Wedbush Brokers Lower Earnings Estimates for On Holding AG (NYSE:ONON)

On Holding AG (NYSE:ONON - Free Report) - Stock analysts at Wedbush decreased their FY2024 EPS estimates for shares of ON in a research report issued to clients and investors on Sunday, May 12th. Wedbush analyst T. Nikic now expects that the company will post earnings per share of $0.77 for the year, down from their previous forecast of $0.78. The consensus estimate for ON's current full-year earnings is $0.65 per share.

Other research analysts have also recently issued reports about the stock. Needham & Company LLC lifted their target price on shares of ON from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Wednesday. Stifel Nicolaus restated a "buy" rating and set a $40.00 price target on shares of ON in a research note on Tuesday, March 5th. UBS Group increased their target price on ON from $53.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday. Truist Financial lifted their price objective on shares of ON from $30.00 to $34.00 and gave the stock a "hold" rating in a research report on Wednesday. Finally, Telsey Advisory Group increased their target price on shares of ON from $37.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.80.

ON Trading Up 0.3 %

ON stock traded up $0.12 on Wednesday, hitting $36.42. 10,780,569 shares of the stock traded hands, compared to its average volume of 5,384,029. The business's fifty day simple moving average is $33.15 and its 200 day simple moving average is $30.35. The firm has a market cap of $22.93 billion, a P/E ratio of 134.87, a price-to-earnings-growth ratio of 1.08 and a beta of 2.17. ON has a 1 year low of $23.41 and a 1 year high of $37.49.

ON (NYSE:ONON - Get Free Report) last posted its earnings results on Tuesday, March 12th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.18). The business had revenue of $504.69 million during the quarter, compared to the consensus estimate of $515.30 million. ON had a return on equity of 6.85% and a net margin of 4.04%.

Institutional Trading of ON

Several large investors have recently made changes to their positions in the company. William Blair Investment Management LLC acquired a new position in shares of ON during the 1st quarter valued at about $121,712,000. American Century Companies Inc. lifted its stake in ON by 109.3% during the third quarter. American Century Companies Inc. now owns 6,566,787 shares of the company's stock worth $182,688,000 after purchasing an additional 3,428,794 shares during the last quarter. Norges Bank acquired a new stake in shares of ON during the fourth quarter worth about $57,916,000. Bamco Inc. NY increased its stake in ON by 243.0% in the 3rd quarter. Bamco Inc. NY now owns 3,028,002 shares of the company's stock valued at $84,239,000 after buying an additional 2,145,318 shares during the period. Finally, Jericho Capital Asset Management L.P. purchased a new stake in shares of ON in the third quarter valued at about $59,539,000. 33.11% of the stock is currently owned by hedge funds and other institutional investors.

ON Company Profile

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.