ON (NYSE:ONON) Price Target Raised to $58.00 at Truist Financial

ON (NYSE:ONON) had its price objective raised by research analysts at Truist Financial from $51.00 to $58.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 12.19% from the company’s current price.

Several other analysts have also recently issued reports on the company. Hsbc Global Res raised ON to a “hold” rating in a report on Thursday, September 5th. KeyCorp upped their price target 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. HSBC began coverage on shares of ON in a research note on Thursday, September 5th. They issued a “hold” rating and a $52.00 price objective for the company. Raymond James initiated coverage on shares of ON in a report on Wednesday, July 31st. They issued an “outperform” rating and a $46.00 price target for the company. Finally, Barclays boosted their price objective on ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Five analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $48.90.

ON Stock Performance

Shares of NYSE:ONON opened at $51.70 on Thursday. The firm has a market cap of $32.55 billion, a price-to-earnings ratio of 117.50, a P/E/G ratio of 1.26 and a beta of 2.24. The firm has a fifty day moving average price of $45.24 and a 200 day moving average price of $39.77. ON has a fifty-two week low of $23.41 and a fifty-two week high of $52.16.

ON (NYSE:ONON) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.04). ON had a net margin of 7.42% and a return on equity of 13.02%. The company had revenue of $627.66 million for the quarter, compared to the consensus estimate of $634.43 million. As a group, research analysts predict that ON will post 0.82 earnings per share for the current year.

Hedge Funds Weigh In On ON

Hedge funds have recently added to or reduced their stakes in the stock. Park Avenue Securities LLC boosted its holdings in shares of ON by 19.5% in the third quarter. Park Avenue Securities LLC now owns 13,441 shares of the company’s stock valued at $674,000 after purchasing an additional 2,194 shares during the period. Norman Fields Gottscho Capital Management LLC lifted its holdings in shares of ON by 0.6% in the 3rd quarter. Norman Fields Gottscho Capital Management LLC now owns 186,705 shares of the company’s stock worth $9,363,000 after buying an additional 1,100 shares during the period. Sanctuary Advisors LLC bought a new position in shares of ON during the 2nd quarter worth $1,108,000. Coronation Fund Managers Ltd. increased its stake in shares of ON by 248.6% during the second quarter. Coronation Fund Managers Ltd. now owns 154,903 shares of the company’s stock valued at $6,010,000 after buying an additional 110,467 shares during the period. Finally, Granite Bay Wealth Management LLC purchased a new position in shares of ON during the second quarter valued at $230,000. 33.11% of the stock is currently owned by institutional investors.

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.