ON (NYSE:ONON) Raised to Strong-Buy at Raymond James

ON (NYSE:ONON) was upgraded by investment analysts at Raymond James from an “outperform” rating to a “strong-buy” rating in a report issued on Thursday, MarketBeat reports. The firm currently has a $63.00 target price on the stock, up from their previous target price of $58.00. Raymond James’ target price would suggest a potential upside of 8.38% from the stock’s previous close.

ONON has been the subject of a number of other research reports. 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. Morgan Stanley boosted their target price on ON from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. BTIG Research upgraded ON from a “neutral” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Wednesday, November 13th. Telsey Advisory Group reissued an “outperform” rating and issued a $53.00 target price on shares of ON in a report on Tuesday, November 12th. Finally, Williams Trading raised shares of ON from a “hold” rating to a “buy” rating and upped their price target for the stock from $40.00 to $60.00 in a research note on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.05.

ON Trading Up 3.5 %

NYSE:ONON opened at $58.13 on Thursday. ON has a 12-month low of $25.78 and a 12-month high of $58.51. The stock’s 50 day simple moving average is $50.15 and its 200-day simple moving average is $43.77. The firm has a market cap of $36.60 billion, a P/E ratio of 135.19 and a beta of 2.25.

Institutional Investors Weigh In On ON

Several hedge funds have recently modified their holdings of ONON. 1832 Asset Management L.P. boosted its holdings in shares of ON by 66,838.9% during the second 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. Acadian Asset Management LLC lifted its position in ON by 574.3% during the second quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock worth $59,878,000 after buying an additional 1,315,006 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in ON in the 2nd quarter worth about $43,456,000. Renaissance Technologies LLC purchased a new stake in ON in the 2nd quarter valued at about $27,975,000. Finally, Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of ON by 100.7% during the 2nd 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. 33.11% of the stock is owned by institutional investors and hedge funds.

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.