ON (NYSE:ONON) Price Target Raised to $46.00

ON (NYSE:ONON) had its price objective raised by equities research analysts at Morgan Stanley from $44.00 to $46.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 11.52% from the company’s previous close.

A number of other research analysts have also weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of ON from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Barclays lifted their price target on ON from $40.00 to $47.00 and gave the company an “overweight” rating in a research note on Wednesday. Sanford C. Bernstein started coverage on ON in a report on Tuesday, June 11th. They issued an “outperform” rating and a $50.00 target price on the stock. Stifel Nicolaus upped their price target on ON from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Monday. Finally, William Blair initiated coverage on ON in a research note on Tuesday, April 16th. They set an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.44.

ON Trading Down 0.0 %

NYSE ONON traded down $0.02 during trading hours on Wednesday, hitting $41.25. 2,896,773 shares of the company’s stock were exchanged, compared to its average volume of 5,233,750. ON has a 1-year low of $23.41 and a 1-year high of $44.30. The stock has a 50-day simple moving average of $39.64 and a 200 day simple moving average of $35.64. The firm has a market cap of $25.97 billion, a price-to-earnings ratio of 94.25, a PEG ratio of 1.18 and a beta of 2.22.

ON (NYSE:ONON) last released its earnings results on Tuesday, May 14th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.20. The company had revenue of $581.41 million for the quarter, compared to the consensus estimate of $555.52 million. ON had a net margin of 6.46% and a return on equity of 11.13%. On average, sell-side analysts anticipate that ON will post 0.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. William Blair Investment Management LLC purchased a new position in shares of ON during the first quarter worth about $121,712,000. 1832 Asset Management L.P. lifted its position in ON by 36.2% in the 4th quarter. 1832 Asset Management L.P. now owns 3,160,000 shares of the company’s stock worth $85,225,000 after buying an additional 840,600 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of ON by 0.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,787,871 shares of the company’s stock valued at $98,636,000 after purchasing an additional 14,674 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of ON by 30.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,224,894 shares of the company’s stock valued at $78,717,000 after purchasing an additional 516,478 shares during the last quarter. Finally, Norges Bank bought a new stake in ON in the fourth quarter worth $57,916,000. 33.11% of the stock is owned by institutional investors.

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.