Bank of America Initiates Coverage on ON (NYSE:ONON)

Equities research analysts at Bank of America began coverage on shares of ON (NYSE:ONON) in a research note issued on Tuesday, Marketbeat reports. The brokerage set a “buy” rating and a $73.00 price target on the stock. Bank of America‘s price objective would indicate a potential upside of 31.44% from the company’s previous close.

A number of other brokerages have also recently commented on ONON. Truist Financial upped their price target on ON from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. TD Cowen raised their target price on shares of ON from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. UBS Group reiterated a “buy” rating and issued a $63.00 price target on shares of ON in a research report on Friday, December 27th. BTIG Research upgraded shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 price objective on the stock in a research report on Wednesday, November 13th. Finally, Raymond James raised shares of ON from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $58.00 to $63.00 in a report on Thursday, November 21st. Four 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

ON Price Performance

Shares of ON stock opened at $55.54 on Tuesday. The stock has a market capitalization of $34.97 billion, a PE ratio of 129.17 and a beta of 2.30. ON has a 1-year low of $26.03 and a 1-year high of $60.12. The company’s fifty day simple moving average is $54.80 and its 200-day simple moving average is $47.92.

Institutional Trading of ON

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Advisors Inc. OK increased its position in ON by 5.1% during the third quarter. Capital Advisors Inc. OK now owns 6,186 shares of the company’s stock valued at $310,000 after acquiring an additional 301 shares during the last quarter. Asset Dedication LLC grew its holdings in ON by 25.8% during the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock valued at $62,000 after purchasing an additional 327 shares during the last quarter. Sage Capital Advisors llc raised its position in ON by 0.3% in the 3rd quarter. Sage Capital Advisors llc now owns 99,859 shares of the company’s stock worth $5,008,000 after purchasing an additional 328 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in ON by 210.5% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock worth $28,000 after purchasing an additional 400 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of ON by 319.8% during the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after buying an additional 403 shares during the period. 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 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.