ON (NYSE:ONON – Free Report) had its price target lowered by Needham & Company LLC from $45.00 to $37.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.
A number of other equities research analysts have also recently weighed in on the company. Telsey Advisory Group dropped their price target on ON from $60.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Evercore restated an “outperform” rating and set a $46.00 target price on shares of ON in a report on Friday, August 7th. UBS Group lowered their target price on ON from $85.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Wall Street Zen cut ON from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Finally, Guggenheim reiterated a “buy” rating and set a $51.00 price target on shares of ON in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $48.57.
Get Our Latest Stock Report on ON
ON Stock Up 1.7%
ON (NYSE:ONON – Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.09 billion. ON had a net margin of 12.09% and a return on equity of 23.94%. The business’s revenue was up 13.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) EPS. Equities research analysts predict that ON will post 1.51 earnings per share for the current fiscal year.
Institutional Investors Weigh In On ON
Several hedge funds and other institutional investors have recently made changes to their positions in ONON. Caitlin John LLC bought a new stake in shares of ON during the fourth quarter worth $25,000. Cullen Frost Bankers Inc. boosted its holdings in ON by 639.7% in the fourth quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after acquiring an additional 467 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in ON in the fourth quarter worth about $27,000. Caitong International Asset Management Co. Ltd raised its holdings in ON by 555.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock worth $33,000 after purchasing an additional 594 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in ON by 69.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock worth $26,000 after purchasing an additional 312 shares during the last quarter. 36.39% of the stock is owned by institutional investors and hedge funds.
Key Stories Impacting ON
Here are the key news stories impacting ON this week:
- Positive Sentiment: Some investors see an opportunity after the sharp decline. On Holding continues to deliver double-digit revenue growth, expanded margins, strong liquidity and healthy long-term brand demand. The company’s direct-to-consumer strategy and international expansion could support a recovery if wholesale sales stabilize. On Holding’s Price Stumble May Be an Opening for a Company Built to Run
- Positive Sentiment: Despite reducing their forecasts, Stifel, UBS, Telsey Advisory Group and Robert W. Baird retained bullish ratings, with price targets still materially above the current share price. This may be helping fuel dip-buying and a partial rebound. Analyst price-target updates
- Neutral Sentiment: Analysts are reassessing On Holding’s valuation and growth trajectory following the quarterly report. Target reductions were substantial, but several firms continue to rate the stock Buy or Outperform, indicating a divided view on whether the weakness is temporary or structural.
- Negative Sentiment: The primary catalyst for the selloff was mixed second-quarter performance: revenue of approximately $1.05 billion missed expectations near $1.09 billion, while earnings per share of $0.35 came in below the consensus estimate of $0.42. Management also trimmed guidance, raising concerns about slowing sales growth. On Holding Just Had Its Worst Trading Day Ever
- Negative Sentiment: The wholesale channel slowed, while foreign-exchange effects added pressure. The resulting guidance reset caused the stock’s largest-ever one-day decline, with exceptionally heavy trading volume, and prompted a broad wave of lower price targets. On Shares Fall Sharply After Wholesale Slowdown in Q2
About ON
On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.
On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.
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