ON (NYSE:ONON) Stock Gets Price Target Increase from JPMorgan Chase & Co.

ON (NYSE:ONON) had its price target hoisted by equities research analysts at JPMorgan Chase & Co. from $41.00 to $44.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 45.53% from the company’s previous close.

Other analysts have also issued research reports about the company. Robert W. Baird cut their target price on ON from $70.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, August 12th. William Blair downgraded shares of ON from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 11th. Citigroup restated a “buy” rating on shares of ON in a research report on Wednesday, September 23rd. Zacks Research lowered ON from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 3rd. Finally, Stifel Nicolaus dropped their target price on ON from $60.00 to $41.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

ON Price Performance

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

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.07). ON had a return on equity of 22.92% and a net margin of 12.09%.The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the firm earned ($0.09) EPS. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. As a group, equities research analysts anticipate that ON will post 1.48 EPS for the current fiscal year.

Insider Activity at ON

In other news, CEO Caspar Coppetti purchased 65,000 shares of the company’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 completion of the transaction, the chief executive officer directly owned 2,440,855 shares of the company’s stock, valued at $74,861,022.85. This trade represents a 2.74% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Olivier Bernhard purchased 65,000 shares of ON stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following the completion of the purchase, the insider owned 5,228,184 shares of the company’s stock, valued at $160,348,403.28. This trade represents a 1.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 68.57% of the company’s stock.

Institutional Trading of ON

A number of hedge funds have recently modified their holdings of the business. Parallel Advisors LLC increased its stake in shares of ON by 2.8% in the 4th quarter. Parallel Advisors LLC now owns 10,455 shares of the company’s stock valued at $486,000 after buying an additional 285 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of 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 acquiring an additional 312 shares during the period. Wesbanco Bank Inc. boosted its holdings in ON by 0.6% in the first quarter. Wesbanco Bank Inc. now owns 69,703 shares of the company’s stock valued at $2,371,000 after acquiring an additional 400 shares during the last quarter. Prasad Wealth Partners LLC increased its position in ON by 1.1% in the first quarter. Prasad Wealth Partners LLC now owns 38,455 shares of the company’s stock worth $1,308,000 after purchasing an additional 422 shares during the period. Finally, Glenmede Trust Co. NA increased its position in ON by 6.1% in the first quarter. Glenmede Trust Co. NA now owns 7,592 shares of the company’s stock worth $258,000 after purchasing an additional 439 shares during the period. Institutional investors own 36.39% of the company’s stock.

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.