ON’s (ONON) Outperform Rating Reiterated at Telsey Advisory Group

Telsey Advisory Group reiterated their outperform rating on shares of ON (NYSE:ONON) in a report issued on Tuesday, Marketbeat Ratings reports. Telsey Advisory Group currently has a $53.00 price objective on the stock.

Other research analysts have also issued research reports about the company. Barclays raised their target price on ON from $40.00 to $47.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Hsbc Global Res raised shares of ON to a “hold” rating in a report on Thursday, September 5th. Raymond James began coverage on shares of ON in a research note on Wednesday, July 31st. They issued an “outperform” rating and a $46.00 target price for the company. Piper Sandler raised their price target 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. Finally, Stifel Nicolaus upped their price objective on shares of ON from $45.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Four investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.33.

ON Trading Up 1.2 %

ONON opened at $53.35 on Tuesday. ON has a 1-year low of $25.78 and a 1-year high of $56.44. The company has a market cap of $33.59 billion, a price-to-earnings ratio of 124.07 and a beta of 2.25. The company’s fifty day moving average price is $49.24 and its two-hundred day moving average price is $42.97.

ON (NYSE:ONON) last posted its earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The business had revenue of $627.66 million during the quarter, compared to analyst estimates of $634.43 million. ON had a return on equity of 11.02% and a net margin of 5.87%. As a group, equities analysts forecast that ON will post 0.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. 1832 Asset Management L.P. increased its position in shares of ON by 66,838.9% during the second quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock valued at $93,500,000 after buying an additional 2,406,200 shares during the period. Westfield Capital Management Co. LP purchased a new stake in ON in the 1st quarter worth approximately $65,898,000. Acadian Asset Management LLC lifted its stake in ON by 574.3% in the 2nd quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock worth $59,878,000 after purchasing an additional 1,315,006 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of ON during the 2nd quarter valued at $43,456,000. Finally, Renaissance Technologies LLC purchased a new position in shares of ON during the 2nd quarter valued at $27,975,000. 33.11% of the stock is currently owned by hedge funds and other 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.