ON (NYSE:ONON) Coverage Initiated at Sanford C. Bernstein

Analysts at Sanford C. Bernstein started coverage on shares of ON (NYSE:ONON) in a research report issued on Tuesday, MarketBeat.com reports. The firm set an “outperform” rating and a $50.00 price target on the stock. Sanford C. Bernstein’s target price points to a potential upside of 14.60% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. Morgan Stanley increased their price objective on shares of ON from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, May 15th. TD Cowen increased their price objective on shares of ON from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. TheStreet cut shares of ON from a “c” rating to a “d+” rating in a research note on Monday, March 18th. Needham & Company LLC increased their price objective on shares of ON from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Finally, Piper Sandler increased their price objective on shares of ON from $37.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.69.

ON Stock Performance

ON stock opened at $43.63 on Tuesday. The firm’s fifty day moving average price is $35.90 and its 200-day moving average price is $32.23. The stock has a market cap of $27.47 billion, a P/E ratio of 99.16, a price-to-earnings-growth ratio of 1.26 and a beta of 2.27. ON has a fifty-two week low of $23.41 and a fifty-two week high of $44.30.

ON (NYSE:ONON) last announced its earnings results on Tuesday, May 14th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.20. ON had a net margin of 6.46% and a return on equity of 11.13%. The firm had revenue of $581.41 million for the quarter, compared to analyst estimates of $555.52 million. On average, analysts predict that ON will post 0.77 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Spire Wealth Management increased its position in ON by 91.0% during the 3rd quarter. Spire Wealth Management now owns 972 shares of the company’s stock valued at $27,000 after purchasing an additional 463 shares during the period. Orion Capital Management LLC grew its position in shares of ON by 1,100.0% in the 4th quarter. Orion Capital Management LLC now owns 1,200 shares of the company’s stock worth $32,000 after buying an additional 1,100 shares during the last quarter. VisionPoint Advisory Group LLC purchased a new position in shares of ON in the 4th quarter worth approximately $32,000. Global Wealth Management Investment Advisory Inc. purchased a new position in shares of ON in the 4th quarter worth approximately $33,000. Finally, Asset Dedication LLC purchased a new position in shares of ON in the 3rd quarter worth approximately $35,000. 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.