ON (NYSE:ONON) Given New $42.00 Price Target at Raymond James Financial

ON (NYSE:ONON) had its target price boosted by stock analysts at Raymond James Financial from $38.00 to $42.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Raymond James Financial’s price target suggests a potential upside of 21.34% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. KeyCorp reiterated an “overweight” rating on shares of ON in a report on Monday, September 28th. JPMorgan Chase & Co. lifted their price target on ON from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, October 1st. Berenberg Bank set a $38.00 price target on ON in a report on Monday, September 14th. Truist Financial reduced their price objective on ON from $48.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Finally, UBS Group reaffirmed a “buy” rating on shares of ON in a research report on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.33.

ON Stock Down 1.6%

Shares of ONON stock traded down $0.58 during trading hours on Friday, hitting $34.61. 4,931,297 shares of the company were exchanged, compared to its average volume of 7,016,908. The business has a 50 day moving average of $30.39 and a two-hundred day moving average of $34.49. The company has a current ratio of 2.83, a quick ratio of 2.25 and a debt-to-equity ratio of 0.25. ON has a 52 week low of $26.36 and a 52 week high of $51.08. The company has a market capitalization of $22.09 billion, a PE ratio of 23.57, a PEG ratio of 0.70 and a beta of 2.08.

ON (NYSE:ONON) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.09 billion. ON had a return on equity of 22.92% and a net margin of 12.09%. The company’s revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) earnings per share. Analysts anticipate that ON will post 1.51 earnings per share for the current fiscal year.

Insider Buying and Selling at ON

In other ON news, insider Olivier Bernhard purchased 65,000 shares of the business’s stock in a transaction on Friday, August 14th. The shares were purchased at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the transaction, the insider directly owned 5,228,184 shares of the company’s stock, valued at $160,348,403.28. This represents a 1.26% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Caspar Coppetti acquired 65,000 shares of ON stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the purchase, the chief executive officer owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. The trade was a 2.74% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 68.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its stake in ON by 69.6% in the first quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $26,000 after purchasing an additional 312 shares in the last quarter. Ascentis Independent Advisors acquired a new position in shares of ON during the 1st quarter worth approximately $34,000. State of Wyoming raised its stake in shares of ON by 132.6% during the 1st quarter. State of Wyoming now owns 4,508 shares of the company’s stock worth $153,000 after purchasing an additional 2,570 shares in the last quarter. World Investment Advisors bought a new stake in shares of ON during the 4th quarter worth approximately $207,000. Finally, J. Derek Lewis & Associates Inc. bought a new stake in shares of ON during the 4th quarter worth approximately $212,000. 36.39% of the stock is owned by institutional investors and hedge funds.

ON Company Profile

On Holding AG, trading on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company focused on performance footwear, apparel and accessories. The company serves athletes and active consumers with products designed for running, training, outdoor activities and everyday wear.

On is best known for its running shoes, which incorporate the company’s CloudTec cushioning technology and distinctive sole designs. Its product portfolio also includes athletic clothing, apparel and accessories, with offerings positioned across both performance and lifestyle categories.