Onto Innovation (ONTO) ended the recent trading session at $96.95, demonstrating a -1.77% change from the preceding day's closing price. The stock's change was less than the S&P 500's daily loss of 0.01%. Meanwhile, the Dow lost 0.32%, and the Nasdaq, a tech-heavy index, added 0.05%.
Prior to today's trading, shares of the maker of semiconductor manufacturing equipment had gained 1.78% lagged the Computer and Technology sector's gain of 7.44% and the S&P 500's gain of 5.37%.
Market participants will be closely following the financial results of Onto Innovation in its upcoming release. On that day, Onto Innovation is projected to report earnings of $1.27 per share, which would represent a year-over-year decline of 3.79%. Meanwhile, our latest consensus estimate is calling for revenue of $249.75 million, up 3.06% from the prior-year quarter.
ONTO's full-year Zacks Consensus Estimates are calling for earnings of $5.14 per share and revenue of $994.52 million. These results would represent year-over-year changes of -3.75% and +0.73%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Onto Innovation. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, 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 past month, the Zacks Consensus EPS estimate remained stagnant. Onto Innovation presently features a Zacks Rank of #3 (Hold).
Investors should also note Onto Innovation's current valuation metrics, including its Forward P/E ratio of 19.22. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 19.22.
It is also worth noting that ONTO currently has a PEG ratio of 0.64. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Nanotechnology stocks are, on average, holding a PEG ratio of 0.64 based on yesterday's closing prices.
The Nanotechnology industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 92, positioning it in the top 38% 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Onto Innovation Inc. (ONTO): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
