Morgan Stanley Reiterates Overweight Rating for ON (NYSE:ONON)

ON (NYSE:ONON - Get Free Report)'s stock had its "overweight" rating reissued by stock analysts at Morgan Stanley in a report issued on Thursday, Benzinga reports. They currently have a $32.00 price objective on the stock. Morgan Stanley's target price indicates a potential downside of 2.44% from the company's previous close.

ONON has been the topic of a number of other reports. Piper Sandler upped their target price on shares of ON from $37.00 to $39.00 and gave the stock an "overweight" rating in a research report on Thursday, March 21st. Barclays began coverage on shares of ON in a research report on Monday, April 1st. They set an "overweight" rating and a $38.00 target price on the stock. Redburn Atlantic reiterated a "neutral" rating and set a $34.00 target price on shares of ON in a research report on Thursday, March 7th. Stifel Nicolaus reiterated a "buy" rating and set a $40.00 target price on shares of ON in a research report on Tuesday, March 5th. Finally, Truist Financial upped their target price on shares of ON from $29.00 to $30.00 and gave the stock a "hold" rating in a research report on Wednesday, March 13th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $37.13.

ON Stock Up 2.2 %

NYSE:ONON traded up $0.72 on Thursday, reaching $32.80. The stock had a trading volume of 2,145,974 shares, compared to its average volume of 5,417,265. The company has a market capitalization of $20.65 billion, a P/E ratio of 120.33, a price-to-earnings-growth ratio of 1.27 and a beta of 2.16. ON has a 1-year low of $23.41 and a 1-year high of $37.08. The stock has a fifty day moving average price of $32.42 and a 200-day moving average price of $29.06.

ON (NYSE:ONON - Get Free Report) last announced its earnings results on Tuesday, March 12th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.18). ON had a return on equity of 6.85% and a net margin of 4.04%. The company had revenue of $504.69 million for the quarter, compared to analyst estimates of $515.30 million. Sell-side analysts predict that ON will post 0.67 earnings per share for the current fiscal year.

Institutional Trading of ON

Hedge funds have recently added to or reduced their stakes in the business. Spire Wealth Management raised its stake in ON by 91.0% during the 3rd quarter. Spire Wealth Management now owns 972 shares of the company's stock worth $27,000 after buying an additional 463 shares during the period. Orion Capital Management LLC raised its stake in ON by 1,100.0% during the 4th quarter. Orion Capital Management LLC now owns 1,200 shares of the company's stock worth $32,000 after buying an additional 1,100 shares during the period. VisionPoint Advisory Group LLC acquired a new stake in shares of ON in the 4th quarter valued at about $32,000. Global Wealth Management Investment Advisory Inc. acquired a new stake in shares of ON in the 4th quarter valued at about $33,000. Finally, Belpointe Asset Management LLC raised its stake in shares of ON by 75.3% in the 1st quarter. Belpointe Asset Management LLC now owns 1,057 shares of the company's stock valued at $33,000 after purchasing an additional 454 shares during the period. Institutional investors and hedge funds own 33.11% of the company's stock.

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.