William Blair Initiates Coverage on ON (NYSE:ONON)

Equities researchers at William Blair started coverage on shares of ON (NYSE:ONON) in a research note issued on Tuesday, Marketbeat Ratings reports. The firm set an “outperform” rating on the stock.

Several other research analysts also recently commented on ONON. Truist Financial increased their price objective on ON from $29.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, March 13th. Barclays started coverage on ON in a research note on Monday, April 1st. They issued an “overweight” rating and a $38.00 price objective 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 Thursday, April 11th. Piper Sandler increased their price objective on ON from $37.00 to $39.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. Finally, TheStreet downgraded ON from a “c” rating to a “d+” rating in a research note on Monday, March 18th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.13.

ON Price Performance

Shares of ONON stock opened at $33.35 on Tuesday. The company has a market cap of $21.00 billion, a price-to-earnings ratio of 123.52, a PEG ratio of 1.26 and a beta of 2.16. The stock has a 50 day simple moving average of $32.95 and a 200-day simple moving average of $29.28. ON has a 1-year low of $23.41 and a 1-year high of $37.08.

ON (NYSE:ONON) last announced its earnings results on Tuesday, March 12th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.18). The business had revenue of $504.69 million for the quarter, compared to analyst estimates of $515.30 million. ON had a return on equity of 6.85% and a net margin of 4.04%. Analysts anticipate that ON will post 0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ON

A number of hedge funds have recently modified their holdings of the business. WD Rutherford LLC purchased a new position in shares of ON during the 1st quarter worth $52,000. KRS Capital Management LLC boosted its holdings in ON by 13.7% during the 1st quarter. KRS Capital Management LLC now owns 14,075 shares of the company’s stock valued at $498,000 after acquiring an additional 1,700 shares during the period. Asio Capital LLC boosted its holdings in ON by 12.9% during the 1st quarter. Asio Capital LLC now owns 72,522 shares of the company’s stock valued at $2,566,000 after acquiring an additional 8,306 shares during the period. Register Financial Advisors LLC purchased a new position in ON during the 1st quarter valued at about $100,000. Finally, Artemis Investment Management LLP boosted its holdings in ON by 94.1% during the 1st quarter. Artemis Investment Management LLP now owns 16,108 shares of the company’s stock valued at $570,000 after acquiring an additional 7,810 shares during the period. 33.11% of the stock is currently owned by hedge funds and other institutional investors.

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.