ON (NYSE:ONON) Price Target Raised to $63.00

ON (NYSE:ONON) had its price target hoisted by UBS Group from $61.00 to $63.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts also recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of ON from $50.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday. Williams Trading upgraded shares of ON from a “hold” rating to a “buy” rating and boosted their price target for the stock from $40.00 to $60.00 in a report on Wednesday. TD Cowen increased their price objective on shares of ON from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Hsbc Global Res raised shares of ON to a “hold” rating in a research report on Thursday, September 5th. Finally, Evercore ISI raised ON to an “overweight” rating and upped their target price for the company from $43.00 to $47.00 in a report on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.33.

ON Stock Performance

ONON stock opened at $51.92 on Wednesday. The company has a market capitalization of $32.69 billion, a P/E ratio of 120.74 and a beta of 2.25. ON has a 52-week low of $25.78 and a 52-week high of $56.44. The business has a 50-day simple moving average of $49.56 and a two-hundred day simple moving average of $43.17.

ON (NYSE:ONON) last announced its earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.04). The company had revenue of $627.66 million for the quarter, compared to analysts’ expectations of $634.43 million. ON had a net margin of 5.87% and a return on equity of 11.02%. As a group, sell-side analysts forecast that ON will post 0.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of ON in the third quarter worth about $351,000. Y Intercept Hong Kong Ltd lifted its stake in ON by 584.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company’s stock worth $4,195,000 after purchasing an additional 71,436 shares in the last quarter. MML Investors Services LLC boosted its holdings in ON by 54.9% in the 3rd quarter. MML Investors Services LLC now owns 43,200 shares of the company’s stock valued at $2,166,000 after purchasing an additional 15,313 shares during the period. Orion Portfolio Solutions LLC purchased a new position in shares of ON during the 3rd quarter valued at $1,499,000. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of ON in the third quarter worth $10,263,000. Institutional investors own 33.11% of the company’s stock.

About ON

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.