ON (NYSE:ONON) Upgraded to “Hold” at Hsbc Global Res

Hsbc Global Res upgraded shares of ON (NYSE:ONON) to a hold rating in a research note published on Thursday, Zacks.com reports.

Several other brokerages have also issued reports on ONON. JPMorgan Chase & Co. upped their target price on ON from $40.00 to $47.00 and gave the stock an overweight rating in a research note on Monday, June 17th. KeyCorp lifted their price objective on ON from $40.00 to $47.00 and gave the stock an overweight rating in a report on Wednesday, July 24th. Piper Sandler restated an overweight rating and set a $52.00 target price on shares of ON in a report on Friday, August 23rd. UBS Group lifted their price target on ON from $53.00 to $55.00 and gave the stock a buy rating in a research note on Wednesday, May 15th. Finally, Raymond James started coverage on ON in a research note on Wednesday, July 31st. They set an outperform rating and a $46.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $46.16.

ON Trading Down 2.0 %

ONON stock opened at $44.77 on Thursday. ON has a 1-year low of $23.41 and a 1-year high of $48.08. The stock has a market cap of $28.19 billion, a price-to-earnings ratio of 101.75, a price-to-earnings-growth ratio of 1.30 and a beta of 2.24. The company’s 50 day moving average is $40.73 and its 200 day moving average is $37.41.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). ON had a return on equity of 13.02% and a net margin of 7.42%. The company had revenue of $627.66 million during the quarter, compared to the consensus estimate of $634.43 million. As a group, sell-side analysts forecast that ON will post 0.83 EPS for the current fiscal year.

Hedge Funds Weigh In On ON

Institutional investors and hedge funds have recently made changes to their positions in the business. William Blair Investment Management LLC purchased a new position in shares of ON in the 1st quarter worth about $121,712,000. 1832 Asset Management L.P. increased its position in shares of ON by 36.2% during the fourth quarter. 1832 Asset Management L.P. now owns 3,160,000 shares of the company’s stock valued at $85,225,000 after acquiring an additional 840,600 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of ON by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,787,871 shares of the company’s stock worth $98,636,000 after purchasing an additional 14,674 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in ON by 30.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,224,894 shares of the company’s stock worth $78,717,000 after buying an additional 516,478 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of ON in the fourth quarter worth approximately $57,916,000. Institutional investors own 33.11% of the company’s stock.

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.