ON (NYSE:ONON) Now Covered by Truist Financial

Truist Financial started coverage on shares of ON (NYSE:ONON) in a research note issued to investors on Friday, Marketbeat reports. The firm issued a hold rating and a $29.00 price objective on the stock.

Several other research firms also recently commented on ONON. KeyCorp started coverage on shares of ON in a report on Tuesday, July 25th. They issued an overweight rating and a $42.00 price objective on the stock. The Goldman Sachs Group decreased their price objective on shares of ON from $41.00 to $38.00 and set a buy rating on the stock in a report on Thursday, August 17th. Telsey Advisory Group decreased their price objective on shares of ON from $40.00 to $37.00 and set an outperform rating on the stock in a report on Wednesday, November 15th. Redburn Atlantic started coverage on shares of ON in a report on Tuesday, October 24th. They issued an overweight rating and a $33.00 price objective on the stock. Finally, Morgan Stanley upped their price objective on shares of ON from $34.00 to $35.00 and gave the company an overweight rating in a report on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, ON has an average rating of Moderate Buy and an average target price of $35.58.

ON Trading Up 3.1 %

Shares of ONON opened at $28.46 on Friday. The company has a market cap of $17.86 billion, a price-to-earnings ratio of 101.64, a PEG ratio of 1.65 and a beta of 2.23. ON has a 1-year low of $15.91 and a 1-year high of $37.08. The company’s fifty day simple moving average is $26.74 and its 200 day simple moving average is $29.68.

ON (NYSE:ONON) last issued its earnings results on Tuesday, November 14th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $480.50 million for the quarter, compared to the consensus estimate of $453.31 million. ON had a net margin of 4.45% and a return on equity of 7.34%. The firm’s revenue for the quarter was up 46.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.06 earnings per share. As a group, research analysts forecast that ON will post 0.41 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Durable Capital Partners LP lifted its holdings in shares of ON by 114.5% in the first quarter. Durable Capital Partners LP now owns 11,028,390 shares of the company’s stock worth $278,357,000 after acquiring an additional 5,887,034 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in shares of ON by 25.2% in the second quarter. Macquarie Group Ltd. now owns 8,289,119 shares of the company’s stock worth $146,635,000 after acquiring an additional 1,670,574 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of ON by 7.6% in the third quarter. Jennison Associates LLC now owns 7,887,000 shares of the company’s stock worth $219,416,000 after acquiring an additional 554,513 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of ON by 4.8% in the first quarter. Capital Research Global Investors now owns 4,233,780 shares of the company’s stock worth $106,861,000 after acquiring an additional 195,301 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of ON by 32.6% in the second quarter. Marshall Wace LLP now owns 3,990,994 shares of the company’s stock worth $131,703,000 after acquiring an additional 981,304 shares during the last quarter. Institutional investors own 18.64% of the company’s stock.

ON Company Profile

On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. The company was founded in 2010 and is headquartered in Zurich, Switzerland.