ON’s (ONON) Overweight Rating Reaffirmed at Morgan Stanley

Morgan Stanley reissued their overweight rating on shares of ON (NYSE:ONON) in a research report released on Friday morning, Benzinga reports. The firm currently has a $40.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on the company. Redburn Atlantic restated a neutral rating and set a $34.00 price objective on shares of ON in a report on Thursday, March 7th. Piper Sandler raised their price target on ON from $37.00 to $39.00 and gave the stock an overweight rating in a research note on Thursday, March 21st. Sanford C. Bernstein began coverage on shares of ON in a research note on Tuesday, June 11th. They set an outperform rating and a $50.00 price objective for the company. UBS Group raised their target price on shares of ON from $53.00 to $55.00 and gave the stock a buy rating in a research report on Wednesday, May 15th. Finally, JPMorgan Chase & Co. upped their price target on shares of ON from $40.00 to $47.00 and gave the stock an overweight rating in a research report on Monday, June 17th. Three equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $42.00.

ON Trading Down 4.9 %

Shares of ONON stock opened at $39.68 on Friday. The company has a market capitalization of $24.98 billion, a price-to-earnings ratio of 90.18, a PEG ratio of 1.25 and a beta of 2.27. The firm has a 50-day moving average price of $37.19 and a 200 day moving average price of $32.81. ON has a twelve month low of $23.41 and a twelve month high of $44.30.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, May 14th. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.20. The business had revenue of $581.41 million during the quarter, compared to the consensus estimate of $555.52 million. ON had a net margin of 6.46% and a return on equity of 11.13%. As a group, research analysts predict that ON will post 0.77 earnings per share for the current year.

Hedge Funds Weigh In On ON

Institutional investors and hedge funds have recently bought and sold shares of the stock. Orion Capital Management LLC boosted its stake in shares of ON by 1,100.0% in the fourth quarter. Orion Capital Management LLC now owns 1,200 shares of the company’s stock valued at $32,000 after purchasing an additional 1,100 shares during the period. VisionPoint Advisory Group LLC purchased a new position in ON in the 4th quarter valued at about $32,000. Global Wealth Management Investment Advisory Inc. acquired a new stake in shares of ON during the fourth quarter valued at about $33,000. Asset Dedication LLC acquired a new position in shares of ON in the third quarter worth about $35,000. Finally, Spire Wealth Management boosted its holdings in ON by 66.2% in the fourth quarter. Spire Wealth Management now owns 1,615 shares of the company’s stock valued at $45,000 after purchasing an additional 643 shares during the last quarter. Hedge funds and other institutional investors own 33.11% of the company’s stock.

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.