ON (NYSE:ONON) Coverage Initiated by Analysts at Bank of America

Bank of America initiated coverage on shares of ON (NYSE:ONON) in a report released on Tuesday, Marketbeat Ratings reports. The firm issued a buy rating and a $73.00 price target on the stock.

Several other brokerages have also recently weighed in on ONON. Truist Financial boosted their price target on shares of ON from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Needham & Company LLC began coverage on shares of ON in a research note on Friday, November 22nd. They issued a “buy” rating and a $64.00 price target for the company. UBS Group reaffirmed a “buy” rating and set a $63.00 price target on shares of ON in a research report on Friday, December 27th. Piper Sandler increased their price objective on ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, October 3rd. Finally, Williams Trading upgraded shares of ON from a “hold” rating to a “buy” rating and lifted their price target for the stock from $40.00 to $60.00 in a research note on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.59.

ON Stock Performance

NYSE:ONON opened at $55.21 on Tuesday. The stock has a 50 day moving average price of $54.80 and a 200 day moving average price of $47.92. The stock has a market cap of $34.76 billion, a PE ratio of 128.40 and a beta of 2.30. ON has a one year low of $26.03 and a one year high of $60.12.

Hedge Funds Weigh In On ON

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. raised its position in shares of ON by 66,838.9% during the 2nd 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 during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of ON in the second quarter valued at $27,975,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of ON by 100.7% during 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 acquiring an additional 642,894 shares during the last quarter. Cerity Partners LLC increased its position in ON by 189.9% during the 3rd quarter. Cerity Partners LLC now owns 719,493 shares of the company’s stock worth $36,083,000 after purchasing an additional 471,323 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised 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 valued at $29,834,000 after purchasing an additional 459,157 shares during the last quarter. Institutional investors and hedge funds own 36.39% of the company’s stock.

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.