ON (NYSE:ONON) Given New $38.00 Price Target at TD Cowen

ON (NYSE:ONON) had its price target upped by research analysts at TD Cowen from $36.00 to $38.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 17.36% from the stock’s current price.

Other research analysts have also issued reports about the stock. William Blair began coverage on shares of ON in a report on Tuesday, April 16th. They issued an “outperform” rating for the company. Morgan Stanley reissued an “overweight” rating and issued a $32.00 price objective on shares of ON in a research note on Monday, April 22nd. Stifel Nicolaus reaffirmed a “buy” rating and set a $40.00 target price on shares of ON in a report on Tuesday, March 5th. Barclays initiated coverage on shares of ON in a report on Monday, April 1st. They issued an “overweight” rating and a $38.00 price target for the company. Finally, Redburn Atlantic restated a “neutral” rating and set a $34.00 target price on shares of ON in a report on Thursday, March 7th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, ON currently has an average rating of “Moderate Buy” and a consensus price target of $37.33.

ON Price Performance

ON stock traded up $1.09 during midday trading on Thursday, hitting $32.38. 1,307,990 shares of the company were exchanged, compared to its average volume of 5,045,542. ON has a fifty-two week low of $23.41 and a fifty-two week high of $37.08. The company has a market cap of $20.39 billion, a PE ratio of 120.19, a price-to-earnings-growth ratio of 1.11 and a beta of 2.17. The company’s fifty day moving average price is $33.20 and its 200-day moving average price is $29.79.

ON (NYSE:ONON) last issued its earnings results on Tuesday, March 12th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.18). ON had a return on equity of 6.85% and a net margin of 4.04%. The firm had revenue of $504.69 million during the quarter, compared to analyst estimates of $515.30 million. On average, analysts expect that ON will post 0.65 EPS for the current fiscal year.

Institutional Trading of ON

Institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. raised its holdings in ON by 109.3% during the third quarter. American Century Companies Inc. now owns 6,566,787 shares of the company’s stock valued at $182,688,000 after buying an additional 3,428,794 shares in the last quarter. Norges Bank acquired a new stake in ON in the 4th quarter worth approximately $57,916,000. Bamco Inc. NY grew its holdings in ON by 243.0% during the third quarter. Bamco Inc. NY now owns 3,028,002 shares of the company’s stock valued at $84,239,000 after purchasing an additional 2,145,318 shares during the last quarter. Jericho Capital Asset Management L.P. acquired a new position in ON in the 3rd quarter valued at $59,539,000. Finally, Rokos Capital Management LLP grew its position in shares of ON by 642.3% in the third quarter. Rokos Capital Management LLP now owns 2,075,457 shares of the company’s stock valued at $58,268,000 after purchasing an additional 1,795,849 shares during the last quarter. 33.11% of the stock is currently owned by institutional investors and hedge funds.

ON Company Profile

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.