TD Cowen Forecasts Strong Price Appreciation for ON (NYSE:ONON) Stock

ON (NYSE:ONON) had its target price lifted by analysts at TD Cowen from $58.00 to $60.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective indicates a potential upside of 10.68% from the company’s previous close.

Several other equities analysts have also recently weighed in on ONON. KeyCorp raised their target price on shares of ON from $47.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. 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. Piper Sandler raised their price target on shares of ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. Morgan Stanley increased their price target on shares of ON from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $53.00 price target on shares of ON in a report on Tuesday. Four research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.50.

ON Stock Performance

ON stock traded up $1.59 during trading on Wednesday, reaching $54.21. 4,195,918 shares of the company’s stock were exchanged, compared to its average volume of 4,987,038. ON has a 52-week low of $24.15 and a 52-week high of $56.44. The company’s 50-day moving average is $49.10 and its two-hundred day moving average is $42.90. The firm has a market cap of $34.13 billion, a price-to-earnings ratio of 126.07 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The company 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%. Analysts anticipate that ON will post 0.75 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Private Trust Co. NA acquired a new stake in shares of ON during the third quarter worth about $26,000. Blue Trust Inc. lifted its stake in ON by 319.8% in the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after buying an additional 403 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in shares of ON by 210.5% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock valued at $28,000 after buying an additional 400 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of ON during the third quarter worth $29,000. Finally, Quarry LP bought a new stake in ON in the 2nd quarter valued at $32,000. Institutional investors and hedge funds 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.