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

ON (NYSE:ONON) had its price objective lowered by equities research analysts at Truist Financial from $69.00 to $60.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 72.53% from the stock’s previous close.

ONON has been the subject of several other research reports. Citigroup lowered shares of ON from a “buy” rating to a “mixed” rating in a research note on Tuesday, October 28th. TD Cowen dropped their price target on ON from $63.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, October 14th. Telsey Advisory Group reissued an “outperform” rating and issued a $65.00 price objective on shares of ON in a research report on Wednesday, November 5th. Zacks Research lowered ON from a “hold” rating to a “strong sell” rating in a research report on Monday, October 13th. Finally, UBS Group increased their price target on shares of ON from $75.00 to $79.00 and gave the company a “buy” rating in a research report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.60.

ON Stock Down 0.6%

ONON stock traded down $0.22 during mid-day trading on Monday, reaching $34.78. 3,395,023 shares of the company traded hands, compared to its average volume of 5,494,380. The stock has a market cap of $21.90 billion, a price-to-earnings ratio of 77.28, a P/E/G ratio of 4.35 and a beta of 2.18. ON has a fifty-two week low of $34.38 and a fifty-two week high of $64.05. The firm’s 50 day moving average price is $42.23 and its 200 day moving average price is $48.44. The company has a quick ratio of 2.00, a current ratio of 2.53 and a debt-to-equity ratio of 0.31.

ON (NYSE:ONON) last announced its earnings results on Tuesday, August 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.35). ON had a net margin of 4.45% and a return on equity of 8.75%. The company had revenue of $944.29 million for the quarter, compared to analysts’ expectations of $707.74 million. During the same period in the previous year, the firm earned $0.14 EPS. The firm’s quarterly revenue was up 32.0% on a year-over-year basis. ON has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that ON will post 0.66 EPS for the current fiscal year.

Institutional Investors Weigh In On ON

A number of hedge funds and other institutional investors have recently bought and sold shares of ONON. Washington Trust Advisors Inc. purchased a new position in shares of ON in the second quarter valued at $29,000. TCTC Holdings LLC boosted its stake in ON by 118.4% in the 1st quarter. TCTC Holdings LLC now owns 581 shares of the company’s stock worth $26,000 after purchasing an additional 315 shares during the period. Montag A & Associates Inc. purchased a new position in ON during the 1st quarter valued at about $26,000. Smartleaf Asset Management LLC lifted its holdings in shares of ON by 3,392.6% in the first quarter. Smartleaf Asset Management LLC now owns 943 shares of the company’s stock worth $42,000 after buying an additional 916 shares in the last quarter. Finally, Ramirez Asset Management Inc. purchased a new stake in shares of ON in the first quarter worth about $44,000. Institutional investors own 36.39% of the company’s stock.

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.