ON (NYSE:ONON) Rating Increased to Strong-Buy at Raymond James

ON (NYSE:ONON) was upgraded by stock analysts at Raymond James from an “outperform” rating to a “strong-buy” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage currently has a $63.00 target price on the stock, up from their prior target price of $58.00. Raymond James’ target price points to a potential upside of 17.21% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Williams Trading raised ON from a “hold” rating to a “buy” rating and upped their price objective for the company from $40.00 to $60.00 in a research report on Wednesday, November 13th. Hsbc Global Res raised ON to a “hold” rating in a research report on Thursday, September 5th. BTIG Research raised shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Wednesday, November 13th. Stifel Nicolaus raised their target price on shares of ON from $45.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, KeyCorp upped their price target on shares of ON from $47.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.14.

ON Trading Up 0.7 %

Shares of ONON opened at $53.75 on Thursday. The company has a market cap of $33.84 billion, a P/E ratio of 125.00 and a beta of 2.25. ON has a twelve month low of $25.78 and a twelve month high of $56.44. The company’s fifty day simple moving average is $50.01 and its 200-day simple moving average is $43.68.

Institutional Investors Weigh In On ON

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONON. 1832 Asset Management L.P. increased its stake in shares of ON by 66,838.9% during the second quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock worth $93,500,000 after purchasing an additional 2,406,200 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of ON by 574.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock worth $59,878,000 after purchasing an additional 1,315,006 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of ON during the 2nd quarter worth approximately $43,456,000. Renaissance Technologies LLC acquired a new position in ON during the second quarter worth approximately $27,975,000. Finally, Kayne Anderson Rudnick Investment Management LLC increased its stake in ON by 100.7% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock valued at $49,716,000 after purchasing an additional 642,894 shares during the period. 33.11% of the stock is owned by institutional investors and hedge funds.

ON Company Profile

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.