Evercore ISI Forecasts Strong Price Appreciation for ON (NYSE:ONON) Stock

ON (NYSE:ONON) had its price objective hoisted by Evercore ISI from $60.00 to $70.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts also recently issued reports on ONON. The Goldman Sachs Group downgraded shares of ON from a “buy” rating to a “neutral” rating and set a $57.00 price target for the company. in a report on Wednesday, February 12th. Needham & Company LLC boosted their price objective on shares of ON from $55.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday. Williams Trading upped their price objective on shares of ON from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Truist Financial lifted their target price on shares of ON from $61.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $65.00 price objective on shares of ON in a report on Tuesday. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $61.73.

ON Trading Down 0.8%

ONON stock opened at $59.79 on Wednesday. The firm has a 50-day moving average of $46.16 and a two-hundred day moving average of $51.70. The company has a market cap of $37.64 billion, a price-to-earnings ratio of 139.04, a PEG ratio of 1.02 and a beta of 2.30. ON has a 12 month low of $34.59 and a 12 month high of $64.05.

Hedge Funds Weigh In On ON

Several institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in shares of ON by 1.6% in the 4th quarter. FMR LLC now owns 28,875,965 shares of the company’s stock valued at $1,581,537,000 after buying an additional 462,738 shares during the period. Alliancebernstein L.P. raised its position in ON by 13.9% in the first quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company’s stock worth $869,388,000 after acquiring an additional 2,416,534 shares in the last quarter. Jennison Associates LLC boosted its position in shares of ON by 136.6% during the 1st quarter. Jennison Associates LLC now owns 4,848,438 shares of the company’s stock worth $212,943,000 after purchasing an additional 2,798,794 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in ON by 1.0% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,395,611 shares of the company’s stock worth $149,136,000 after buying an additional 34,120 shares during the period. Finally, Norges Bank purchased a new position in ON in the fourth quarter valued at about $164,574,000. 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 such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.