In the latest trading session, ON Semiconductor Corp. (ON) closed at $35.08, marking a +0.56% move from the previous day. This change lagged the S&P 500's 1.81% gain on the day. Elsewhere, the Dow saw an upswing of 1.56%, while the tech-heavy Nasdaq appreciated by 2.06%.

Coming into today, shares of the semiconductor components maker had lost 17.25% in the past month. In that same time, the Computer and Technology sector lost 7.27%, while the S&P 500 lost 6.14%.

The investment community will be paying close attention to the earnings performance of ON Semiconductor Corp. in its upcoming release. The company is forecasted to report an EPS of $0.51, showcasing a 52.78% downward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.41 billion, indicating a 24.56% decrease compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $2.49 per share and revenue of $5.92 billion, which would represent changes of -37.44% and -16.39%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for ON Semiconductor Corp. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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, there's been no change in the Zacks Consensus EPS estimate. Right now, ON Semiconductor Corp. possesses 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 14.03 right now. This indicates a discount in contrast to its industry's Forward P/E of 25.08.

It is also worth noting that ON currently has a PEG ratio of 10.96. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Semiconductor - Analog and Mixed industry currently had an average PEG ratio of 1.61 as of yesterday's close.

The Semiconductor - Analog and Mixed industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 150, placing it within the bottom 40% of over 250 industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

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This article originally published on Zacks Investment Research (zacks.com).

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