ON (NYSE:ONON) Price Target Raised to $59.00

ON (NYSE:ONON) had its target price hoisted by analysts at Stifel Nicolaus from $45.00 to $59.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target points to a potential upside of 19.77% from the company’s current price.

ONON has been the subject of a number of other reports. Morgan Stanley lifted their price target on shares of ON from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Truist Financial upped their price objective on ON from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Evercore ISI raised shares of ON to an “overweight” rating and boosted their target price for the company from $43.00 to $47.00 in a research note on Monday, August 12th. KeyCorp raised their price target on shares of ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Hsbc Global Res upgraded shares of ON to a “hold” rating in a research note on Thursday, September 5th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.89.

ON Trading Down 1.2 %

Shares of NYSE ONON opened at $49.26 on Wednesday. The stock has a market capitalization of $31.02 billion, a price-to-earnings ratio of 111.96, a P/E/G ratio of 1.37 and a beta of 2.24. ON has a 12-month low of $23.41 and a 12-month high of $50.12. The firm’s 50-day moving average price is $42.28 and its 200-day moving average price is $38.27.

ON (NYSE:ONON) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.04). The company had revenue of $627.66 million for the quarter, compared to analysts’ expectations of $634.43 million. ON had a net margin of 7.42% and a return on equity of 13.02%. On average, equities analysts predict that ON will post 0.82 EPS for the current fiscal year.

Hedge Funds Weigh In On ON

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rheos Capital Works Inc. acquired a new stake in ON during the 1st quarter worth about $10,614,000. Blair William & Co. IL purchased a new stake in ON in the first quarter valued at approximately $502,000. Janney Montgomery Scott LLC increased its holdings in ON by 1,011.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 104,185 shares of the company’s stock worth $3,686,000 after buying an additional 94,814 shares during the period. Acadian Asset Management LLC purchased a new position in ON during the 1st quarter worth approximately $8,094,000. Finally, Wellington Management Group LLP acquired a new stake in ON during the 4th quarter valued at approximately $34,420,000. 33.11% of the stock is owned by hedge funds and other 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.