ON (NYSE:ONON) Reaches New 1-Year High After Analyst Upgrade

On Holding AG (NYSE:ONON)’s stock price hit a new 52-week high during trading on Wednesday after Stifel Nicolaus raised their price target on the stock from $45.00 to $59.00. Stifel Nicolaus currently has a buy rating on the stock. ON traded as high as $50.25 and last traded at $50.15, with a volume of 259873 shares trading hands. The stock had previously closed at $49.25.

Several other research firms have also recently weighed in on ONON. Evercore ISI raised shares of ON to an “overweight” rating and upped their price target for the stock from $43.00 to $47.00 in a report on Monday, August 12th. The Goldman Sachs Group raised their price target on ON from $41.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Hsbc Global Res raised ON to a “hold” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. raised their target price on shares of ON from $40.00 to $47.00 and gave the company an “overweight” rating in a research note on Monday, June 17th. Finally, Piper Sandler reissued an “overweight” rating and issued a $52.00 price target on shares of ON in a research note on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, ON has an average rating of “Moderate Buy” and an average price target of $46.89.

Hedge Funds Weigh In On ON

A number of institutional investors have recently bought and sold shares of the stock. Ameritas Advisory Services LLC raised its position in shares of ON by 1.3% in the 2nd quarter. Ameritas Advisory Services LLC now owns 23,806 shares of the company’s stock worth $924,000 after acquiring an additional 300 shares in the last quarter. Artemis Investment Management LLP raised its holdings in ON by 1.9% in the second quarter. Artemis Investment Management LLP now owns 16,410 shares of the company’s stock worth $637,000 after purchasing an additional 302 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in ON by 3.2% during the second quarter. Crossmark Global Holdings Inc. now owns 10,423 shares of the company’s stock valued at $404,000 after buying an additional 325 shares during the period. Asset Dedication LLC grew its position in shares of ON by 25.8% in the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock worth $62,000 after buying an additional 327 shares during the period. Finally, King Luther Capital Management Corp increased its stake in shares of ON by 0.7% in the 2nd quarter. King Luther Capital Management Corp now owns 56,021 shares of the company’s stock worth $2,174,000 after acquiring an additional 405 shares in the last quarter. 33.11% of the stock is owned by institutional investors.

ON Price Performance

The firm has a market cap of $32.09 billion, a P/E ratio of 115.82, a price-to-earnings-growth ratio of 1.37 and a beta of 2.24. The firm’s 50 day moving average is $42.56 and its 200 day moving average is $38.35.

ON (NYSE:ONON) last released its 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). ON had a return on equity of 13.02% and a net margin of 7.42%. The company had revenue of $627.66 million during the quarter, compared to the consensus estimate of $634.43 million. As a group, analysts expect that On Holding AG will post 0.82 EPS for the current year.

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.