ON (NYSE:ONON) Now Covered by Analysts at Cantor Fitzgerald

Equities research analysts at Cantor Fitzgerald began coverage on shares of ON (NYSE:ONON) in a report released on Tuesday, MarketBeat Ratings reports. The brokerage set an “overweight” rating and a $46.00 price target on the stock. Cantor Fitzgerald‘s price target would indicate a potential upside of 23.05% from the company’s current price.

A number of other equities research analysts also recently weighed in on the stock. Berenberg Bank set a $38.00 target price on shares of ON in a research note on Monday, September 14th. Citigroup reissued a “buy” rating on shares of ON in a research note on Wednesday, September 23rd. Truist Financial decreased their price target on shares of ON from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Guggenheim set a $42.00 price objective on shares of ON in a research report on Friday, September 11th. Finally, BMO Capital Markets restated a “market perform” rating and set a $35.00 price objective on shares of ON in a research report on Wednesday, October 28th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.81.

ON Price Performance

NYSE:ONON opened at $37.38 on Tuesday. The stock has a fifty day moving average of $31.67 and a 200 day moving average of $36.47. ON has a 52-week low of $26.36 and a 52-week high of $51.08. The firm has a market capitalization of $23.86 billion, a price-to-earnings ratio of 25.43, a P/E/G ratio of 0.76 and a beta of 2.05. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, November 10th. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.18. ON had a return on equity of 22.92% and a net margin of 12.09%. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion. On average, research analysts expect that ON will post 1.50 EPS for the current fiscal year.

Insider Transactions at ON

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

Hedge Funds Weigh In On ON

Several institutional investors and hedge funds have recently made changes to their positions in ONON. Wellington Management Group LLP raised its position in ON by 2.3% in the 2nd quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company’s stock worth $97,462,000 after purchasing an additional 62,404 shares during the period. Pictet Asset Management Holding SA increased its holdings in shares of ON by 116.8% in the third quarter. Pictet Asset Management Holding SA now owns 1,741,829 shares of the company’s stock worth $51,571,000 after buying an additional 938,285 shares during the period. Bessemer Group Inc. boosted its holdings in ON by 5.7% during the 1st quarter. Bessemer Group Inc. now owns 1,194,774 shares of the company’s stock valued at $40,647,000 after acquiring an additional 63,932 shares during the period. Eurizon Capital SGR S.p.A. boosted its holdings in ON by 159.9% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 931,031 shares of the company’s stock valued at $27,568,000 after acquiring an additional 572,854 shares during the period. Finally, Arnhold LLC boosted its holdings in ON by 19.0% during the 3rd quarter. Arnhold LLC now owns 465,100 shares of the company’s stock valued at $13,772,000 after acquiring an additional 74,200 shares during the period. Institutional investors own 36.39% of the company’s stock.

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