On Holding AG (NYSE:ONON) to Post Q3 2023 Earnings of $0.16 Per Share, Wedbush Forecasts

On Holding AG (NYSE:ONON) – Stock analysts at Wedbush raised their Q3 2023 earnings per share estimates for ON in a research report issued to clients and investors on Monday, November 13th. Wedbush analyst T. Nikic now anticipates that the company will post earnings per share of $0.16 for the quarter, up from their previous estimate of $0.14. Wedbush currently has a “Outperform” rating and a $36.00 price target on the stock. The consensus estimate for ON’s current full-year earnings is $0.40 per share. Wedbush also issued estimates for ON’s Q4 2023 earnings at $0.13 EPS, FY2023 earnings at $0.48 EPS, Q1 2024 earnings at $0.17 EPS and FY2024 earnings at $0.79 EPS.

ON (NYSE:ONON) last issued its quarterly earnings data on Tuesday, November 14th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The company had revenue of $480.50 million for the quarter, compared to analysts’ expectations of $453.31 million. ON had a return on equity of 3.98% and a net margin of 2.59%. The firm’s revenue for the quarter was up 46.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.06 earnings per share.

Several other research analysts also recently commented on the stock. Morgan Stanley raised their price target on shares of ON from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 16th. TheStreet lowered shares of ON from a “c” rating to a “d+” rating in a research note on Friday, September 15th. Evercore ISI assumed coverage on shares of ON in a research report on Tuesday, November 7th. They set an “outperform” rating and a $38.00 target price on the stock. Redburn Atlantic began coverage on shares of ON in a report on Tuesday, October 24th. They issued an “overweight” rating and a $33.00 price target for the company. Finally, UBS Group increased their price objective on shares of ON from $42.00 to $46.00 in a research note on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.02.

ON Stock Performance

NYSE:ONON opened at $27.77 on Wednesday. The stock’s fifty day moving average is $26.88 and its 200 day moving average is $29.78. The firm has a market capitalization of $17.42 billion, a PE ratio of 198.36, a PEG ratio of 1.71 and a beta of 2.23. ON has a fifty-two week low of $15.91 and a fifty-two week high of $37.08.

Institutional Trading of ON

Institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in ON in the second quarter worth about $795,000. Sei Investments Co. grew its position in ON by 197.7% during the 1st quarter. Sei Investments Co. now owns 429,556 shares of the company’s stock worth $13,329,000 after purchasing an additional 285,268 shares during the last quarter. Sigma Planning Corp increased its stake in ON by 32.3% during the 2nd quarter. Sigma Planning Corp now owns 47,459 shares of the company’s stock valued at $1,566,000 after purchasing an additional 11,589 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of ON by 1,590.8% in the first quarter. Tower Research Capital LLC TRC now owns 3,111 shares of the company’s stock worth $97,000 after buying an additional 2,927 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its stake in shares of ON by 30.1% during the second quarter. China Universal Asset Management Co. Ltd. now owns 150,143 shares of the company’s stock worth $4,955,000 after buying an additional 34,719 shares during the period. Institutional investors and hedge funds own 18.64% of the company’s stock.

ON Company Profile

On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. The company was founded in 2010 and is headquartered in Zurich, Switzerland.