ON (NYSE:ONON) Raised to Strong-Buy at Zacks Research

ON (NYSE:ONON) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Piper Sandler reiterated an “overweight” rating on shares of ON in a research report on Friday, December 5th. Williams Trading cut shares of ON from a “buy” rating to a “hold” rating and cut their target price for the stock from $55.00 to $47.00 in a research report on Thursday, January 8th. KeyCorp lowered their price target on shares of ON from $68.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, January 22nd. Evercore dropped their price objective on shares of ON from $68.00 to $50.00 and set an “outperform” rating for the company in a research note on Monday, November 10th. Finally, Barclays reduced their target price on ON from $69.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, November 13th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and an average target price of $59.86.

ON Stock Down 0.2%

ONON opened at $45.22 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.05 and a current ratio of 2.55. The company has a market cap of $28.40 billion, a price-to-earnings ratio of 58.73, a PEG ratio of 1.36 and a beta of 2.15. ON has a one year low of $34.38 and a one year high of $61.29. The business’s fifty day moving average is $46.73 and its two-hundred day moving average is $44.55.

Institutional Investors Weigh In On ON

A number of hedge funds and other institutional investors have recently made changes to their positions in ONON. Cullen Frost Bankers Inc. lifted its position in ON by 639.7% during the fourth quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock worth $25,000 after buying an additional 467 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of ON during the 4th quarter valued at about $27,000. Washington Trust Advisors Inc. acquired a new position in shares of ON during the 2nd quarter valued at about $29,000. TD Private Client Wealth LLC lifted its holdings in shares of ON by 109.9% during the 4th quarter. TD Private Client Wealth LLC now owns 804 shares of the company’s stock worth $37,000 after acquiring an additional 421 shares during the period. Finally, Bogart Wealth LLC boosted its position in shares of ON by 88.9% in the fourth quarter. Bogart Wealth LLC now owns 850 shares of the company’s stock worth $40,000 after acquiring an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.