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

ON (NYSE:ONON) had its price objective cut by research analysts at Barclays from $69.00 to $60.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 41.15% from the company’s previous close.

ONON has been the subject of several other reports. Bank of America raised their target price on shares of ON from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group increased their price target on shares of ON from $50.00 to $52.00 and gave the company a “neutral” rating in a research note on Thursday. UBS Group boosted their price objective on shares of ON from $79.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $65.00 target price on shares of ON in a report on Thursday. Finally, Jefferies Financial Group reiterated an “underperform” rating and set a $31.00 price target on shares of ON in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, ON has a consensus rating of “Moderate Buy” and an average price target of $61.14.

ON Stock Performance

ONON opened at $42.51 on Thursday. The business’s 50-day simple moving average is $41.63 and its 200 day simple moving average is $48.18. ON has a 52-week low of $34.38 and a 52-week high of $64.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53. The firm has a market capitalization of $26.77 billion, a PE ratio of 55.21, a PEG ratio of 5.27 and a beta of 2.18.

ON (NYSE:ONON) last posted its quarterly earnings results 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 15.47% and a net margin of 7.45%.The company had revenue of $944.29 million for the quarter, compared to analyst estimates of $707.74 million. During the same period last year, the firm earned $0.14 EPS. The firm’s revenue for the quarter was up 32.0% compared to the same quarter last year. As a group, sell-side analysts expect that ON will post 0.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ON

A number of hedge funds have recently bought and sold shares of ONON. Public Employees Retirement System of Ohio increased its holdings in ON by 106.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 68,583 shares of the company’s stock worth $3,570,000 after purchasing an additional 35,391 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of ON by 36.8% during the first quarter. PNC Financial Services Group Inc. now owns 11,245 shares of the company’s stock worth $494,000 after purchasing an additional 3,025 shares during the last quarter. Citigroup Inc. increased its stake in shares of ON by 73.1% in the first quarter. Citigroup Inc. now owns 213,127 shares of the company’s stock valued at $9,361,000 after buying an additional 89,982 shares during the period. Red Spruce Capital LLC increased its stake in shares of ON by 64.8% in the second quarter. Red Spruce Capital LLC now owns 35,566 shares of the company’s stock valued at $1,851,000 after buying an additional 13,980 shares during the period. Finally, Bessemer Group Inc. bought a new position in ON in the 2nd quarter valued at approximately $43,344,000. 36.39% of the stock is owned by institutional investors.

ON Company Profile

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.