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

ON (NYSE:ONON) had its price target raised by investment analysts at Truist Financial from $51.00 to $58.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 18.37% from the company’s previous close.

ONON has been the topic of several other reports. Hsbc Global Res raised shares of ON to a “hold” rating in a research note on Thursday, September 5th. KeyCorp boosted 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. HSBC began coverage on shares of ON in a research note on Thursday, September 5th. They set a “hold” rating and a $52.00 target price on the stock. Barclays boosted their target price 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. Finally, TD Cowen boosted their target price on shares of ON from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, ON currently has an average rating of “Moderate Buy” and an average target price of $48.90.

ON Stock Performance

Shares of NYSE ONON traded down $0.21 during trading on Thursday, hitting $49.00. The company had a trading volume of 572,407 shares, compared to its average volume of 5,163,159. The company has a market cap of $30.85 billion, a P/E ratio of 111.37, a PEG ratio of 1.26 and a beta of 2.24. ON has a 52 week low of $23.41 and a 52 week high of $52.16. The business’s 50-day moving average is $44.78 and its 200 day moving average is $39.57.

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 the consensus estimate of $0.14 by ($0.04). The company had revenue of $627.66 million during the quarter, compared to the consensus estimate of $634.43 million. ON had a net margin of 7.42% and a return on equity of 13.02%. On average, research analysts expect that ON will post 0.82 EPS for the current year.

Institutional Investors Weigh In On ON

A number of large investors have recently bought and sold shares of ONON. William Blair Investment Management LLC bought a new stake in ON in the first quarter worth $121,712,000. 1832 Asset Management L.P. boosted its holdings in 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 acquiring an additional 2,406,200 shares during the period. Westfield Capital Management Co. LP bought a new stake in ON during the first quarter valued at about $65,898,000. Acadian Asset Management LLC boosted its holdings in ON by 574.3% during the second quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock valued at $59,878,000 after acquiring an additional 1,315,006 shares during the period. Finally, Wellington Management Group LLP bought a new stake in ON during the fourth quarter valued at about $34,420,000. 33.11% of the stock is currently owned by 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.