Evercore ISI Has Lowered Expectations for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its price objective cut by research analysts at Evercore ISI from $68.00 to $50.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s target price indicates a potential upside of 42.11% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. TD Cowen cut their target price on shares of ON from $63.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, October 14th. Barclays boosted their price target on shares of ON from $68.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, August 13th. Raymond James Financial reduced their price objective on shares of ON from $66.00 to $55.00 and set an “outperform” rating on the stock in a report on Tuesday, October 21st. UBS Group lifted their price objective on shares of ON from $75.00 to $79.00 and gave the stock a “buy” rating in a research report on Wednesday, August 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $62.00 target price on shares of ON in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $61.60.

ON Stock Up 0.6%

Shares of NYSE ONON opened at $35.18 on Monday. ON has a 12-month low of $34.38 and a 12-month high of $64.05. The stock has a market cap of $22.15 billion, a P/E ratio of 78.19, a PEG ratio of 4.34 and a beta of 2.18. The company has a current ratio of 2.53, a quick ratio of 2.00 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $41.84 and its 200-day simple moving average is $48.30.

ON (NYSE:ONON) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.35). The company had revenue of $944.29 million during the quarter, compared to analyst estimates of $707.74 million. ON had a net margin of 4.45% and a return on equity of 8.75%. ON’s revenue for the quarter was up 32.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.14 EPS. As a group, equities analysts predict that ON will post 0.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ONON. Ramirez Asset Management Inc. lifted its position in ON by 20.0% in the second quarter. Ramirez Asset Management Inc. now owns 1,200 shares of the company’s stock valued at $62,000 after acquiring an additional 200 shares during the last quarter. CWM LLC increased its position in shares of ON by 22.2% during the first quarter. CWM LLC now owns 1,259 shares of the company’s stock worth $55,000 after purchasing an additional 229 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of ON by 1.0% in the 2nd quarter. Asset Management One Co. Ltd. now owns 24,939 shares of the company’s stock valued at $1,298,000 after purchasing an additional 243 shares during the last quarter. Lido Advisors LLC lifted its holdings in shares of ON by 1.2% in the 2nd quarter. Lido Advisors LLC now owns 23,754 shares of the company’s stock valued at $1,236,000 after purchasing an additional 285 shares during the last quarter. Finally, Sterling Investment Counsel LLC boosted its position in shares of ON by 5.5% in the 2nd quarter. Sterling Investment Counsel LLC now owns 5,750 shares of the company’s stock valued at $299,000 after purchasing an additional 300 shares during the period. 36.39% of the stock is owned by hedge funds and other institutional investors.

About ON

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.