Williams Trading Upgrades ON (NYSE:ONON) to Buy

ON (NYSE:ONON) was upgraded by analysts at Williams Trading from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a $60.00 target price on the stock, up from their prior target price of $40.00. Williams Trading’s price objective points to a potential upside of 12.46% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Evercore ISI upgraded ON to an “overweight” rating and boosted their target price for the stock from $43.00 to $47.00 in a research report on Monday, August 12th. Stifel Nicolaus upped their price objective on ON from $45.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Hsbc Global Res raised shares of ON to a “hold” rating in a report on Thursday, September 5th. TD Cowen upped their price target on shares of ON from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Finally, Morgan Stanley lifted their price objective on shares of ON from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $54.33.

ON Price Performance

ON stock opened at $53.35 on Wednesday. The firm’s 50 day moving average price is $49.24 and its 200-day moving average price is $42.97. ON has a 1 year low of $25.78 and a 1 year high of $56.44. The stock has a market cap of $33.59 billion, a P/E ratio of 124.07 and a beta of 2.25.

ON (NYSE:ONON) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing the consensus estimate 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 return on equity of 11.02% and a net margin of 5.87%. As a group, equities analysts expect that ON will post 0.75 EPS for the current year.

Institutional Investors Weigh In On ON

Hedge funds have recently made changes to their positions in the company. Blair William & Co. IL bought a new stake in shares of ON in the first quarter valued at about $502,000. Acadian Asset Management LLC bought a new stake in shares of ON in the 1st quarter valued at about $8,094,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of ON by 100.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock worth $49,716,000 after purchasing an additional 642,894 shares during the period. Forte Capital LLC ADV bought a new position in shares of ON during the third quarter valued at approximately $742,000. Finally, Coronation Fund Managers Ltd. increased its holdings in ON by 248.6% during the second quarter. Coronation Fund Managers Ltd. now owns 154,903 shares of the company’s stock valued at $6,010,000 after buying an additional 110,467 shares during the period. 33.11% of the stock is currently 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.