ON (NYSE:ONON) Given New $60.00 Price Target at TD Cowen

ON (NYSE:ONON) had its price target boosted by TD Cowen from $58.00 to $60.00 in a report issued on Wednesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

A number of other analysts also recently commented on the company. The Goldman Sachs Group upped their target price on ON from $50.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday. Raymond James began coverage on ON in a research report on Wednesday, July 31st. They issued an “outperform” rating and a $46.00 price objective on the stock. Telsey Advisory Group reaffirmed an “outperform” rating and set a $53.00 target price on shares of ON in a report on Tuesday. UBS Group boosted their target price on shares of ON from $61.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, HSBC initiated coverage on shares of ON in a research report on Thursday, September 5th. They set a “hold” rating and a $52.00 price target on the stock. Four analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.33.

ON Price Performance

ONON stock opened at $51.92 on Wednesday. The firm’s fifty day simple moving average is $49.56 and its 200-day simple moving average is $43.17. ON has a 12 month low of $25.78 and a 12 month high of $56.44. The company has a market capitalization of $32.69 billion, a P/E ratio of 120.74 and a beta of 2.25.

ON (NYSE:ONON) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.04). The business had revenue of $627.66 million during the quarter, compared to analysts’ expectations of $634.43 million. ON had a net margin of 5.87% and a return on equity of 11.02%. As a group, sell-side analysts forecast that ON will post 0.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ONON. Gordian Capital Singapore Pte Ltd purchased a new position in ON during the third quarter worth approximately $351,000. Y Intercept Hong Kong Ltd raised its holdings in shares of ON by 584.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company’s stock worth $4,195,000 after acquiring an additional 71,436 shares during the period. MML Investors Services LLC boosted its position in shares of ON by 54.9% during the 3rd quarter. MML Investors Services LLC now owns 43,200 shares of the company’s stock valued at $2,166,000 after acquiring an additional 15,313 shares during the last quarter. Orion Portfolio Solutions LLC acquired a new stake in ON during the third quarter worth about $1,499,000. Finally, Zurich Insurance Group Ltd FI purchased a new position in ON during the third quarter worth about $10,263,000. 33.11% of the stock is currently owned by institutional investors and hedge funds.

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.