ON (NYSE:ONON) Price Target Increased to $44.00 by Analysts at Morgan Stanley

ON (NYSE:ONON) had its target price upped by Morgan Stanley from $40.00 to $44.00 in a report published on Tuesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently weighed in on ONON. JPMorgan Chase & Co. boosted their price target on ON from $40.00 to $47.00 and gave the stock an overweight rating in a research note on Monday, June 17th. Barclays upped their price objective on ON from $38.00 to $40.00 and gave the company an overweight rating in a research report on Wednesday, May 15th. Telsey Advisory Group upped their price objective on ON from $40.00 to $47.00 and gave the company an outperform rating in a research report on Friday, June 7th. The Goldman Sachs Group upped their price objective on ON from $41.00 to $47.00 and gave the company a buy rating in a research report on Wednesday, July 3rd. Finally, Stifel Nicolaus reiterated a buy rating and set a $41.00 price objective on shares of ON in a research report on Thursday, May 16th. Three research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, ON presently has a consensus rating of Moderate Buy and an average target price of $43.06.

ON Price Performance

ONON stock opened at $40.22 on Tuesday. ON has a 1-year low of $23.41 and a 1-year high of $44.30. The business has a fifty day moving average price of $39.85 and a 200-day moving average price of $34.48. The stock has a market capitalization of $25.32 billion, a P/E ratio of 90.75, a P/E/G ratio of 1.13 and a beta of 2.22.

ON (NYSE:ONON) last posted its quarterly earnings results on Tuesday, May 14th. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.20. ON had a return on equity of 11.13% and a net margin of 6.46%. The firm had revenue of $581.41 million during the quarter, compared to analysts’ expectations of $555.52 million. As a group, analysts anticipate that ON will post 0.78 earnings per share for the current year.

Hedge Funds Weigh In On ON

A number of hedge funds have recently made changes to their positions in ONON. SG Americas Securities LLC boosted its stake in shares of ON by 52.5% in the fourth quarter. SG Americas Securities LLC now owns 28,968 shares of the company’s stock worth $781,000 after acquiring an additional 9,971 shares during the period. Artemis Investment Management LLP bought a new position in shares of ON in the fourth quarter worth about $224,000. China Universal Asset Management Co. Ltd. boosted its stake in shares of ON by 127.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 131,585 shares of the company’s stock worth $3,549,000 after acquiring an additional 73,839 shares during the period. Asset Management One Co. Ltd. boosted its stake in shares of ON by 20.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,145 shares of the company’s stock worth $60,000 after acquiring an additional 367 shares during the period. Finally, Avitas Wealth Management LLC boosted its stake in shares of ON by 2.7% in the fourth quarter. Avitas Wealth Management LLC now owns 22,943 shares of the company’s stock worth $619,000 after acquiring an additional 602 shares during the period. 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.