ON (NYSE:ONON) Rating Increased to Hold at Zacks Research

ON (NYSE:ONON) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other equities research analysts have also issued reports on ONON. UBS Group upped their price objective on shares of ON from $75.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, August 13th. TD Cowen cut their price target on shares of ON from $63.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, October 14th. Evercore ISI reduced their price target on shares of ON from $68.00 to $50.00 and set an “outperform” rating on the stock in a research report on Monday. BTIG Research reiterated a “buy” rating and issued a $70.00 price objective on shares of ON in a report on Tuesday, November 4th. Finally, Telsey Advisory Group reissued an “outperform” rating and set a $65.00 target price on shares of ON in a research note on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.65.

ON Stock Performance

Shares of ON stock opened at $41.42 on Tuesday. The business’s 50 day moving average price is $41.77 and its 200 day moving average price is $48.25. The company has a market cap of $26.08 billion, a price-to-earnings ratio of 92.05, a PEG ratio of 4.37 and a beta of 2.18. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53. ON has a one year low of $34.38 and a one year high of $64.05.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Montag A & Associates Inc. acquired a new stake in shares of ON in the first quarter valued at $26,000. TCTC Holdings LLC lifted its stake in ON by 118.4% during the 1st quarter. TCTC Holdings LLC now owns 581 shares of the company’s stock worth $26,000 after acquiring an additional 315 shares in the last quarter. Washington Trust Advisors Inc. purchased a new position in ON during the 2nd quarter valued at about $29,000. Smartleaf Asset Management LLC grew its position in ON by 3,392.6% in the 1st quarter. Smartleaf Asset Management LLC now owns 943 shares of the company’s stock valued at $42,000 after acquiring an additional 916 shares in the last quarter. Finally, Ramirez Asset Management Inc. purchased a new stake in ON during the first quarter worth about $44,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

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.