The Goldman Sachs Group Forecasts Strong Price Appreciation for ON (NYSE:ONON) Stock

ON (NYSE:ONON) had its price target increased by The Goldman Sachs Group from $50.00 to $57.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on ONON. Robert W. Baird increased their price objective on ON from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Wednesday. TD Cowen increased their target price on ON from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $53.00 price objective on shares of ON in a research note on Tuesday. KeyCorp lifted their price target on ON from $47.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Finally, HSBC began coverage on ON in a research note on Thursday, September 5th. They set a “hold” rating and a $52.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.33.

ON Stock Performance

ONON traded down $1.43 during trading hours on Wednesday, reaching $51.92. The company’s stock had a trading volume of 2,616,893 shares, compared to its average volume of 4,974,211. ON has a 52 week low of $25.78 and a 52 week high of $56.44. The company’s 50-day moving average is $49.56 and its 200-day moving average is $43.17. The firm has a market cap of $32.69 billion, a PE ratio of 120.74 and a beta of 2.25.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in ON in the first quarter worth $958,000. Oppenheimer & Co. Inc. purchased a new position in ON in the first quarter worth $208,000. Sei Investments Co. boosted its position in ON by 16.1% in the first quarter. Sei Investments Co. now owns 525,478 shares of the company’s stock worth $18,591,000 after purchasing an additional 72,859 shares during the last quarter. SageView Advisory Group LLC purchased a new position in ON in the first quarter worth $656,000. Finally, Blair William & Co. IL purchased a new position in ON in the first quarter worth $502,000. Hedge funds and other institutional investors own 33.11% of the company’s stock.

ON Company Profile

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.