ON (NYSE:ONON) Price Target Increased to $51.00 by Analysts at Truist Financial

ON (NYSE:ONON) had its target price lifted by Truist Financial from $46.00 to $51.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 22.18% from the company’s previous close.

ONON has been the topic of a number of other reports. Stifel Nicolaus upped their price objective on ON from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Monday. TD Cowen increased their price objective on ON from $36.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Sanford C. Bernstein initiated coverage on ON in a research note on Tuesday, June 11th. They issued an “outperform” rating and a $50.00 target price for the company. Evercore ISI upgraded ON to an “overweight” rating and lifted their price objective for the company from $43.00 to $47.00 in a research note on Monday. Finally, UBS Group lifted their price objective on ON from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Two 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.33.

ON Stock Performance

Shares of ONON stock traded up $0.47 during mid-day trading on Wednesday, hitting $41.74. The company’s stock had a trading volume of 2,247,537 shares, compared to its average volume of 5,229,214. ON has a 52-week low of $23.41 and a 52-week high of $44.30. The business has a 50-day moving average price of $39.64 and a 200 day moving average price of $35.64. The stock has a market cap of $26.28 billion, a price-to-earnings ratio of 94.86, a PEG ratio of 1.18 and a beta of 2.22.

ON (NYSE:ONON) last released its quarterly earnings data on Tuesday, May 14th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.20. The firm had revenue of $581.41 million during the quarter, compared to analyst estimates of $555.52 million. ON had a return on equity of 11.13% and a net margin of 6.46%. Equities research analysts predict that ON will post 0.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ONON. Bank of Montreal Can increased its position in shares of ON by 21.9% during the second quarter. Bank of Montreal Can now owns 36,425 shares of the company’s stock worth $1,419,000 after acquiring an additional 6,551 shares during the period. Gabelli Funds LLC boosted its stake in shares of ON by 70.6% during the second quarter. Gabelli Funds LLC now owns 37,721 shares of the company’s stock worth $1,464,000 after buying an additional 15,608 shares during the period. 1832 Asset Management L.P. lifted its position in ON by 66,838.9% in the second quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock valued at $93,500,000 after purchasing an additional 2,406,200 shares during the period. Symmetry Investments LP lifted its position in ON by 175.8% in the second quarter. Symmetry Investments LP now owns 107,867 shares of the company’s stock valued at $4,185,000 after purchasing an additional 68,755 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its position in ON by 100.7% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock valued at $49,716,000 after purchasing an additional 642,894 shares during the period. 33.11% of the stock is currently owned by institutional investors and hedge funds.

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.