ON (NYSE:ONON) Price Target Raised to $61.00

ON (NYSE:ONON) had its target price lifted by Truist Financial from $58.00 to $61.00 in a research note published on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other research firms also recently commented on ONON. BTIG Research raised shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Wednesday. TD Cowen raised their price objective on ON from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Evercore ISI upgraded ON to an “overweight” rating and boosted their target price for the stock from $43.00 to $47.00 in a research report on Monday, August 12th. Robert W. Baird upped their target price on ON from $55.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Williams Trading raised ON from a “hold” rating to a “buy” rating and lifted their price target for the stock from $40.00 to $60.00 in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.33.

ON Trading Down 2.7 %

Shares of ONON stock opened at $51.92 on Wednesday. The stock has a 50 day simple moving average of $49.56 and a 200-day simple moving average of $43.17. The company has a market cap of $32.69 billion, a price-to-earnings ratio of 120.74 and a beta of 2.25. ON has a 12-month low of $25.78 and a 12-month high of $56.44.

ON (NYSE:ONON) last released its earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). ON had a net margin of 5.87% and a return on equity of 11.02%. The business had revenue of $627.66 million during the quarter, compared to analyst estimates of $634.43 million. On average, equities analysts forecast that ON will post 0.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ON

Several hedge funds have recently modified their holdings of ONON. Price T Rowe Associates Inc. MD grew its position in ON by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,787,871 shares of the company’s stock valued at $98,636,000 after acquiring an additional 14,674 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in ON by 66,838.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock valued at $93,500,000 after purchasing an additional 2,406,200 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in ON during the 1st quarter valued at $65,898,000. Acadian Asset Management LLC increased its stake in ON by 574.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock worth $59,878,000 after buying an additional 1,315,006 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its holdings in ON by 100.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock worth $49,716,000 after buying an additional 642,894 shares in the last quarter. 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.