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 report released on Monday, Marketbeat.com reports. The brokerage currently has $55.00 price objective on the stock, up from their prior price objective of $21.00.

Several other analysts have also commented on the stock. Evercore ISI raised shares of ON to an overweight rating and lifted their price objective for the stock from $43.00 to $47.00 in a research report on Monday, August 12th. The Goldman Sachs Group lifted their price target on shares of ON from $41.00 to $47.00 and gave the stock a buy rating in a report on Wednesday, July 3rd. Stifel Nicolaus increased their price objective on ON from $45.00 to $59.00 and gave the company a buy rating in a report on Wednesday, September 18th. KeyCorp boosted their target price on ON from $40.00 to $47.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. Finally, HSBC assumed coverage on ON in a research note on Thursday, September 5th. They set a hold rating and a $52.00 price target for the company. Five equities 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, the stock presently has an average rating of Moderate Buy and a consensus target price of $47.95.

ON Stock Up 2.7 %

Shares of NYSE ONON opened at $51.55 on Monday. The company has a market capitalization of $32.46 billion, a PE ratio of 117.16, a PEG ratio of 1.40 and a beta of 2.24. The stock’s 50 day moving average price is $43.98 and its 200-day moving average price is $39.04. ON has a twelve month low of $23.41 and a twelve month high of $52.16.

ON (NYSE:ONON) last posted its quarterly earnings data 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). ON had a return on equity of 13.02% and a net margin of 7.42%. The business had revenue of $627.66 million during the quarter, compared to analysts’ expectations of $634.43 million. As a group, research analysts expect that ON will post 0.82 EPS for the current fiscal year.

Institutional Trading of ON

Several institutional investors and hedge funds have recently modified their holdings of the business. William Blair Investment Management LLC purchased a new stake in ON in the first quarter valued at approximately $121,712,000. 1832 Asset Management L.P. lifted its stake in shares of ON by 36.2% in the 4th quarter. 1832 Asset Management L.P. now owns 3,160,000 shares of the company’s stock valued at $85,225,000 after acquiring an additional 840,600 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position 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 valued at $98,636,000 after buying an additional 14,674 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in 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 period. Finally, Norges Bank bought a new stake in shares of ON in the 4th quarter worth approximately $57,916,000. Hedge funds and other institutional investors own 33.11% of the company’s stock.

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.