ON (NYSE:ONON) Given New $65.00 Price Target at UBS Group

ON (NYSE:ONON) had its price target reduced by UBS Group from $73.00 to $65.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Evercore set a $40.00 price target on shares of ON in a report on Wednesday, August 12th. JPMorgan Chase & Co. lifted their price objective on shares of ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday. BMO Capital Markets reaffirmed a “market perform” rating and issued a $35.00 price objective on shares of ON in a report on Wednesday, October 28th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of ON in a report on Thursday, September 24th. Finally, Needham & Company LLC increased their price objective on shares of ON from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, ON currently has an average rating of “Moderate Buy” and a consensus target price of $43.82.

ON Stock Up 0.2%

ON stock opened at $34.77 on Wednesday. The business’s 50-day simple moving average is $31.93 and its two-hundred day simple moving average is $36.35. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83. The company has a market cap of $22.19 billion, a PE ratio of 21.20, a PEG ratio of 0.69 and a beta of 2.05. ON has a fifty-two week low of $26.36 and a fifty-two week high of $51.08.

ON (NYSE:ONON) last announced its quarterly earnings data on Tuesday, November 10th. The company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.18. ON had a return on equity of 23.62% and a net margin of 12.41%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the business posted $0.43 earnings per share. The company’s revenue for the quarter was up 17.2% compared to the same quarter last year. Equities analysts anticipate that ON will post 1.50 EPS for the current year.

Insider Transactions at ON

In related news, CEO Caspar Coppetti bought 65,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the acquisition, the chief executive officer directly owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. The trade was a 2.74% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Olivier Bernhard bought 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 acquisition, 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. 68.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ON

Hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP grew its stake in shares of ON by 2.3% during the 2nd quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company’s stock worth $97,462,000 after purchasing an additional 62,404 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of ON by 116.8% in the 3rd quarter. Pictet Asset Management Holding SA now owns 1,741,829 shares of the company’s stock valued at $51,571,000 after purchasing an additional 938,285 shares during the period. Bessemer Group Inc. lifted its stake in shares of ON by 5.7% in the 1st quarter. Bessemer Group Inc. now owns 1,194,774 shares of the company’s stock valued at $40,647,000 after purchasing an additional 63,932 shares during the period. Voya Investment Management LLC boosted its holdings in ON by 220.6% during the third quarter. Voya Investment Management LLC now owns 1,002,302 shares of the company’s stock worth $29,678,000 after buying an additional 689,634 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. boosted its holdings in ON by 159.9% during the third quarter. Eurizon Capital SGR S.p.A. now owns 931,031 shares of the company’s stock worth $27,568,000 after buying an additional 572,854 shares in the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

Recent ON Headlines

Investors following ONON have been watching these headlines:

• Positive Sentiment: Analysts mostly kept or strengthened bullish ratings: Morgan Stanley raised its target to $43, JPMorgan to $46, and KeyCorp to $42, while UBS maintained a Buy rating despite lowering its target to $65. Analyst forecast revisions
• Positive Sentiment: Q3 EPS of $0.65 beat the $0.47 consensus estimate. Revenue grew 17.2% year over year to CHF 931.4 million, with direct-to-consumer sales up 25%. The company also raised its full-year comparable gross-margin outlook to about 66% and expects Q4 growth to accelerate. Q3 earnings report
• Neutral Sentiment: Barclays lowered its target to $42 and Goldman Sachs reportedly cut its target to $41, though both moves leave potential upside from the cited share price. Goldman Sachs target update

ON Company Profile

On Holding AG, which trades on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. Its products serve runners and other athletes, as well as consumers seeking athletic-inspired everyday wear. The company is known for its running shoes, which feature its CloudTec cushioning technology. On also offers apparel and equipment for activities including running, training and outdoor sports, selling through wholesale partners and its own retail and online channels.