Truist Financial Cuts ON (NYSE:ONON) Price Target to $60.00

ON (NYSE:ONON) had its target price reduced by Truist Financial from $69.00 to $60.00 in a research report released on Monday, MarketBeat.com reports. They currently have a buy rating on the stock.

A number of other brokerages also recently commented on ONON. Citigroup downgraded shares of ON from a “buy” rating to a “mixed” rating in a research note on Tuesday, October 28th. Weiss Ratings reissued a “sell (d+)” rating on shares of ON in a research report on Wednesday, October 8th. Morgan Stanley raised their price objective on ON from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, August 13th. Evercore ISI reduced their target price on shares of ON from $68.00 to $50.00 and set an “outperform” rating for the company in a report on Monday. Finally, Raymond James Financial decreased their price target on shares of ON from $66.00 to $55.00 and set an “outperform” rating for the company in a research report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, ON currently has an average rating of “Moderate Buy” and an average price target of $60.65.

ON Stock Up 17.7%

Shares of ON stock opened at $41.42 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.53 and a quick ratio of 2.00. The stock has a market cap of $26.08 billion, a price-to-earnings ratio of 92.05, a PEG ratio of 4.37 and a beta of 2.18. The firm’s 50-day moving average is $41.77 and its two-hundred day moving average is $48.25. ON has a 1 year low of $34.38 and a 1 year high of $64.05.

ON (NYSE:ONON) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.35). The business had revenue of $944.29 million during the quarter, compared to analysts’ expectations of $707.74 million. ON had a return on equity of 8.75% and a net margin of 4.45%.ON’s revenue for the quarter was up 32.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.14 EPS. As a group, research analysts expect that ON will post 0.66 earnings per share for the current fiscal year.

Institutional Trading of ON

A number of institutional investors have recently bought and sold shares of ONON. Cambria Investment Management L.P. increased its stake in ON by 1.5% during the 3rd quarter. Cambria Investment Management L.P. now owns 36,052 shares of the company’s stock valued at $1,527,000 after purchasing an additional 534 shares in the last quarter. AR Asset Management Inc. grew its holdings in shares of ON by 150.0% during the third quarter. AR Asset Management Inc. now owns 25,000 shares of the company’s stock valued at $1,059,000 after buying an additional 15,000 shares during the last quarter. 111 Capital purchased a new stake in shares of ON during the third quarter valued at $438,000. American Century Companies Inc. increased its position in shares of ON by 9.9% in the 3rd quarter. American Century Companies Inc. now owns 4,058,475 shares of the company’s stock valued at $171,876,000 after acquiring an additional 365,907 shares during the period. Finally, Keystone Investors PTE Ltd. purchased a new position in ON in the 3rd quarter worth $5,295,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

ON Company Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.