TD Cowen Issues Positive Forecast for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its price target lifted by investment analysts at TD Cowen from $55.00 to $57.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 32.91% from the company’s previous close.

Other research analysts have also issued research reports about the company. UBS Group boosted their target price on ON from $79.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday. Barclays boosted their price objective on ON from $68.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, August 13th. Telsey Advisory Group reiterated an “outperform” rating and issued a $65.00 target price on shares of ON in a research note on Thursday. Citigroup lowered shares of ON from a “buy” rating to a “mixed” rating in a research note on Tuesday, October 28th. Finally, Morgan Stanley raised their price target on shares of ON from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.57.

ON Trading Up 3.3%

ONON traded up $1.38 during trading on Thursday, reaching $42.89. The company had a trading volume of 12,942,076 shares, compared to its average volume of 5,788,692. The company has a quick ratio of 2.00, a current ratio of 2.53 and a debt-to-equity ratio of 0.31. The business has a 50 day simple moving average of $41.77 and a 200-day simple moving average of $48.25. The stock has a market cap of $27.00 billion, a P/E ratio of 95.21, a PEG ratio of 4.37 and a beta of 2.18. ON has a 52 week low of $34.38 and a 52 week high of $64.05.

ON (NYSE:ONON) last announced its 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 firm had revenue of $944.29 million during the quarter, compared to analysts’ expectations of $707.74 million. ON had a net margin of 4.45% and a return on equity of 8.75%. The company’s revenue was up 32.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 EPS. On average, equities analysts anticipate that ON will post 0.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ONON. Public Employees Retirement System of Ohio grew its holdings in ON by 106.6% in the second quarter. Public Employees Retirement System of Ohio now owns 68,583 shares of the company’s stock worth $3,570,000 after purchasing an additional 35,391 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in ON by 36.8% in the first quarter. PNC Financial Services Group Inc. now owns 11,245 shares of the company’s stock valued at $494,000 after buying an additional 3,025 shares during the last quarter. Citigroup Inc. raised its stake in ON by 73.1% in the first quarter. Citigroup Inc. now owns 213,127 shares of the company’s stock valued at $9,361,000 after buying an additional 89,982 shares during the last quarter. Red Spruce Capital LLC boosted its holdings in ON by 64.8% in the second quarter. Red Spruce Capital LLC now owns 35,566 shares of the company’s stock worth $1,851,000 after acquiring an additional 13,980 shares in the last quarter. Finally, Bessemer Group Inc. purchased a new stake in shares of ON during the second quarter worth about $43,344,000. Hedge funds and other institutional investors 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.