ON (NYSE:ONON) Trading Up 4.6% Following Analyst Upgrade

On Holding AG (NYSE:ONON)’s share price was up 4.6% during mid-day trading on Thursday after Morgan Stanley raised their price target on the stock from $65.00 to $70.00. Morgan Stanley currently has an overweight rating on the stock. ON traded as high as $44.31 and last traded at $43.3990. Approximately 2,860,995 shares were traded during trading, a decline of 50% from the average daily volume of 5,733,569 shares. The stock had previously closed at $41.51.

Several other research firms have also recently commented on ONON. Weiss Ratings restated a “sell (d+)” rating on shares of ON in a report on Wednesday, October 8th. TD Cowen dropped their price target on ON from $63.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, October 14th. Zacks Research upgraded ON from a “strong sell” rating to a “hold” rating in a report on Tuesday. Barclays upped their price target on shares of ON from $68.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, August 13th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $70.00 target price on shares of ON in a research report on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.50.

Institutional Investors Weigh In On ON

A number of hedge funds have recently modified their holdings of the stock. Montag A & Associates Inc. purchased a new position in shares of ON during the 1st quarter valued at $26,000. TCTC Holdings LLC lifted its holdings in shares of ON by 118.4% during the 1st quarter. TCTC Holdings LLC now owns 581 shares of the company’s stock worth $26,000 after acquiring an additional 315 shares during the last quarter. Washington Trust Advisors Inc. purchased a new position in shares of ON in the 2nd quarter worth about $29,000. Smartleaf Asset Management LLC raised its stake in shares of ON by 3,392.6% during the first quarter. Smartleaf Asset Management LLC now owns 943 shares of the company’s stock worth $42,000 after acquiring an additional 916 shares in the last quarter. Finally, Ramirez Asset Management Inc. purchased a new stake in shares of ON in the 1st quarter valued at $44,000. Institutional investors own 36.39% of the company’s stock.

ON Stock Performance

The company has a current ratio of 2.53, a quick ratio of 2.00 and a debt-to-equity ratio of 0.31. The company has a market cap of $26.90 billion, a P/E ratio of 95.72, a price-to-earnings-growth ratio of 4.37 and a beta of 2.18. The company’s fifty day moving average is $41.77 and its 200 day moving average is $48.25.

ON (NYSE:ONON) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.35). ON had a net margin of 4.45% and a return on equity of 8.75%. The firm had revenue of $944.29 million for the quarter, compared to the consensus estimate of $707.74 million. During the same quarter in the prior year, the business posted $0.14 earnings per share. The firm’s revenue for the quarter was up 32.0% compared to the same quarter last year. As a group, equities analysts predict that On Holding AG will post 0.66 earnings per share for the current fiscal year.

ON Company Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.