Truist Financial Issues Pessimistic Forecast for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its price target lowered by equities researchers at Truist Financial from $69.00 to $60.00 in a research note issued on Monday, Marketbeat.com reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 70.54% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. The Goldman Sachs Group set a $50.00 price target on shares of ON in a report on Monday, October 27th. UBS Group upped their target price 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. Telsey Advisory Group restated an “outperform” rating and issued a $65.00 price target on shares of ON in a research note on Wednesday, November 5th. Zacks Research cut ON from a “hold” rating to a “strong sell” rating in a research report on Monday, October 13th. Finally, Morgan Stanley boosted their price target on ON from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, ON currently has an average rating of “Moderate Buy” and a consensus price target of $61.60.

ON Trading Up 0.6%

NYSE ONON opened at $35.18 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53. ON has a one year low of $34.38 and a one year high of $64.05. The company has a 50-day simple moving average of $41.84 and a 200-day simple moving average of $48.30. The firm has a market capitalization of $22.15 billion, a PE ratio of 78.19, a price-to-earnings-growth ratio of 4.34 and a beta of 2.18.

ON (NYSE:ONON) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.35). ON had a return on equity of 8.75% and a net margin of 4.45%.The business had revenue of $944.29 million for the quarter, compared to analyst estimates of $707.74 million. During the same quarter last year, the company earned $0.14 EPS. ON’s revenue was up 32.0% compared to the same quarter last year. On average, equities analysts forecast that ON will post 0.66 earnings per share for the current year.

Institutional Trading of ON

Hedge funds and other institutional investors have recently made changes to their positions in the business. Winslow Capital Management LLC bought a new position in shares of ON in the second quarter valued at $248,113,000. Sands Capital Management LLC acquired a new position in shares of ON in the 2nd quarter worth $240,177,000. Jennison Associates LLC grew its holdings in shares of ON by 136.6% in the 1st quarter. Jennison Associates LLC now owns 4,848,438 shares of the company’s stock worth $212,943,000 after acquiring an additional 2,798,794 shares during the last quarter. Norges Bank acquired a new stake in shares of ON during the second quarter worth $138,641,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of ON by 13.9% during the first quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company’s stock valued at $869,388,000 after purchasing an additional 2,416,534 shares during the last quarter. 36.39% of the stock is currently owned by 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.