ON (NYSE:ONON) Price Target Raised to $46.00 at Morgan Stanley

ON (NYSE:ONON) had its price target raised by stock analysts at Morgan Stanley from $44.00 to $46.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 11.52% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Barclays lifted their price objective on ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a report on Wednesday. Needham & Company LLC upped their price target on shares of ON from $40.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. William Blair assumed coverage on shares of ON in a research note on Tuesday, April 16th. They set an “outperform” rating for the company. UBS Group upped their target price on ON from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $47.00 target price on shares of ON in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $44.44.

ON Price Performance

Shares of ON stock traded down $0.02 during trading on Wednesday, hitting $41.25. 2,896,773 shares of the stock were exchanged, compared to its average volume of 5,233,750. ON has a 12-month low of $23.41 and a 12-month high of $44.30. The firm’s 50-day moving average price is $39.64 and its 200 day moving average price is $35.64. The stock has a market cap of $25.97 billion, a price-to-earnings ratio of 94.25, a price-to-earnings-growth ratio of 1.18 and a beta of 2.22.

ON (NYSE:ONON) last released its earnings results on Tuesday, May 14th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.12 by $0.20. The company had revenue of $581.41 million during the quarter, compared to analysts’ expectations of $555.52 million. ON had a net margin of 6.46% and a return on equity of 11.13%. As a group, research analysts forecast that ON will post 0.78 earnings per share for the current year.

Hedge Funds Weigh In On ON

Several large investors have recently modified their holdings of ONON. Rheos Capital Works Inc. acquired a new position in shares of ON in the 1st quarter worth approximately $10,614,000. Blair William & Co. IL bought a new position in shares of ON in the 1st quarter worth about $502,000. Janney Montgomery Scott LLC boosted its holdings in shares of ON by 1,011.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 104,185 shares of the company’s stock valued at $3,686,000 after buying an additional 94,814 shares during the period. Acadian Asset Management LLC bought a new stake in shares of ON during the 1st quarter valued at about $8,094,000. Finally, Wellington Management Group LLP acquired a new stake in ON during the fourth quarter worth about $34,420,000. Institutional investors own 33.11% of the company’s stock.

About ON

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.