ON (NYSE:ONON) Raised to “Neutral” at Bank of America

ON (NYSE:ONON) was upgraded by equities research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report issued on Monday, Briefing.com reports. The brokerage presently has a $55.00 price objective on the stock, up from their previous price objective of $21.00. Bank of America‘s price target suggests a potential upside of 10.11% from the stock’s current price.

A number of other research analysts also recently commented on the company. Sanford C. Bernstein initiated coverage on ON in a research note on Tuesday, June 11th. They issued an “outperform” rating and a $50.00 price target for the company. Piper Sandler reissued an “overweight” rating and set a $52.00 price target on shares of ON in a report on Friday, August 23rd. TD Cowen raised their price objective on ON from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. JPMorgan Chase & Co. boosted their target price on ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Monday, June 17th. Finally, Barclays raised their price target on shares of ON from $40.00 to $47.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Five equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.30.

ON Stock Performance

Shares of ON stock opened at $49.95 on Monday. ON has a 52-week low of $23.41 and a 52-week high of $52.16. The firm has a 50-day moving average of $43.07 and a 200-day moving average of $38.62. The stock has a market cap of $31.45 billion, a PE ratio of 113.53, a PEG ratio of 1.39 and a beta of 2.24.

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

Hedge Funds Weigh In On ON

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new position in ON during the 4th quarter worth approximately $57,916,000. Artisan Partners Limited Partnership acquired a new position in shares of ON during the fourth quarter worth approximately $7,398,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of ON by 805.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 24,570 shares of the company’s stock worth $663,000 after purchasing an additional 21,855 shares in the last quarter. Capstone Investment Advisors LLC grew its position in ON by 113.9% in the 4th quarter. Capstone Investment Advisors LLC now owns 24,150 shares of the company’s stock valued at $651,000 after purchasing an additional 12,861 shares during the period. Finally, Scotia Capital Inc. bought a new stake in ON during the 4th quarter valued at $583,000. Institutional investors own 33.11% of the company’s stock.

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.