ON (NYSE:ONON) Upgraded to “Neutral” by Bank of America

Bank of America upgraded shares of ON (NYSE:ONON) from an underperform rating to a neutral rating in a research note issued to investors on Monday morning, MarketBeat reports. Bank of America currently has $55.00 price objective on the stock, up from their previous price objective of $21.00.

A number of other research analysts also recently commented on the company. Sanford C. Bernstein started coverage on ON in a report on Tuesday, June 11th. They issued an outperform rating and a $50.00 price target for the company. Raymond James began coverage on shares of ON in a research report on Wednesday, July 31st. They set an outperform rating and a $46.00 price target for the company. The Goldman Sachs Group upped their price target on shares of ON from $41.00 to $47.00 and gave the company a buy rating in a report on Wednesday, July 3rd. Morgan Stanley raised their price objective on shares of ON from $44.00 to $46.00 and gave the stock an overweight rating in a report on Wednesday, August 14th. Finally, Telsey Advisory Group reaffirmed an outperform rating and set a $47.00 price target on shares of ON in a research report on Tuesday, August 13th. Five investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $47.30.

ON Stock Down 0.7 %

NYSE ONON opened at $50.21 on Monday. ON has a fifty-two week low of $23.41 and a fifty-two week high of $52.16. The business has a 50 day moving average price of $43.75 and a two-hundred day moving average price of $38.96. The stock has a market cap of $31.61 billion, a PE ratio of 114.12, a P/E/G ratio of 1.40 and a beta of 2.24.

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 analysts’ consensus estimates of $0.14 by ($0.04). ON had a net margin of 7.42% and a return on equity of 13.02%. The firm had revenue of $627.66 million for the quarter, compared to analyst estimates of $634.43 million. Sell-side analysts anticipate that ON will post 0.82 EPS for the current fiscal year.

Hedge Funds Weigh In On ON

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in ON during the 2nd quarter worth $32,000. WD Rutherford LLC acquired a new stake in ON in the first quarter worth about $52,000. Asset Dedication LLC grew its position in ON by 25.8% in the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock valued at $62,000 after buying an additional 327 shares in the last quarter. Orion Capital Management LLC raised its position in shares of ON by 106.7% during the 1st quarter. Orion Capital Management LLC now owns 2,480 shares of the company’s stock worth $88,000 after buying an additional 1,280 shares in the last quarter. Finally, National Bank of Canada FI boosted its holdings in shares of ON by 24.0% in the second quarter. National Bank of Canada FI now owns 2,585 shares of the company’s stock valued at $98,000 after acquiring an additional 500 shares in the last quarter. 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.