ON (NYSE:ONON) Earns Buy Rating from Analysts at Bank of America

Bank of America assumed coverage on shares of ON (NYSE:ONON) in a research note released on Tuesday morning, MarketBeat reports. The firm issued a buy rating and a $73.00 price objective on the stock.

ONON has been the subject of a number of other reports. Robert W. Baird raised their target price on ON from $55.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. TD Cowen raised their target price on ON from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Stifel Nicolaus raised their target price on ON from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Citigroup initiated coverage on ON in a research report on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 price target on the stock. Finally, Truist Financial increased their price target on ON from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $57.86.

ON Price Performance

Shares of ON stock opened at $55.54 on Tuesday. The business has a 50-day moving average of $54.94 and a 200 day moving average of $47.97. ON has a 12 month low of $26.03 and a 12 month high of $60.12. The stock has a market capitalization of $34.97 billion, a price-to-earnings ratio of 129.17 and a beta of 2.30.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Capital Advisors Inc. OK grew its stake in ON by 5.1% during the 3rd quarter. Capital Advisors Inc. OK now owns 6,186 shares of the company’s stock worth $310,000 after buying an additional 301 shares during the last quarter. Asset Dedication LLC grew its stake in ON by 25.8% during the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock worth $62,000 after buying an additional 327 shares during the last quarter. Sage Capital Advisors llc grew its stake in ON by 0.3% during the 3rd quarter. Sage Capital Advisors llc now owns 99,859 shares of the company’s stock worth $5,008,000 after buying an additional 328 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in ON by 210.5% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock worth $28,000 after buying an additional 400 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of ON by 319.8% in the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after purchasing an additional 403 shares during the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

About ON

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.