The Goldman Sachs Group Forecasts Strong Price Appreciation for ON (NYSE:ONON) Stock

ON (NYSE:ONON) had its target price increased by investment analysts at The Goldman Sachs Group from $50.00 to $57.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 8.30% from the stock’s current price.

Other equities analysts have also issued reports about the company. Raymond James assumed coverage on ON in a research note on Wednesday, July 31st. They set an “outperform” rating and a $46.00 price target for the company. UBS Group raised their price objective on ON from $55.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Robert W. Baird increased their target price on ON from $55.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday. Barclays increased their price objective on ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Finally, Hsbc Global Res raised shares of ON to a “hold” rating in a research report on Thursday, September 5th. Four equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat, ON presently has a consensus rating of “Moderate Buy” and an average price target of $52.10.

ON Trading Down 0.2 %

Shares of ON stock opened at $52.63 on Wednesday. The business’s 50 day simple moving average is $49.10 and its 200-day simple moving average is $42.90. The stock has a market capitalization of $33.14 billion, a price-to-earnings ratio of 99.30 and a beta of 2.25. ON has a twelve month low of $24.15 and a twelve month high of $54.00.

ON (NYSE:ONON) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The business had revenue of $627.66 million during the quarter, compared to the consensus estimate of $634.43 million. ON had a return on equity of 13.02% and a net margin of 7.42%. Sell-side analysts predict that ON will post 0.75 earnings per share for the current year.

Hedge Funds Weigh In On ON

A number of hedge funds have recently made changes to their positions in ONON. Blair William & Co. IL bought a new stake in shares of ON in the 1st quarter worth about $502,000. Acadian Asset Management LLC bought a new stake in shares of ON in the 1st quarter worth about $8,094,000. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of ON by 100.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock worth $49,716,000 after purchasing an additional 642,894 shares during the last quarter. Forte Capital LLC ADV bought a new stake in ON during the 3rd quarter worth about $742,000. Finally, Coronation Fund Managers Ltd. grew its holdings in ON by 248.6% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 154,903 shares of the company’s stock worth $6,010,000 after acquiring an additional 110,467 shares during the last quarter. 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.