ON (NYSE:ONON) Now Covered by Analysts at Citigroup

Equities researchers at Citigroup began coverage on shares of ON (NYSE:ONON) in a report issued on Wednesday,Briefing.com Automated Import reports. The firm set a “neutral” rating and a $65.00 price target on the stock. Citigroup’s price objective suggests a potential upside of 14.80% from the stock’s current price.

Several other brokerages also recently issued reports on ONON. Hsbc Global Res raised shares of ON to a “hold” rating in a report on Thursday, September 5th. BTIG Research raised ON from a “neutral” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Wednesday, November 13th. Barclays raised their target price on ON from $47.00 to $63.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Williams Trading raised shares of ON from a “hold” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $60.00 in a research note on Wednesday, November 13th. Finally, Truist Financial raised their price target on shares of ON from $58.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.77.

ON Price Performance

ON stock opened at $56.62 on Wednesday. The business has a 50 day simple moving average of $52.77 and a 200 day simple moving average of $46.38. ON has a one year low of $25.78 and a one year high of $60.12. The company has a market capitalization of $35.65 billion, a PE ratio of 131.67 and a beta of 2.30.

Hedge Funds Weigh In On ON

Institutional investors and hedge funds have recently modified their holdings of the business. Lord Abbett & CO. LLC boosted its stake in ON by 338.3% in the 3rd quarter. Lord Abbett & CO. LLC now owns 594,901 shares of the company’s stock worth $29,834,000 after purchasing an additional 459,157 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of ON in the third quarter valued at approximately $259,000. Sanctuary Advisors LLC boosted its holdings in ON by 69.8% during the third quarter. Sanctuary Advisors LLC now owns 48,487 shares of the company’s stock worth $2,432,000 after purchasing an additional 19,932 shares during the last quarter. TD Private Client Wealth LLC grew its position in ON by 99.4% in the third quarter. TD Private Client Wealth LLC now owns 5,990 shares of the company’s stock valued at $300,000 after purchasing an additional 2,986 shares in the last quarter. Finally, RB Capital Management LLC grew its holdings in shares of ON by 214.8% in the 3rd quarter. RB Capital Management LLC now owns 22,426 shares of the company’s stock valued at $1,125,000 after acquiring an additional 15,303 shares in the last quarter. 36.39% of the stock is currently owned by institutional investors and hedge funds.

About ON

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.