ON (NYSE:ONON) Price Target Cut to $42.00 by Analysts at Barclays

ON (NYSE:ONON) had its price target lowered by Barclays from $44.00 to $42.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other research analysts have also recently issued reports on ONON. Jefferies Financial Group reissued an “underperform” rating on shares of ON in a research note on Tuesday, October 20th. Capital One Financial set a $28.00 price target on ON in a research report on Tuesday, September 8th. Bank of America dropped their price target on ON from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, September 17th. UBS Group reiterated a “buy” rating on shares of ON in a report on Wednesday, September 23rd. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of ON in a research report on Thursday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ON currently has an average rating of “Moderate Buy” and an average target price of $43.82.

ON Price Performance

Shares of ONON stock opened at $34.77 on Wednesday. ON has a 12-month low of $26.36 and a 12-month high of $51.08. The firm has a market capitalization of $22.19 billion, a price-to-earnings ratio of 21.20, a price-to-earnings-growth ratio of 0.69 and a beta of 2.05. The company has a quick ratio of 2.25, a current ratio of 2.83 and a debt-to-equity ratio of 0.25. The firm has a fifty day moving average of $31.93 and a 200-day moving average of $36.35.

ON (NYSE:ONON) last released its quarterly earnings data on Tuesday, November 10th. The company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.18. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. ON had a net margin of 12.41% and a return on equity of 23.62%. The firm’s quarterly revenue was up 17.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 EPS. On average, equities research analysts forecast that ON will post 1.50 earnings per share for the current year.

Insider Buying and Selling at ON

In other news, insider Olivier Bernhard bought 65,000 shares of the stock in a transaction on Friday, August 14th. The stock was purchased at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the acquisition, the insider owned 5,228,184 shares in the company, valued at approximately $160,348,403.28. This trade represents a 1.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Caspar Coppetti bought 65,000 shares of the stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the acquisition, the chief executive officer owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. This represents a 2.74% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 68.57% of the company’s stock.

Institutional Trading of ON

A number of institutional investors have recently modified their holdings of ONON. Private Advisor Group LLC acquired a new position in shares of ON during the third quarter worth about $215,000. Ieq Capital LLC grew its holdings in shares of ON by 143.4% during the third quarter. Ieq Capital LLC now owns 23,014 shares of the company’s stock worth $681,000 after buying an additional 13,557 shares in the last quarter. Voya Investment Management LLC grew its holdings in shares of ON by 220.6% during the third quarter. Voya Investment Management LLC now owns 1,002,302 shares of the company’s stock worth $29,678,000 after buying an additional 689,634 shares in the last quarter. Cibc World Market Inc. grew its holdings in shares of ON by 38.7% during the third quarter. Cibc World Market Inc. now owns 36,846 shares of the company’s stock worth $1,091,000 after buying an additional 10,276 shares in the last quarter. Finally, Banco Santander S.A. raised its position in ON by 47.4% in the 3rd quarter. Banco Santander S.A. now owns 41,030 shares of the company’s stock valued at $1,215,000 after buying an additional 13,200 shares during the last quarter. 36.39% of the stock is currently owned by institutional investors.

Latest ON News

Here’s some of the latest news about ONON:

• Positive Sentiment: Q3 EPS of $0.65 beat the $0.47 consensus estimate. Revenue grew 17.2% year over year to CHF 931.4 million, with direct-to-consumer sales up 25%. The company also raised its full-year comparable gross-margin outlook to about 66% and expects Q4 growth to accelerate. Q3 earnings report
• Neutral Sentiment: Barclays lowered its target to $42 and Goldman Sachs reportedly cut its target to $41, though both moves leave potential upside from the cited share price. Goldman Sachs target update
• Negative Sentiment: The earnings beat may have been flattered by CHF 52.6 million in U.S. tariff refunds, which boosted reported profitability. Investors also appeared disappointed that On kept its full-year low-20% constant-currency sales-growth outlook and did not raise its adjusted EBITDA outlook. Inventory growth, promotional risks, and slower wholesale growth add to concerns. Analysis of the post-earnings decline

About ON

On Holding AG, which trades on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. Its products serve runners and other athletes, as well as consumers seeking athletic-inspired everyday wear. The company is known for its running shoes, which feature its CloudTec cushioning technology. On also offers apparel and equipment for activities including running, training and outdoor sports, selling through wholesale partners and its own retail and online channels.