ON (NYSE:ONON) Price Target Raised to $57.00

ON (NYSE:ONON) had its price objective lifted by investment analysts at TD Cowen from $55.00 to $57.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 32.91% from the stock’s previous close.

Several other research analysts also recently commented on the company. Morgan Stanley raised their price objective on ON from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday. Bank of America raised their target price on shares of ON from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group reiterated an “underperform” rating and issued a $31.00 price target on shares of ON in a research report on Wednesday. Telsey Advisory Group restated an “outperform” rating and set a $65.00 price objective on shares of ON in a research report on Thursday. Finally, Truist Financial dropped their target price on shares of ON from $69.00 to $60.00 and set a “buy” rating for the company in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.57.

ON Stock Performance

Shares of ON stock traded up $1.38 on Thursday, hitting $42.89. 12,942,076 shares of the company’s stock were exchanged, compared to its average volume of 5,788,692. ON has a 1 year low of $34.38 and a 1 year high of $64.05. The company has a 50-day simple moving average of $41.77 and a 200-day simple moving average of $48.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53. The stock has a market capitalization of $27.00 billion, a PE ratio of 95.21, a PEG ratio of 4.37 and a beta of 2.18.

ON (NYSE:ONON) last released its earnings results on Tuesday, August 12th. The company reported ($0.11) earnings per share 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 quarter last year, the firm posted $0.14 earnings per share. ON’s revenue for the quarter was up 32.0% on a year-over-year basis. As a group, equities analysts anticipate that ON will post 0.66 EPS for the current year.

Hedge Funds Weigh In On ON

Several institutional investors have recently added to or reduced their stakes in ONON. Ramirez Asset Management Inc. raised its holdings in shares of ON by 20.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 1,200 shares of the company’s stock worth $62,000 after acquiring an additional 200 shares in the last quarter. CWM LLC increased its position in ON by 22.2% in the first quarter. CWM LLC now owns 1,259 shares of the company’s stock worth $55,000 after purchasing an additional 229 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in ON by 1.0% during the second quarter. Asset Management One Co. Ltd. now owns 24,939 shares of the company’s stock valued at $1,298,000 after purchasing an additional 243 shares in the last quarter. Lido Advisors LLC lifted its position in ON by 1.2% during the second quarter. Lido Advisors LLC now owns 23,754 shares of the company’s stock valued at $1,236,000 after purchasing an additional 285 shares during the last quarter. Finally, Sterling Investment Counsel LLC grew its stake in shares of ON by 5.5% in the 2nd quarter. Sterling Investment Counsel LLC now owns 5,750 shares of the company’s stock worth $299,000 after buying an additional 300 shares in the last quarter. Hedge funds and other 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.