ON (NYSE:ONON) Reaches New 1-Year High Following Analyst Upgrade

On Holding AG (NYSE:ONON)’s stock price hit a new 52-week high during mid-day trading on Wednesday after Stifel Nicolaus raised their price target on the stock from $45.00 to $59.00. Stifel Nicolaus currently has a buy rating on the stock. ON traded as high as $50.25 and last traded at $50.15, with a volume of 259873 shares trading hands. The stock had previously closed at $49.25.

ONON has been the subject of a number of other research reports. HSBC began coverage on shares of ON in a report on Thursday, September 5th. They issued a “hold” rating and a $52.00 price objective for the company. KeyCorp lifted their price target on shares of ON from $40.00 to $47.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Hsbc Global Res upgraded ON to a “hold” rating in a research report on Thursday, September 5th. Sanford C. Bernstein initiated coverage on ON in a research note on Tuesday, June 11th. They set an “outperform” rating and a $50.00 target price for the company. Finally, Morgan Stanley upped their price target on ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.89.

Institutional Investors Weigh In On ON

A number of hedge funds have recently bought and sold shares of ONON. Ameritas Advisory Services LLC grew its stake in shares of ON by 1.3% during the second quarter. Ameritas Advisory Services LLC now owns 23,806 shares of the company’s stock worth $924,000 after purchasing an additional 300 shares in the last quarter. Artemis Investment Management LLP increased its holdings in shares of ON by 1.9% in the 2nd quarter. Artemis Investment Management LLP now owns 16,410 shares of the company’s stock valued at $637,000 after acquiring an additional 302 shares during the last quarter. Crossmark Global Holdings Inc. increased its holdings in shares of ON by 3.2% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 10,423 shares of the company’s stock valued at $404,000 after acquiring an additional 325 shares during the last quarter. Asset Dedication LLC raised its position in shares of ON by 25.8% during the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock worth $62,000 after acquiring an additional 327 shares in the last quarter. Finally, King Luther Capital Management Corp lifted its stake in ON by 0.7% during the second quarter. King Luther Capital Management Corp now owns 56,021 shares of the company’s stock worth $2,174,000 after purchasing an additional 405 shares during the last quarter. Institutional investors and hedge funds own 33.11% of the company’s stock.

ON Stock Down 2.4 %

The stock has a fifty day moving average of $42.82 and a 200-day moving average of $38.43. The stock has a market capitalization of $31.32 billion, a price-to-earnings ratio of 113.05, a P/E/G ratio of 1.37 and a beta of 2.24.

ON (NYSE:ONON) last posted its earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $634.43 million. On average, equities analysts forecast that On Holding AG will post 0.82 EPS for the current fiscal year.

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.