ON (NYSE:ONON) Upgraded by Zacks Research to “Strong-Buy” Rating

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

Several other equities research analysts have also recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $52.00 price target on shares of ON in a research report on Wednesday, January 28th. The Goldman Sachs Group boosted their price objective on shares of ON from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Thursday, November 13th. Truist Financial dropped their target price on shares of ON from $69.00 to $60.00 and set a “buy” rating for the company in a report on Monday, November 10th. Citigroup cut ON from a “buy” rating to a “mixed” rating in a research note on Tuesday, October 28th. Finally, JPMorgan Chase & Co. boosted their price target on ON from $71.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, November 13th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.86.

ON Stock Performance

Shares of ONON stock opened at $45.22 on Tuesday. The company has a market capitalization of $28.40 billion, a P/E ratio of 58.73, a PEG ratio of 1.36 and a beta of 2.15. ON has a fifty-two week low of $34.38 and a fifty-two week high of $61.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.05 and a current ratio of 2.55. The stock has a 50 day moving average price of $46.73 and a two-hundred day moving average price of $44.55.

Institutional Trading of ON

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Asset Management One Co. Ltd. boosted its position in shares of ON by 1.0% during the 2nd quarter. Asset Management One Co. Ltd. now owns 24,939 shares of the company’s stock valued at $1,298,000 after acquiring an additional 243 shares during the last quarter. Lido Advisors LLC increased its position in ON by 1.2% in the second quarter. Lido Advisors LLC now owns 23,754 shares of the company’s stock worth $1,236,000 after purchasing an additional 285 shares during the last quarter. J.W. Cole Advisors Inc. raised its stake in ON by 2.4% during the fourth quarter. J.W. Cole Advisors Inc. now owns 12,283 shares of the company’s stock valued at $571,000 after purchasing an additional 285 shares in the last quarter. Parallel Advisors LLC lifted its position in ON by 2.8% during the fourth quarter. Parallel Advisors LLC now owns 10,455 shares of the company’s stock valued at $486,000 after purchasing an additional 285 shares during the last quarter. Finally, Parsons Capital Management Inc. RI lifted its position in ON by 4.3% during the third quarter. Parsons Capital Management Inc. RI now owns 7,238 shares of the company’s stock valued at $307,000 after purchasing an additional 300 shares during the last quarter. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

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.