ON (NYSE:ONON) Earns “Buy” Rating from Needham & Company LLC

ON (NYSE:ONON)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $64.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 30.04% from the company’s current price.

Several other equities analysts have also issued reports on the company. TD Cowen upped their price target on ON from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Barclays raised their target price on shares of ON from $47.00 to $63.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Truist Financial raised their price objective on shares of ON from $58.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group cut shares of ON from a “buy” rating to a “neutral” rating and set a $57.00 target price for the company. in a research report on Wednesday, February 12th. Finally, Williams Trading upgraded ON from a “hold” rating to a “buy” rating and raised their price target for the stock from $40.00 to $60.00 in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $59.73.

ON Stock Performance

ON stock traded up $1.37 on Tuesday, reaching $49.22. The company’s stock had a trading volume of 4,005,158 shares, compared to its average volume of 4,531,002. ON has a twelve month low of $27.37 and a twelve month high of $64.05. The company has a market cap of $30.99 billion, a price-to-earnings ratio of 114.77, a PEG ratio of 1.02 and a beta of 2.30. The business’s fifty day moving average price is $55.40 and its 200 day moving average price is $52.44.

ON (NYSE:ONON) last announced its earnings results on Tuesday, March 4th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.11. ON had a net margin of 5.87% and a return on equity of 10.69%. As a group, equities analysts forecast that ON will post 0.66 earnings per share for the current year.

Institutional Investors Weigh In On ON

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONON. Capital Advisors Inc. OK increased its position in shares of ON by 3.2% in the fourth quarter. Capital Advisors Inc. OK now owns 6,386 shares of the company’s stock valued at $350,000 after acquiring an additional 200 shares during the last quarter. Keystone Investors PTE Ltd. increased its position in shares of ON by 0.8% during the 4th quarter. Keystone Investors PTE Ltd. now owns 29,918 shares of the company’s stock worth $1,639,000 after purchasing an additional 228 shares during the last quarter. Concurrent Investment Advisors LLC raised its stake in shares of ON by 2.8% during the 4th quarter. Concurrent Investment Advisors LLC now owns 9,413 shares of the company’s stock worth $516,000 after purchasing an additional 259 shares in the last quarter. CreativeOne Wealth LLC boosted its holdings in shares of ON by 2.4% in the 4th quarter. CreativeOne Wealth LLC now owns 13,574 shares of the company’s stock valued at $743,000 after buying an additional 323 shares during the last quarter. Finally, Atria Investments Inc boosted its holdings in shares of ON by 6.6% in the 4th quarter. Atria Investments Inc now owns 5,515 shares of the company’s stock valued at $302,000 after buying an additional 341 shares during the last quarter. 36.39% 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 such as footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.