ON (NYSE:ONON) Price Target Raised to $70.00

ON (NYSE:ONON) had its price objective upped by research analysts at Morgan Stanley from $65.00 to $70.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 65.19% from the company’s previous close.

Several other analysts have also recently issued reports on the company. Needham & Company LLC dropped their target price on ON from $62.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday. Bank of America boosted their target price on shares of ON from $62.00 to $63.00 and gave the company a “buy” rating in a report on Thursday. UBS Group lifted 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. Jefferies Financial Group reiterated an “underperform” rating and issued a $31.00 price objective on shares of ON in a research report on Wednesday. Finally, Telsey Advisory Group reissued an “outperform” rating and set a $65.00 price objective on shares of ON in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, ON has an average rating of “Moderate Buy” and an average price target of $60.80.

ON Price Performance

ONON stock traded up $0.87 during mid-day trading on Thursday, reaching $42.38. 10,293,515 shares of the company’s stock were exchanged, compared to its average volume of 5,776,029. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.53 and a quick ratio of 2.00. The company has a market cap of $26.68 billion, a price-to-earnings ratio of 94.04, a price-to-earnings-growth ratio of 4.37 and a beta of 2.18. The stock’s 50 day moving average is $41.77 and its 200 day moving average is $48.25. ON has a 12-month low of $34.38 and a 12-month high of $64.05.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.24 by ($0.35). ON had a return on equity of 8.75% and a net margin of 4.45%.The firm 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 quarterly revenue was up 32.0% on a year-over-year basis. On average, research analysts expect that ON will post 0.66 EPS for the current year.

Institutional Trading of ON

Several hedge funds have recently made changes to their positions in ONON. Montag A & Associates Inc. acquired a new stake in shares of ON in the first quarter valued at $26,000. TCTC Holdings LLC grew its position in shares of ON by 118.4% during the first quarter. TCTC Holdings LLC now owns 581 shares of the company’s stock worth $26,000 after acquiring an additional 315 shares during the last quarter. Washington Trust Advisors Inc. purchased a new position in shares of ON during the second quarter worth about $29,000. Smartleaf Asset Management LLC raised its position in ON by 3,392.6% during the 1st quarter. Smartleaf Asset Management LLC now owns 943 shares of the company’s stock worth $42,000 after buying an additional 916 shares during the last quarter. Finally, Ramirez Asset Management Inc. acquired a new position in ON during the first quarter worth $44,000. Institutional investors and hedge funds 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.