ON (NYSE:ONON) Cut to Hold at Zacks Research

ON (NYSE:ONON) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Jefferies Financial Group restated an “underperform” rating and set a $31.00 price objective on shares of ON in a research report on Wednesday, November 12th. Singular Research raised ON to a “strong-buy” rating in a research report on Monday, November 17th. BTIG Research reiterated a “buy” rating and set a $70.00 target price on shares of ON in a research note on Tuesday, March 3rd. KeyCorp reissued an “overweight” rating on shares of ON in a report on Wednesday, March 4th. Finally, Evercore set a $58.00 price target on ON and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.48.

ON Stock Performance

NYSE ONON opened at $37.87 on Wednesday. The stock has a market cap of $23.78 billion, a PE ratio of 52.60, a P/E/G ratio of 0.76 and a beta of 2.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.13 and a current ratio of 2.71. The firm has a 50-day moving average of $45.51 and a 200-day moving average of $44.23. ON has a 52-week low of $34.38 and a 52-week high of $61.29.

Institutional Investors Weigh In On ON

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. PeakShares LLC bought a new stake in shares of ON in the fourth quarter valued at approximately $564,000. SHP Wealth Management bought a new position in ON during the 4th quarter worth $333,000. Platinum Paramount Investment LTD. acquired a new position in ON in the 4th quarter valued at $525,784,000. MidFirst Bank acquired a new position in ON in the 4th quarter valued at $1,737,000. Finally, Kovitz Investment Group Partners LLC lifted its position in shares of ON by 1.2% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 131,358 shares of the company’s stock valued at $6,106,000 after acquiring an additional 1,590 shares during the period. 36.39% of the stock is currently owned by institutional investors and hedge funds.

ON Company Profile

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.