HSBC Upgrades ON (NYSE:ONON) to Buy

ON (NYSE:ONON) was upgraded by equities researchers at HSBC from a “hold” rating to a “buy” rating in a report released on Tuesday, MarketBeat Ratings reports. The firm currently has a $58.00 price target on the stock. HSBC’s price objective suggests a potential upside of 31.28% from the company’s current price.

ONON has been the subject of several other reports. BTIG Research upgraded ON from a “neutral” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Wednesday, November 13th. Barclays boosted their price target on ON from $63.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. TD Cowen raised their price objective on ON from $65.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Citigroup assumed coverage on shares of ON in a report on Wednesday, December 18th. They set a “neutral” rating and a $65.00 target price for the company. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $67.00 price target on shares of ON in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $61.90.

ON Price Performance

Shares of ONON stock opened at $44.18 on Tuesday. The stock has a 50 day simple moving average of $54.90 and a 200-day simple moving average of $52.65. ON has a 1-year low of $27.37 and a 1-year high of $64.05. The company has a market cap of $27.82 billion, a price-to-earnings ratio of 102.75, a PEG ratio of 1.02 and a beta of 2.35.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of ON in the 4th quarter worth approximately $164,574,000. Arrowstreet Capital Limited Partnership acquired a new position in ON during the fourth quarter worth $78,799,000. Axiom Investors LLC DE acquired a new position in ON during the fourth quarter worth $39,320,000. BNP Paribas Financial Markets purchased a new position in shares of ON during the fourth quarter worth $39,119,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of ON in the 4th quarter valued at $28,575,000. 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 such as footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.