ON (NYSE:ONON) Upgraded at BTIG Research

ON (NYSE:ONON) was upgraded by equities research analysts at BTIG Research from a “neutral” rating to a “buy” rating in a report issued on Wednesday, Marketbeat.com reports. The firm currently has a $64.00 price objective on the stock. BTIG Research’s target price suggests a potential upside of 19.96% from the stock’s current price.

A number of other equities analysts have also recently issued reports on ONON. Piper Sandler boosted their price objective on shares of ON from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. Raymond James initiated coverage on ON in a research report on Wednesday, July 31st. They set an “outperform” rating and a $46.00 price target for the company. Bank of America upgraded ON from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $21.00 to $55.00 in a research report on Monday, September 23rd. UBS Group upped their target price on ON from $55.00 to $61.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Stifel Nicolaus lifted their price target on shares of ON from $45.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Four investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.33.

ON Price Performance

ONON opened at $53.35 on Wednesday. ON has a 1 year low of $25.78 and a 1 year high of $56.44. The stock’s 50 day simple moving average is $49.24 and its 200 day simple moving average is $42.97. The firm has a market cap of $33.59 billion, a price-to-earnings ratio of 124.07 and a beta of 2.25.

ON (NYSE:ONON) last issued its earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.04). The firm had revenue of $627.66 million during the quarter, compared to analysts’ expectations of $634.43 million. ON had a return on equity of 11.02% and a net margin of 5.87%. As a group, sell-side analysts anticipate that ON will post 0.75 EPS for the current year.

Hedge Funds Weigh In On ON

Institutional investors and hedge funds have recently modified their holdings of the stock. Ameritas Advisory Services LLC increased its stake in ON by 1.3% during the 2nd quarter. Ameritas Advisory Services LLC now owns 23,806 shares of the company’s stock valued at $924,000 after purchasing an additional 300 shares in the last quarter. Capital Advisors Inc. OK increased its position in shares of ON by 5.1% during the third quarter. Capital Advisors Inc. OK now owns 6,186 shares of the company’s stock valued at $310,000 after acquiring an additional 301 shares in the last quarter. Artemis Investment Management LLP raised its holdings in ON by 1.9% in the 2nd quarter. Artemis Investment Management LLP now owns 16,410 shares of the company’s stock worth $637,000 after acquiring an additional 302 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in ON by 3.2% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 10,423 shares of the company’s stock valued at $404,000 after acquiring an additional 325 shares in the last quarter. Finally, Asset Dedication LLC increased its holdings in shares of ON by 25.8% in the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock worth $62,000 after purchasing an additional 327 shares in the last quarter. 33.11% of the stock is currently owned by institutional investors.

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.