ON Semiconductor Corp. (ON) Dips More Than Broader Markets: What You Should Know
ON Semiconductor Corp. (ON - Free Report) closed at $70.08 in the latest trading session, marking a -1.02% move from the prior day. This move lagged the S&P 500's daily loss of 0.07%. At the same time, the Dow added 0.31%, and the tech-heavy Nasdaq lost 3.22%.
Coming into today, shares of the semiconductor components maker had gained 13.48% in the past month. In that same time, the Computer and Technology sector gained 11.67%, while the S&P 500 gained 4.64%.
Wall Street will be looking for positivity from ON Semiconductor Corp. as it approaches its next earnings report date. This is expected to be February 6, 2023. In that report, analysts expect ON Semiconductor Corp. to post earnings of $1.27 per share. This would mark year-over-year growth of 16.51%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.08 billion, up 12.66% from the year-ago period.
It is also important to note the recent changes to analyst estimates for ON Semiconductor Corp.These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.36% lower. ON Semiconductor Corp. is holding a Zacks Rank of #4 (Sell) right now.
Looking at its valuation, ON Semiconductor Corp. is holding a Forward P/E ratio of 15.67. This valuation marks a discount compared to its industry's average Forward P/E of 16.56.
Also, we should mention that ON has a PEG ratio of 0.77. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Semiconductor - Analog and Mixed industry currently had an average PEG ratio of 0.8 as of yesterday's close.
The Semiconductor - Analog and Mixed industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 219, which puts it in the bottom 14% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.