ON (NYSE:ONON) Stock Price Target Raised at JPMorgan Chase & Co.

Key Points

• JPMorgan raised ON Holding’s price target to $44 from $41 and maintained an “overweight” rating, implying 45.53% upside from the stock’s $30.23 price.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and average price target of $43.17, despite mixed recommendations from some brokerages.
• ON shares rose 2.1% to $30.23, while the company’s latest quarterly results missed EPS and revenue estimates; insiders, including the CEO and chairman, each purchased 65,000 shares.

ON (NYSE:ONON - Get Free Report) had its price target upped by investment analysts at JPMorgan Chase & Co. from $41.00 to $44.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 45.53% from the company's current price.

A number of other brokerages also recently issued reports on ONON. Raymond James Financial downgraded ON from a "strong-buy" rating to an "outperform" rating and reduced their price objective for the company from $52.00 to $38.00 in a research note on Wednesday, August 12th. Morgan Stanley began coverage on shares of ON in a report on Thursday, September 10th. They issued an "overweight" rating and a $39.00 price target on the stock. Sanford C. Bernstein restated an "outperform" rating on shares of ON in a research report on Thursday, September 24th. Weiss Ratings downgraded shares of ON from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, September 8th. Finally, UBS Group reaffirmed a "buy" rating on shares of ON in a research report on Wednesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $43.17.

ON Stock Up 2.1%

Shares of ONON stock traded up $0.62 on Thursday, hitting $30.23. The stock had a trading volume of 6,876,867 shares, compared to its average volume of 6,816,859. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.83 and a quick ratio of 2.25. The business has a 50 day moving average of $31.17 and a 200 day moving average of $34.78. ON has a 12-month low of $26.36 and a 12-month high of $51.08. The stock has a market cap of $19.29 billion, a price-to-earnings ratio of 20.57, a price-to-earnings-growth ratio of 0.59 and a beta of 2.08.

ON (NYSE:ONON - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.07). The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.09 billion. ON had a return on equity of 22.92% and a net margin of 12.09%.ON's quarterly revenue was up 13.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.09) EPS. As a group, analysts expect that ON will post 1.48 EPS for the current year.

Insiders Place Their Bets

In related news, insider Olivier Bernhard acquired 65,000 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following the purchase, the insider owned 5,228,184 shares in the company, valued at $160,348,403.28. This trade represents a 1.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Caspar Coppetti bought 65,000 shares of ON stock in a transaction on Friday, August 14th. The shares were bought at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the acquisition, the chief executive officer directly owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. This represents a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 68.57% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in ON by 69.6% during the first quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company's stock valued at $26,000 after buying an additional 312 shares during the period. Ascentis Independent Advisors purchased a new stake in shares of ON in the 1st quarter valued at about $34,000. State of Wyoming boosted its position in shares of ON by 132.6% during the 1st quarter. State of Wyoming now owns 4,508 shares of the company's stock valued at $153,000 after acquiring an additional 2,570 shares during the last quarter. World Investment Advisors purchased a new position in shares of ON during the fourth quarter worth about $207,000. Finally, J. Derek Lewis & Associates Inc. purchased a new position in shares of ON during the fourth quarter worth about $212,000. 36.39% of the stock is owned by institutional investors.

About ON

On Holding AG, trading on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company focused on performance footwear, apparel and accessories. The company serves athletes and active consumers with products designed for running, training, outdoor activities and everyday wear.

On is best known for its running shoes, which incorporate the company's CloudTec cushioning technology and distinctive sole designs. Its product portfolio also includes athletic clothing, apparel and accessories, with offerings positioned across both performance and lifestyle categories.

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