ON (NYSE:ONON) Stock Price Target Raised at JPMorgan Chase & Co.

ON (NYSE:ONON) had its price target boosted by JPMorgan Chase & Co. from $44.00 to $46.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also weighed in on the company. The Goldman Sachs Group restated a “buy” rating on shares of ON in a report on Tuesday, September 22nd. Evercore set a $40.00 price target on ON in a research report on Wednesday, August 12th. Barclays decreased their price target on ON from $44.00 to $42.00 and set an “overweight” rating for the company in a research note on Wednesday. Telsey Advisory Group lowered their price objective on ON from $51.00 to $43.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. Finally, Wolfe Research initiated coverage on ON in a research note on Wednesday, October 21st. They issued an “outperform” rating and a $47.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, ON has an average rating of “Moderate Buy” and a consensus target price of $43.82.

ON Stock Performance

Shares of ONON opened at $34.77 on Wednesday. The firm has a market cap of $22.19 billion, a price-to-earnings ratio of 21.20, a price-to-earnings-growth ratio of 0.69 and a beta of 2.05. The company’s fifty day moving average is $31.93 and its 200-day moving average is $36.35. The company has a quick ratio of 2.25, a current ratio of 2.83 and a debt-to-equity ratio of 0.25. ON has a 12 month low of $26.36 and a 12 month high of $51.08.

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

Insiders Place Their Bets

In other news, insider Olivier Bernhard bought 65,000 shares of the business’s stock in a transaction on Friday, August 14th. The stock was purchased at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the transaction, the insider directly owned 5,228,184 shares in the company, valued at approximately $160,348,403.28. The trade was a 1.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Caspar Coppetti purchased 65,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were purchased at an average price 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 of the company’s stock, valued at approximately $74,861,022.85. This trade represents a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 68.57% of the company’s stock.

Institutional Investors Weigh In On ON

Several hedge funds and other institutional investors have recently made changes to their positions in ONON. Pictet Asset Management Holding SA lifted its position in shares of ON by 116.8% during the 3rd quarter. Pictet Asset Management Holding SA now owns 1,741,829 shares of the company’s stock worth $51,571,000 after purchasing an additional 938,285 shares during the last quarter. Voya Investment Management LLC grew its holdings in ON by 220.6% in the 3rd quarter. Voya Investment Management LLC now owns 1,002,302 shares of the company’s stock valued at $29,678,000 after buying an additional 689,634 shares during the last quarter. Eurizon Capital SGR S.p.A. increased its position in ON by 159.9% in the 3rd 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 during the period. OMERS ADMINISTRATION Corp bought a new position in ON in the 1st quarter worth approximately $5,694,000. Finally, B.A. Schrock Wealth Management Inc. bought a new position in ON in the 3rd quarter worth approximately $3,991,000. 36.39% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting ON

These are some of the ONON stories that stood out recently:

• 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
• Negative Sentiment: The earnings beat may have been flattered by CHF 52.6 million in U.S. tariff refunds, which boosted reported profitability. Investors also appeared disappointed that On kept its full-year low-20% constant-currency sales-growth outlook and did not raise its adjusted EBITDA outlook. Inventory growth, promotional risks, and slower wholesale growth add to concerns. Analysis of the post-earnings decline

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.