ON (NYSE:ONON) Shares Gap Up After Earnings Beat

On Holding AG (NYSE:ONON)’s stock price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $47.85, but opened at $50.84. ON shares last traded at $49.57, with a volume of 2,830,904 shares trading hands.

The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.20 by $0.11. ON had a return on equity of 10.69% and a net margin of 5.87%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ONON. Bank of America assumed coverage on shares of ON in a report on Tuesday, January 7th. They set a “buy” rating and a $73.00 target price for the company. Williams Trading raised ON from a “hold” rating to a “buy” rating and upped their price objective for the stock from $40.00 to $60.00 in a report on Wednesday, November 13th. BTIG Research upgraded shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Wednesday, November 13th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $67.00 price target on shares of ON in a report on Tuesday. Finally, UBS Group reissued a “buy” rating and set a $63.00 price objective on shares of ON in a research note on Friday, December 27th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.73.

Hedge Funds Weigh In On ON

A number of institutional investors have recently bought and sold shares of the company. Apollon Wealth Management LLC lifted its holdings in ON by 74.0% in the fourth quarter. Apollon Wealth Management LLC now owns 16,005 shares of the company’s stock valued at $877,000 after acquiring an additional 6,808 shares during the last quarter. RB Capital Management LLC grew its holdings in shares of ON by 214.8% during the 3rd quarter. RB Capital Management LLC now owns 22,426 shares of the company’s stock worth $1,125,000 after purchasing an additional 15,303 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in ON by 34.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company’s stock valued at $76,213,000 after purchasing an additional 349,789 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in ON during the fourth quarter worth $30,000. Finally, Y Intercept Hong Kong Ltd grew its stake in shares of ON by 584.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company’s stock valued at $4,195,000 after buying an additional 71,436 shares in the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Trading Up 2.2 %

The company has a fifty day moving average of $55.40 and a 200-day moving average of $52.44. The stock has a market cap of $30.81 billion, a PE ratio of 114.76, a P/E/G ratio of 1.02 and a beta of 2.30.

ON Company Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.