KeyCorp Forecasts Strong Price Appreciation for ON (NYSE:ONON) Stock

ON (NYSE:ONON) had its price objective increased by stock analysts at KeyCorp from $37.00 to $42.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp‘s target price would indicate a potential upside of 20.97% from the company’s current price.

Several other research firms also recently issued reports on ONON. Piper Sandler reaffirmed an “overweight” rating on shares of ON in a report on Monday. UBS Group reiterated a “buy” rating on shares of ON in a research note on Wednesday, September 23rd. Cantor Fitzgerald began coverage on shares of ON in a report on Tuesday. They issued an “overweight” rating and a $46.00 target price on the stock. Raymond James Financial boosted their target price on shares of ON from $38.00 to $42.00 and gave the stock an “outperform” rating in a research report on Friday, October 16th. Finally, Truist Financial lowered their price target on ON from $48.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ON has an average rating of “Moderate Buy” and a consensus price target of $44.00.

ON Stock Down 7.5%

Shares of ON stock opened at $34.72 on Wednesday. ON has a 12-month low of $26.36 and a 12-month high of $51.08. The company has a quick ratio of 2.25, a current ratio of 2.83 and a debt-to-equity ratio of 0.25. The stock has a 50 day moving average price of $31.79 and a two-hundred day moving average price of $36.41. The stock has a market capitalization of $22.16 billion, a P/E ratio of 23.62, a PEG ratio of 0.74 and a beta of 2.05.

ON (NYSE:ONON) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). ON had a net margin of 12.09% and a return on equity of 22.92%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the prior year, the business earned ($0.09) EPS. The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. Equities analysts expect that ON will post 1.50 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Caspar Coppetti acquired 65,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were bought at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the acquisition, the chief executive officer owned 2,440,855 shares in the company, valued at $74,861,022.85. This trade represents a 2.74% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Olivier Bernhard acquired 65,000 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were bought 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. The trade was a 1.26% increase in their position. The disclosure for this purchase is available in the SEC filing.

Institutional Investors Weigh In On ON

A number of institutional investors have recently added to or reduced their stakes in the company. Pinnacle Wealth Planning Services Inc. increased its stake in ON by 5,181.2% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 845 shares of the company’s stock valued at $25,000 after acquiring an additional 829 shares during the period. EverSource Wealth Advisors LLC raised its holdings in ON by 69.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $26,000 after acquiring an additional 312 shares in the last quarter. Guardian Partners Inc. bought a new stake in shares of ON in the 3rd quarter worth approximately $41,000. Signaturefd LLC lifted its position in shares of ON by 29.5% in the 3rd quarter. Signaturefd LLC now owns 1,598 shares of the company’s stock worth $47,000 after acquiring an additional 364 shares during the period. Finally, Covestor Ltd lifted its position in shares of ON by 39.5% in the 3rd quarter. Covestor Ltd now owns 2,984 shares of the company’s stock worth $88,000 after acquiring an additional 845 shares during the period. 36.39% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting ON

Here are the key news stories impacting ON this week:

• Positive Sentiment: Q3 results topped earnings expectations: On reported EPS of CHF 0.65 versus a roughly CHF 0.47 consensus, while sales rose 17.2% year over year to CHF 931.4 million. Direct-to-consumer revenue increased 25%, and apparel revenue also grew strongly. Article: On Holding Q3 2026 revenue and earnings beat
• Positive Sentiment: The company raised its FY2026 gross-margin outlook to about 66% and expects Q4 growth to accelerate; it also outlined a 19.5%–20% adjusted EBITDA margin. Article: On outlines FY2026 margin outlook and expects Q4 growth to accelerate
• Positive Sentiment: Cantor Fitzgerald initiated coverage with an Overweight rating and a $46 price target, providing a favorable analyst view. Article: Cantor Fitzgerald rating
• Negative Sentiment: Investors questioned the durability of the earnings and margin beat: Q3 gross margin included CHF 52.6 million in U.S. tariff refunds. On also maintained its low-20% constant-currency full-year sales-growth outlook rather than raising it, tempering the upbeat results and higher margin guidance. Article: Investors focus on tariff benefit and unchanged core outlook

ON Company Profile

On Holding AG, which trades on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. Its products serve runners and other athletes, as well as consumers seeking athletic-inspired everyday wear. The company is known for its running shoes, which feature its CloudTec cushioning technology. On also offers apparel and equipment for activities including running, training and outdoor sports, selling through wholesale partners and its own retail and online channels.