ON (NYSE:ONON) Price Target Raised to $61.00

ON (NYSE:ONON) had its price objective upped by Truist Financial from $58.00 to $61.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 12.69% from the stock’s previous close.

ONON has been the topic of several other reports. Morgan Stanley upped 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. Piper Sandler upped their price objective on shares of ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, October 3rd. Raymond James assumed coverage on shares of ON in a report on Wednesday, July 31st. They issued an “outperform” rating and a $46.00 price objective on the stock. Bank of America raised shares of ON from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $21.00 to $55.00 in a research note on Monday, September 23rd. Finally, Williams Trading raised shares of ON from a “hold” rating to a “buy” rating and upped their target price for the stock from $40.00 to $60.00 in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.32.

ON Stock Up 2.9 %

NYSE:ONON traded up $1.51 on Wednesday, hitting $54.13. The stock had a trading volume of 4,141,089 shares, compared to its average volume of 4,986,183. The stock has a market cap of $34.08 billion, a price-to-earnings ratio of 125.91 and a beta of 2.25. The company has a fifty day moving average price of $49.10 and a two-hundred day moving average price of $42.90. ON has a 1-year low of $24.15 and a 1-year high of $56.44.

ON (NYSE:ONON) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.04). ON had a return on equity of 11.02% and a net margin of 5.87%. The company had revenue of $627.66 million during the quarter, compared to analyst estimates of $634.43 million. As a group, analysts anticipate that ON will post 0.75 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Quantbot Technologies LP boosted its stake in ON by 130.7% during the 3rd quarter. Quantbot Technologies LP now owns 156,094 shares of the company’s stock worth $7,828,000 after purchasing an additional 88,443 shares during the period. Bank of Montreal Can lifted its stake in shares of ON by 27.2% in the 3rd quarter. Bank of Montreal Can now owns 46,320 shares of the company’s stock worth $2,368,000 after acquiring an additional 9,895 shares during the period. Private Trust Co. NA acquired a new stake in shares of ON in the 3rd quarter worth $26,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of ON in the 3rd quarter worth $658,000. Finally, Penserra Capital Management LLC lifted its stake in shares of ON by 17.4% in the 3rd quarter. Penserra Capital Management LLC now owns 33,801 shares of the company’s stock worth $1,694,000 after acquiring an additional 5,000 shares during the period. 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.