ON (NYSE:ONON) Price Target Raised to $35.00

ON (NYSE:ONON) had its target price lifted by investment analysts at Morgan Stanley from $32.00 to $35.00 in a report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 2.88% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Truist Financial boosted their price objective on ON from $29.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, March 13th. Redburn Atlantic reaffirmed a “neutral” rating and set a $34.00 price objective on shares of ON in a report on Thursday, March 7th. Piper Sandler upped their target price on shares of ON from $37.00 to $39.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. Barclays initiated coverage on shares of ON in a research note on Monday, April 1st. They set an “overweight” rating and a $38.00 price target for the company. Finally, William Blair assumed coverage on ON in a research note on Tuesday, April 16th. They issued an “outperform” rating on the stock. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $37.53.

ON Price Performance

NYSE:ONON opened at $34.02 on Monday. ON has a one year low of $23.41 and a one year high of $37.08. The company has a fifty day moving average price of $33.26 and a 200 day moving average price of $30.05. The stock has a market cap of $21.42 billion, a P/E ratio of 126.00, a PEG ratio of 1.16 and a beta of 2.17.

ON (NYSE:ONON) last released its earnings results on Tuesday, March 12th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.18). ON had a net margin of 4.04% and a return on equity of 6.85%. The company had revenue of $504.69 million during the quarter, compared to the consensus estimate of $515.30 million. As a group, equities research analysts anticipate that ON will post 0.65 EPS for the current year.

Institutional Trading of ON

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its position in shares of ON by 4.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,708,416 shares of the company’s stock worth $46,076,000 after buying an additional 76,746 shares during the period. Liontrust Investment Partners LLP raised its position in shares of ON by 204.7% during the 3rd quarter. Liontrust Investment Partners LLP now owns 517,942 shares of the company’s stock valued at $14,410,000 after acquiring an additional 347,942 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in shares of ON by 127.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 131,585 shares of the company’s stock valued at $3,549,000 after purchasing an additional 73,839 shares during the period. Jennison Associates LLC boosted its position in shares of ON by 7.6% in the 3rd quarter. Jennison Associates LLC now owns 7,887,000 shares of the company’s stock worth $219,416,000 after purchasing an additional 554,513 shares during the last quarter. Finally, Baltimore Washington Financial Advisors Inc. grew its stake in shares of ON by 10.3% during the third quarter. Baltimore Washington Financial Advisors Inc. now owns 292,338 shares of the company’s stock worth $8,133,000 after purchasing an additional 27,206 shares during the period. 33.11% of the stock is currently owned by institutional investors and hedge funds.

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.