ON (NYSE:ONON) Rating Reiterated by Morgan Stanley

ON (NYSE:ONON)‘s stock had its “overweight” rating reiterated by investment analysts at Morgan Stanley in a research note issued to investors on Monday, Benzinga reports. They currently have a $32.00 target price on the stock. Morgan Stanley’s price target suggests a potential downside of 1.66% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Evercore ISI lowered their price objective on shares of ON from $40.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, March 13th. Barclays assumed coverage on ON in a report on Monday, April 1st. They set an “overweight” rating and a $38.00 target price for the company. Redburn Atlantic reiterated a “neutral” rating and set a $34.00 target price on shares of ON in a report on Thursday, March 7th. William Blair assumed coverage on ON in a report on Tuesday, April 16th. They set an “outperform” rating for the company. Finally, Truist Financial increased their target price on ON from $29.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, March 13th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, ON currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.13.

ON Stock Performance

Shares of ON stock opened at $32.54 on Monday. ON has a 52 week low of $23.41 and a 52 week high of $37.08. The firm has a fifty day moving average of $33.12 and a two-hundred day moving average of $29.45. The stock has a market capitalization of $20.49 billion, a price-to-earnings ratio of 119.93, a PEG ratio of 1.10 and a beta of 2.16.

ON (NYSE:ONON) last released its quarterly earnings data on Tuesday, March 12th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.18). ON had a net margin of 4.04% and a return on equity of 6.85%. The firm had revenue of $504.69 million during the quarter, compared to the consensus estimate of $515.30 million. As a group, research analysts forecast that ON will post 0.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. AE Wealth Management LLC increased its holdings in shares of ON by 39.2% during the third quarter. AE Wealth Management LLC now owns 12,435 shares of the company’s stock worth $346,000 after purchasing an additional 3,505 shares during the period. IFP Advisors Inc increased its holdings in shares of ON by 138.3% during the third quarter. IFP Advisors Inc now owns 4,951 shares of the company’s stock worth $138,000 after purchasing an additional 2,873 shares during the period. DAVENPORT & Co LLC increased its holdings in shares of ON by 29.2% during the third quarter. DAVENPORT & Co LLC now owns 16,060 shares of the company’s stock worth $447,000 after purchasing an additional 3,625 shares during the period. Caprock Group LLC increased its holdings in shares of ON by 10.0% during the third quarter. Caprock Group LLC now owns 7,738 shares of the company’s stock worth $215,000 after purchasing an additional 701 shares during the period. Finally, U S Global Investors Inc. bought a new position in shares of ON during the third quarter worth approximately $223,000. 33.11% of the stock is 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.