ON (NYSE:ONON) Stock Price Expected to Rise, Truist Financial Analyst Says

ON (NYSE:ONON) had its price objective hoisted by stock analysts at Truist Financial from $58.00 to $61.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 14.34% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Piper Sandler lifted their target price on ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, October 3rd. KeyCorp lifted their price objective on ON from $47.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Barclays upped their price objective on ON from $47.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday. BTIG Research raised shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 target price for the company in a report on Wednesday. Finally, UBS Group upped their price target on shares of ON from $55.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.33.

ON Price Performance

Shares of ONON opened at $53.35 on Wednesday. The firm has a market cap of $33.59 billion, a P/E ratio of 124.07 and a beta of 2.25. ON has a 1 year low of $25.78 and a 1 year high of $56.44. The company has a 50 day simple moving average of $49.24 and a two-hundred day simple moving average of $42.97.

ON (NYSE:ONON) last posted its 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 5.87% and a return on equity of 11.02%. On average, sell-side analysts anticipate that ON will post 0.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its holdings in ON by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,787,871 shares of the company’s stock worth $98,636,000 after acquiring an additional 14,674 shares in the last quarter. 1832 Asset Management L.P. boosted its stake in shares of ON by 66,838.9% during the second quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock valued at $93,500,000 after purchasing an additional 2,406,200 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in ON during the first quarter valued at approximately $65,898,000. Acadian Asset Management LLC raised its stake in ON by 574.3% in the second quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock worth $59,878,000 after buying an additional 1,315,006 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its holdings in ON by 100.7% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock worth $49,716,000 after buying an additional 642,894 shares during the period. 33.11% of the stock is currently owned by hedge funds and other institutional investors.

ON Company Profile

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.