ON (NYSE:ONON) Given New $85.00 Price Target at UBS Group

ON (NYSE:ONON) had its price target hoisted by UBS Group from $79.00 to $85.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target points to a potential upside of 100.59% from the stock’s current price.

A number of other analysts have also recently commented on ONON. Bank of America boosted their price objective on ON from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday. Zacks Research raised shares of ON from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Barclays raised their price objective on shares of ON from $68.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, August 13th. Needham & Company LLC cut their target price on shares of ON from $62.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, TD Cowen decreased their price target on shares of ON from $63.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.80.

ON Stock Performance

Shares of ONON traded up $0.87 during mid-day trading on Thursday, reaching $42.38. The company had a trading volume of 10,293,515 shares, compared to its average volume of 5,776,029. The stock has a market capitalization of $26.68 billion, a P/E ratio of 94.04, a PEG ratio of 4.37 and a beta of 2.18. ON has a 52-week low of $34.38 and a 52-week high of $64.05. The stock has a 50 day moving average of $41.77 and a two-hundred day moving average of $48.25. The company has a quick ratio of 2.00, a current ratio of 2.53 and a debt-to-equity ratio of 0.31.

ON (NYSE:ONON) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.35). The company had revenue of $944.29 million during the quarter, compared to analyst estimates of $707.74 million. ON had a net margin of 4.45% and a return on equity of 8.75%. The company’s revenue was up 32.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 earnings per share. On average, analysts expect that ON will post 0.66 earnings per share for the current year.

Institutional Investors Weigh In On ON

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio grew its position in shares of ON by 106.6% in the second quarter. Public Employees Retirement System of Ohio now owns 68,583 shares of the company’s stock valued at $3,570,000 after purchasing an additional 35,391 shares during the period. PNC Financial Services Group Inc. boosted its stake in ON by 36.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,245 shares of the company’s stock worth $494,000 after buying an additional 3,025 shares during the last quarter. Citigroup Inc. boosted its stake in ON by 73.1% in the 1st quarter. Citigroup Inc. now owns 213,127 shares of the company’s stock worth $9,361,000 after buying an additional 89,982 shares during the last quarter. Red Spruce Capital LLC grew its holdings in ON by 64.8% in the 2nd quarter. Red Spruce Capital LLC now owns 35,566 shares of the company’s stock valued at $1,851,000 after buying an additional 13,980 shares during the period. Finally, Bessemer Group Inc. acquired a new position in shares of ON during the 2nd quarter valued at about $43,344,000. 36.39% 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 such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.