ON (NYSE:ONON) Upgraded at BTIG Research

BTIG Research upgraded shares of ON (NYSE:ONON) from a neutral rating to a buy rating in a research report report published on Wednesday morning, Marketbeat Ratings reports. The firm currently has $64.00 target price on the stock.

A number of other equities research analysts also recently issued reports on ONON. Hsbc Global Res raised ON to a “hold” rating in a research report on Thursday, September 5th. HSBC started coverage on ON in a research report on Thursday, September 5th. They set a “hold” rating and a $52.00 price target for the company. TD Cowen upped their target price on ON from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Truist Financial upped their target price on ON from $51.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Finally, Bank of America raised 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 report on Monday, September 23rd. Four analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and an average target price of $54.33.

ON Stock Performance

ON stock traded down $1.43 during trading on Wednesday, hitting $51.92. The company’s stock had a trading volume of 2,616,893 shares, compared to its average volume of 4,974,211. The stock has a market capitalization of $32.69 billion, a price-to-earnings ratio of 120.74 and a beta of 2.25. The stock’s fifty day moving average is $49.56 and its 200 day moving average is $43.17. ON has a 1-year low of $25.78 and a 1-year high of $56.44.

ON (NYSE:ONON) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). ON had a net margin of 5.87% and a return on equity of 11.02%. The firm had revenue of $627.66 million for the quarter, compared to analysts’ expectations of $634.43 million. On average, research analysts anticipate that ON will post 0.75 EPS for the current fiscal year.

Institutional Trading of ON

Several hedge funds have recently made changes to their positions in ONON. Private Trust Co. NA bought a new stake in ON during the 3rd quarter valued at $26,000. Blue Trust Inc. raised its stake in ON by 319.8% during the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after acquiring an additional 403 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in ON by 210.5% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock valued at $28,000 after acquiring an additional 400 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in ON during the 3rd quarter valued at $29,000. Finally, Quarry LP bought a new stake in ON during the 2nd quarter valued at $32,000. 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.