Morgan Stanley Issues Positive Forecast for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its target price raised by research analysts at Morgan Stanley from $65.00 to $70.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 65.19% from the company’s current price.

A number of other research firms also recently commented on ONON. Piper Sandler reduced their target price on ON from $65.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Citigroup lowered shares of ON from a “buy” rating to a “mixed” rating in a research note on Tuesday, October 28th. Telsey Advisory Group restated an “outperform” rating and issued a $65.00 price target on shares of ON in a research report on Thursday. BTIG Research reaffirmed a “buy” rating and set a $70.00 price objective on shares of ON in a research report on Tuesday, November 4th. Finally, Jefferies Financial Group restated an “underperform” rating and issued a $31.00 target price on shares of ON in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $60.80.

ON Trading Up 2.1%

NYSE:ONON traded up $0.87 on Thursday, reaching $42.38. The stock had a trading volume of 10,293,515 shares, compared to its average volume of 5,776,029. ON has a 12-month low of $34.38 and a 12-month high of $64.05. The company has a market cap of $26.68 billion, a price-to-earnings ratio of 94.04, a P/E/G ratio of 4.37 and a beta of 2.18. The firm’s fifty day moving average is $41.77 and its two-hundred day moving average is $48.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.53 and a quick ratio of 2.00.

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

Institutional Trading of ON

Several hedge funds and other institutional investors have recently modified their holdings of the business. Montag A & Associates Inc. acquired a new position in ON during the first quarter valued at $26,000. TCTC Holdings LLC grew its stake in ON by 118.4% during the 1st quarter. TCTC Holdings LLC now owns 581 shares of the company’s stock valued at $26,000 after acquiring an additional 315 shares in the last quarter. Washington Trust Advisors Inc. acquired a new position in shares of ON in the 2nd quarter valued at about $29,000. Smartleaf Asset Management LLC lifted its position in shares of ON by 3,392.6% in the first quarter. Smartleaf Asset Management LLC now owns 943 shares of the company’s stock worth $42,000 after purchasing an additional 916 shares in the last quarter. Finally, Ramirez Asset Management Inc. acquired a new stake in shares of ON during the first quarter worth approximately $44,000. Institutional investors and hedge funds own 36.39% of the company’s stock.

About ON

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.