BTIG Research Cuts ON (NYSE:ONON) Price Target to $60.00

ON (NYSE:ONON) had its price target trimmed by BTIG Research from $70.00 to $60.00 in a research report report published on Tuesday morning, MarketBeat.com reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently weighed in on ONON. Wall Street Zen downgraded shares of ON from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. William Blair downgraded shares of ON from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Barclays cut their price objective on shares of ON from $57.00 to $46.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. 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. Finally, Truist Financial lowered their target price on ON from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.57.

ON Stock Performance

Shares of NYSE:ONON opened at $31.53 on Tuesday. The company has a market cap of $20.12 billion, a P/E ratio of 21.45, a PEG ratio of 0.57 and a beta of 2.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.39 and a current ratio of 2.98. ON has a one year low of $30.11 and a one year high of $51.08. The business’s 50-day simple moving average is $36.92 and its 200 day simple moving average is $38.60.

ON (NYSE:ONON) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). ON had a return on equity of 23.94% and a net margin of 12.09%.The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the prior year, the company earned ($0.09) EPS. The firm’s revenue was up 13.5% compared to the same quarter last year. On average, sell-side analysts forecast that ON will post 1.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Cullen Frost Bankers Inc. grew its position in shares of ON by 639.7% during the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after buying an additional 467 shares during the last quarter. Caitlin John LLC bought a new position in ON in the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC boosted its stake in ON by 69.6% in the first quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $26,000 after acquiring an additional 312 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in ON in the fourth quarter valued at approximately $27,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of ON by 555.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock valued at $33,000 after purchasing an additional 594 shares during the last quarter. 36.39% of the stock is currently owned by institutional investors.

More ON News

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

ON Company Profile

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.