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

Equities research analysts at Bank of America initiated coverage on shares of ON (NYSE:ONON) in a report released on Tuesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $73.00 price target on the stock. Bank of America‘s price objective points to a potential upside of 31.44% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Barclays increased their price objective on ON from $47.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. KeyCorp increased their price target on ON from $47.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Williams Trading upgraded ON from a “hold” rating to a “buy” rating and lifted their price objective for the company from $40.00 to $60.00 in a report on Wednesday, November 13th. BTIG Research upgraded shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Wednesday, November 13th. Finally, Piper Sandler boosted their price target on shares of ON from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.86.

ON Price Performance

ON stock opened at $55.54 on Tuesday. The stock has a market cap of $34.97 billion, a price-to-earnings ratio of 129.17 and a beta of 2.30. The firm has a 50-day moving average of $54.80 and a two-hundred day moving average of $47.92. ON has a 1 year low of $26.03 and a 1 year high of $60.12.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ONON. Private Trust Co. NA acquired a new position in shares of ON in the 3rd quarter valued at $26,000. Blue Trust Inc. lifted its position in ON by 319.8% during the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock worth $27,000 after acquiring an additional 403 shares during the period. 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 valued at $28,000 after purchasing an additional 400 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of ON in the third quarter valued at about $29,000. Finally, Quarry LP purchased a new position in shares of ON in the second quarter worth about $32,000. 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.