ON (NYSE:ONON) Price Target Raised to $69.00 at Truist Financial

ON (NYSE:ONON) had its price objective hoisted by stock analysts at Truist Financial from $61.00 to $69.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 14.41% from the stock’s current price.

A number of other analysts have also recently issued reports on ONON. HSBC raised ON from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Tuesday, March 11th. Stifel Nicolaus upped their target price on ON from $57.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday. Telsey Advisory Group reaffirmed an “outperform” rating and set a $65.00 price objective on shares of ON in a research note on Tuesday. UBS Group upped their price objective on ON from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Monday, April 28th. Finally, Cowen reaffirmed a “buy” rating on shares of ON in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, ON presently has an average rating of “Buy” and a consensus target price of $61.73.

ON Stock Up 4.7%

Shares of NYSE ONON opened at $60.31 on Wednesday. The stock has a market cap of $37.97 billion, a PE ratio of 140.26, a price-to-earnings-growth ratio of 1.02 and a beta of 2.30. ON has a 52-week low of $34.59 and a 52-week high of $64.05. The business has a 50-day moving average price of $45.87 and a 200 day moving average price of $51.63.

Hedge Funds Weigh In On ON

A number of large investors have recently modified their holdings of the business. Federation des caisses Desjardins du Quebec raised its stake in shares of ON by 9.9% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 24,710 shares of the company’s stock worth $1,086,000 after buying an additional 2,222 shares in the last quarter. PDT Partners LLC increased its stake in ON by 95.6% in the 1st quarter. PDT Partners LLC now owns 154,492 shares of the company’s stock valued at $6,785,000 after purchasing an additional 75,499 shares in the last quarter. Maverick Capital Ltd. purchased a new position in ON in the 1st quarter valued at approximately $2,535,000. Quarry LP purchased a new position in ON in the 1st quarter valued at approximately $60,000. Finally, Nomura Holdings Inc. increased its stake in ON by 72.0% in the 1st quarter. Nomura Holdings Inc. now owns 8,791 shares of the company’s stock valued at $386,000 after purchasing an additional 3,680 shares in the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

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, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.