ON (NYSE:ONON) Earns Overweight Rating from Morgan Stanley

Morgan Stanley reiterated their overweight rating on shares of ON (NYSE:ONON) in a report issued on Friday morning, Benzinga reports. The firm currently has a $40.00 target price on the stock.

Several other analysts have also weighed in on ONON. Stifel Nicolaus reiterated a buy rating and issued a $41.00 price objective on shares of ON in a research note on Thursday, May 16th. 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 report on Wednesday, May 15th. Redburn Atlantic reaffirmed a neutral rating and set a $34.00 price target on shares of ON in a research note on Thursday, March 7th. William Blair started coverage on ON in a research note on Tuesday, April 16th. They issued an outperform rating for the company. Finally, Evercore ISI upped their target price on ON from $40.00 to $43.00 and gave the stock an outperform rating in a research report on Wednesday, May 15th. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $42.00.

ON Price Performance

ON stock opened at $39.72 on Friday. The firm has a market cap of $25.01 billion, a P/E ratio of 90.27, a P/E/G ratio of 1.23 and a beta of 2.27. ON has a one year low of $23.41 and a one year high of $44.30. The stock’s 50 day moving average is $37.19 and its 200 day moving average is $32.87.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, May 14th. The company reported $0.32 EPS 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 business had revenue of $581.41 million for the quarter, compared to analysts’ expectations of $555.52 million. Equities analysts anticipate that ON will post 0.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Citigroup Inc. grew its position in ON by 185.3% during the third quarter. Citigroup Inc. now owns 48,326 shares of the company’s stock valued at $1,344,000 after buying an additional 31,387 shares during the period. Kestra Advisory Services LLC increased its stake in shares of ON by 13.4% during the 3rd quarter. Kestra Advisory Services LLC now owns 11,262 shares of the company’s stock worth $313,000 after purchasing an additional 1,331 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of ON in the 3rd quarter worth approximately $299,000. Envestnet Asset Management Inc. lifted its stake in ON by 74.1% in the third quarter. Envestnet Asset Management Inc. now owns 145,277 shares of the company’s stock valued at $4,042,000 after purchasing an additional 61,845 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in ON by 2.7% during the third quarter. Invesco Ltd. now owns 2,908,297 shares of the company’s stock valued at $80,909,000 after purchasing an additional 76,518 shares during the period. 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.