In the latest trading session, ON Semiconductor Corp. (ON Quick QuoteON - Free Report) closed at $117.06, marking a -11.01% move from the previous day. This move lagged the S&P 500's daily loss of 1.44%. Meanwhile, the Dow experienced a drop of 0.09%, and the technology-dominated Nasdaq saw a decrease of 2.22%.

Shares of the semiconductor components maker have appreciated by 13.21% over the course of the past month, outperforming the Computer and Technology sector's gain of 0.98%, and the S&P 500's gain of 0.08%.

The upcoming earnings release of ON Semiconductor Corp. will be of great interest to investors. The company's upcoming EPS is projected at $0.72, signifying a 35.85% increase compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $1.59 billion, indicating a 7.92% upward movement from the same quarter last year.

ON's full-year Zacks Consensus Estimates are calling for earnings of $3.09 per share and revenue of $6.48 billion. These results would represent year-over-year changes of +31.49% and +8.02%, respectively.

Any recent changes to analyst estimates for ON Semiconductor Corp. should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

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 remained steady. ON Semiconductor Corp. is holding a Zacks Rank of #2 (Buy) right now.

From a valuation perspective, ON Semiconductor Corp. is currently exchanging hands at a Forward P/E ratio of 42.61. This indicates a discount in contrast to its industry's Forward P/E of 63.94.

We can additionally observe that ON currently boasts a PEG ratio of 1.17. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Semiconductor - Analog and Mixed was holding an average PEG ratio of 1.21 at yesterday's closing price.

The Semiconductor - Analog and Mixed industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 3, putting it in the top 2% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.