Needham & Company LLC Reiterates Buy Rating for ON (NYSE:ONON)

ON (NYSE:ONON)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $64.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 30.04% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. BTIG Research upgraded shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Wednesday, November 13th. Citigroup began coverage on ON in a research report on Wednesday, December 18th. They set a “neutral” rating and a $65.00 price target on the stock. Stifel Nicolaus boosted their price target on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. TD Cowen lifted their price objective on shares of ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Morgan Stanley increased their target price on shares of ON from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $59.73.

ON Trading Up 2.9 %

ONON traded up $1.37 during trading hours on Tuesday, hitting $49.22. The company’s stock had a trading volume of 4,005,158 shares, compared to its average volume of 4,531,002. The company has a 50-day simple moving average of $55.40 and a 200 day simple moving average of $52.44. The firm has a market capitalization of $30.99 billion, a PE ratio of 114.77, a PEG ratio of 1.02 and a beta of 2.30. ON has a fifty-two week low of $27.37 and a fifty-two week high of $64.05.

ON (NYSE:ONON) last issued its quarterly earnings data on Tuesday, March 4th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.11. ON had a net margin of 5.87% and a return on equity of 10.69%. Research analysts expect that ON will post 0.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ON

Several institutional investors and hedge funds have recently bought and sold shares of ONON. FMR LLC boosted its holdings in ON by 1.6% during the fourth quarter. FMR LLC now owns 28,875,965 shares of the company’s stock valued at $1,581,537,000 after purchasing an additional 462,738 shares in the last quarter. Alliancebernstein L.P. boosted its stake in ON by 2.8% in the 4th quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company’s stock valued at $951,808,000 after buying an additional 471,805 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in ON by 0.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company’s stock valued at $184,109,000 after acquiring an additional 18,752 shares during the period. Norges Bank bought a new stake in ON in the fourth quarter valued at $164,574,000. Finally, Jennison Associates LLC lifted its holdings in shares of ON by 27.4% during the fourth quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock valued at $112,259,000 after acquiring an additional 440,685 shares during the period. Institutional investors own 36.39% of the company’s stock.

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, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.