ON (NYSE:ONON) Now Covered by Cantor Fitzgerald

Key Points

• Cantor Fitzgerald initiated coverage of ON with an “overweight” rating and a $46 price target, implying 23.05% upside from the previous close.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $43.81, though ratings range from strong buy to sell.
• ON reported quarterly earnings of $0.65 per share, beating the $0.47 consensus estimate; revenue was $1.11 billion, in line with expectations.

Research analysts at Cantor Fitzgerald assumed coverage on shares of ON (NYSE:ONON - Get Free Report) in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The brokerage set an "overweight" rating and a $46.00 price target on the stock. Cantor Fitzgerald's price objective would indicate a potential upside of 23.05% from the stock's previous close.

A number of other equities research analysts have also recently commented on the company. Jefferies Financial Group reiterated an "underperform" rating on shares of ON in a research note on Tuesday, October 20th. Stifel Nicolaus cut their price target on shares of ON from $60.00 to $41.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. UBS Group restated a "buy" rating on shares of ON in a research report on Wednesday, September 23rd. Zacks Research upgraded shares of ON from a "strong sell" rating to a "hold" rating in a report on Monday, October 12th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of ON from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday, October 1st. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $43.81.

ON Stock Performance

ONON stock opened at $37.38 on Tuesday. The company has a quick ratio of 2.25, a current ratio of 2.83 and a debt-to-equity ratio of 0.25. The firm has a market cap of $23.86 billion, a PE ratio of 25.43, a P/E/G ratio of 0.76 and a beta of 2.05. The business has a 50 day moving average of $31.67 and a 200-day moving average of $36.47. ON has a 12-month low of $26.36 and a 12-month high of $51.08.

ON (NYSE:ONON - Get Free Report) last issued its quarterly earnings results on Tuesday, November 10th. The company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.47 by $0.18. ON had a return on equity of 22.92% and a net margin of 12.09%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. As a group, sell-side analysts expect that ON will post 1.50 earnings per share for the current year.

Insider Buying and Selling at ON

In other news, CEO Caspar Coppetti acquired 65,000 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the acquisition, the chief executive officer owned 2,440,855 shares in the company, valued at $74,861,022.85. The trade was a 2.74% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Olivier Bernhard acquired 65,000 shares of the company's stock in a transaction on Friday, August 14th. The shares were acquired at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following the completion of the acquisition, the insider owned 5,228,184 shares of the company's stock, valued at approximately $160,348,403.28. The trade was a 1.26% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Institutional Trading of ON

A number of institutional investors have recently modified their holdings of the business. Wellington Management Group LLP lifted its holdings in shares of ON by 2.3% in the second quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company's stock worth $97,462,000 after buying an additional 62,404 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in ON by 116.8% during the third quarter. Pictet Asset Management Holding SA now owns 1,741,829 shares of the company's stock valued at $51,571,000 after acquiring an additional 938,285 shares in the last quarter. Bessemer Group Inc. grew its stake in ON by 5.7% during the first quarter. Bessemer Group Inc. now owns 1,194,774 shares of the company's stock valued at $40,647,000 after acquiring an additional 63,932 shares in the last quarter. Eurizon Capital SGR S.p.A. increased its holdings in ON by 159.9% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 931,031 shares of the company's stock worth $27,568,000 after acquiring an additional 572,854 shares during the period. Finally, Arnhold LLC increased its holdings in ON by 19.0% during the 3rd quarter. Arnhold LLC now owns 465,100 shares of the company's stock worth $13,772,000 after acquiring an additional 74,200 shares during the period. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

ON Company Profile

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