UBS Group Cuts ON (NYSE:ONON) Price Target to $73.00

ON (NYSE:ONON) had its price target lowered by UBS Group from $83.00 to $73.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the company. Jefferies Financial Group set a $20.00 price target on ON in a research report on Tuesday. Zacks Research cut shares of ON from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 5th. BTIG Research reduced their price objective on shares of ON from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday. Robert W. Baird decreased their price objective on shares of ON from $70.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. started coverage on ON in a research report on Thursday, July 2nd. They set an “overweight” rating and a $51.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, ON has a consensus rating of “Moderate Buy” and an average price target of $48.57.

ON Trading Up 2.0%

Shares of ONON opened at $32.23 on Wednesday. The stock has a market capitalization of $20.57 billion, a PE ratio of 21.93, a P/E/G ratio of 0.63 and a beta of 2.12. The company’s fifty day moving average is $36.82 and its 200 day moving average is $38.55. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.39 and a current ratio of 2.83. ON has a fifty-two week low of $30.11 and a fifty-two week high of $51.08.

ON (NYSE:ONON) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). ON had a return on equity of 22.92% and a net margin of 12.09%.The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the previous year, the business earned ($0.09) earnings per share. The business’s quarterly revenue was up 13.5% on a year-over-year basis. Sell-side analysts expect that ON will post 1.51 earnings per share for the current fiscal year.

Institutional Trading of ON

Several large investors have recently added to or reduced their stakes in ONON. Handelsbanken Fonder AB purchased a new position in shares of ON in the second quarter worth about $2,851,000. Gradient Investments LLC boosted its position in ON by 14.0% in the second quarter. Gradient Investments LLC now owns 64,799 shares of the company’s stock valued at $2,295,000 after buying an additional 7,934 shares during the last quarter. Red Spruce Capital LLC increased its holdings in ON by 40.9% in the 2nd quarter. Red Spruce Capital LLC now owns 60,114 shares of the company’s stock worth $2,129,000 after buying an additional 17,445 shares during the period. City Center Advisors LLC increased its holdings in ON by 8.1% in the 2nd quarter. City Center Advisors LLC now owns 8,246 shares of the company’s stock worth $292,000 after buying an additional 619 shares during the period. Finally, PVG Asset Management Corp lifted its stake in ON by 5.4% during the 2nd quarter. PVG Asset Management Corp now owns 9,341 shares of the company’s stock valued at $331,000 after acquiring an additional 480 shares during the period. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON News Summary

Here are the key news stories impacting ON this week:

• Positive Sentiment: The stock’s rebound suggests some investors may view the August 11 selloff as an overreaction. On Holding’s underlying business still delivered year-over-year revenue growth, although the company’s revised guidance remains a concern. On Holding Just Had Its Worst Trading Day Ever
• Neutral Sentiment: Analyst commentary remains divided on On Holding and other consumer-cyclical companies, indicating uncertainty about the company’s growth trajectory, brand demand and expansion across sales channels. Analysts Offer Insights on Consumer Cyclical Companies Analysts Have Conflicting Sentiments
• Negative Sentiment: Telsey Advisory Group lowered its price target to $43, adding to investor concerns about valuation and slower-than-expected growth. Telsey Advisory Group Lowers ON Price Target
• Negative Sentiment: Robert W. Baird and UBS Group also reduced their expectations for ONON, reinforcing a broad analyst reassessment following the earnings report. Robert W. Baird Lowers Expectations UBS Lowers Expectations
• Negative Sentiment: BTIG issued a pessimistic forecast, while William Blair downgraded the stock to Market Perform and Needham issued a similarly cautious outlook. These actions could limit upside in the near term. BTIG Research Forecast William Blair Downgrade Needham Forecast
• Negative Sentiment: The key catalyst behind the analyst cuts was On Holding’s second-quarter earnings miss and trimmed guidance. Shares remain below their 50-day and 200-day moving averages, highlighting continued technical weakness. On Holding Global Brand Demand and Channel Expansion

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.