Barclays Issues Positive Forecast for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its price objective hoisted by equities researchers at Barclays from $47.00 to $63.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 18.09% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Williams Trading upgraded ON from a “hold” rating to a “buy” rating and increased their price objective for the company from $40.00 to $60.00 in a research report on Wednesday. Bank of America upgraded shares of ON from an “underperform” rating to a “neutral” rating and increased their price target for the company from $21.00 to $55.00 in a research report on Monday, September 23rd. Hsbc Global Res upgraded shares of ON to a “hold” rating in a report on Thursday, September 5th. Raymond James assumed coverage on shares of ON in a research report on Wednesday, July 31st. They issued an “outperform” rating and a $46.00 target price on the stock. Finally, KeyCorp upped their price target on shares of ON from $47.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Four research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.33.

ON Stock Performance

Shares of ONON stock opened at $53.35 on Wednesday. The business’s fifty day moving average is $49.24 and its 200 day moving average is $42.97. ON has a 52-week low of $25.78 and a 52-week high of $56.44. The company has a market capitalization of $33.59 billion, a PE ratio of 124.07 and a beta of 2.25.

ON (NYSE:ONON) last posted 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). ON had a return on equity of 11.02% and a net margin of 5.87%. The company had revenue of $627.66 million for the quarter, compared to the consensus estimate of $634.43 million. On average, sell-side analysts forecast that ON will post 0.75 EPS for the current fiscal year.

Hedge Funds Weigh In On ON

Hedge funds and other institutional investors have recently modified their holdings of the stock. Private Trust Co. NA bought a new stake in ON during the 3rd quarter valued at approximately $26,000. Blue Trust Inc. lifted its stake in shares of ON by 319.8% in the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after purchasing an additional 403 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in shares of ON during the third quarter valued at approximately $29,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in ON by 210.5% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock worth $28,000 after purchasing an additional 400 shares during the period. Finally, Quarry LP bought a new position in ON in the second quarter worth $32,000. Hedge funds and other institutional investors 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.