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

Bank of America upgraded shares of ON (NYSE:ONON) from an underperform rating to a neutral rating in a research report report published on Monday morning, MarketBeat reports. The brokerage currently has $55.00 price objective on the stock, up from their prior price objective of $21.00.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. boosted their price target on ON from $40.00 to $47.00 and gave the stock an overweight rating in a research note on Monday, June 17th. Sanford C. Bernstein began coverage on ON in a report on Tuesday, June 11th. They issued an outperform rating and a $50.00 target price on the stock. Telsey Advisory Group reaffirmed an outperform rating and set a $47.00 price target on shares of ON in a research note on Tuesday, August 13th. HSBC assumed coverage on shares of ON in a research note on Thursday, September 5th. They issued a hold rating and a $52.00 price objective on the stock. Finally, Piper Sandler restated an overweight rating and set a $52.00 target price on shares of ON in a research report on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $47.30.

ON Price Performance

Shares of ONON stock opened at $50.21 on Monday. The business’s fifty day moving average price is $43.75 and its 200 day moving average price is $38.96. The firm has a market capitalization of $31.61 billion, a PE ratio of 114.12, a P/E/G ratio of 1.40 and a beta of 2.24. ON has a 1-year low of $23.41 and a 1-year 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). The company had revenue of $627.66 million during the quarter, compared to analysts’ expectations of $634.43 million. ON had a net margin of 7.42% and a return on equity of 13.02%. Equities research analysts expect that ON will post 0.82 earnings per share for the current fiscal year.

Institutional Trading of ON

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