ON (NYSE:ONON) Given New $58.00 Price Target at TD Cowen

ON (NYSE:ONON) had its price target boosted by stock analysts at TD Cowen from $50.00 to $58.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 15.93% from the stock’s previous close.

A number of other brokerages have also recently commented on ONON. The Goldman Sachs Group boosted their price target on ON from $41.00 to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. HSBC initiated coverage on ON in a research report on Thursday, September 5th. They set a “hold” rating and a $52.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Monday, June 17th. Evercore ISI raised shares of ON to an “overweight” rating and increased their price objective for the stock from $43.00 to $47.00 in a research note on Monday, August 12th. Finally, Truist Financial lifted their target price on shares of ON from $46.00 to $51.00 and gave the company a “buy” 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 stock. According to MarketBeat.com, ON currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.35.

ON Price Performance

ON stock traded down $1.10 during trading hours on Monday, reaching $50.03. The stock had a trading volume of 782,366 shares, compared to its average volume of 5,188,713. The stock has a market cap of $31.50 billion, a PE ratio of 113.70, a PEG ratio of 1.25 and a beta of 2.24. The company has a fifty day simple moving average of $44.20 and a 200-day simple moving average of $39.27. ON has a 52 week low of $23.41 and a 52 week high of $52.16.

ON (NYSE:ONON) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share (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 business had revenue of $627.66 million for the quarter, compared to analysts’ expectations of $634.43 million. Research analysts predict that ON will post 0.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ON

Several hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new position in shares of ON in the 2nd quarter valued at about $32,000. WD Rutherford LLC acquired a new stake in shares of ON during the 1st quarter worth approximately $52,000. Asset Dedication LLC increased its holdings in shares of ON by 25.8% during the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock valued at $62,000 after purchasing an additional 327 shares in the last quarter. Orion Capital Management LLC increased its holdings in shares of ON by 106.7% during the 1st quarter. Orion Capital Management LLC now owns 2,480 shares of the company’s stock valued at $88,000 after purchasing an additional 1,280 shares in the last quarter. Finally, National Bank of Canada FI boosted its holdings in ON by 24.0% during the second quarter. National Bank of Canada FI now owns 2,585 shares of the company’s stock worth $98,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 33.11% of the company’s stock.

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.