In the latest market close, ON Semiconductor Corp. (ON) reached $34.64, with a +1.14% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.13%. At the same time, the Dow lost 1.33%, and the tech-heavy Nasdaq lost 0.13%.

Shares of the semiconductor components maker have depreciated by 21.41% over the course of the past month, underperforming the Computer and Technology sector's loss of 9.27% and the S&P 500's loss of 6.3%.

The investment community will be closely monitoring the performance of ON Semiconductor Corp. in its forthcoming earnings report. The company's upcoming EPS is projected at $0.51, signifying a 52.78% drop compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $1.41 billion, down 24.56% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.49 per share and a revenue of $5.92 billion, signifying shifts of -37.44% and -16.39%, respectively, from the last year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for ON Semiconductor Corp. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, ON Semiconductor Corp. holds a Zacks Rank of #5 (Strong Sell).

With respect to valuation, ON Semiconductor Corp. is currently being traded at a Forward P/E ratio of 13.77. This valuation marks a discount compared to its industry's average Forward P/E of 24.76.

We can also see that ON currently has a PEG ratio of 10.76. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Semiconductor - Analog and Mixed industry currently had an average PEG ratio of 1.69 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 157, which puts it in the bottom 37% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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

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