ON (NYSE:ONON) Reaches New 52-Week High Following Analyst Upgrade

Shares of On Holding AG (NYSE:ONON) hit a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock from $62.00 to $65.00. Morgan Stanley currently has an overweight rating on the stock. ON traded as high as $60.60 and last traded at $60.00, with a volume of 2217813 shares trading hands. The stock had previously closed at $57.98.

Several other analysts have also recently issued reports on ONON. Citigroup assumed coverage on shares of ON in a research note on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 target price on the stock. KeyCorp increased their target price on shares of ON from $47.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Telsey Advisory Group reiterated an “outperform” rating and issued a $67.00 target price on shares of ON in a research note on Wednesday, January 15th. Stifel Nicolaus increased their target price on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Finally, Barclays increased their target price on shares of ON from $47.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ON presently has an average rating of “Moderate Buy” and a consensus price target of $59.36.

Institutional Investors Weigh In On ON

Several institutional investors and hedge funds have recently modified their holdings of ONON. Bennett Selby Investments LP lifted its position in ON by 7.8% during the 4th quarter. Bennett Selby Investments LP now owns 21,849 shares of the company’s stock valued at $1,197,000 after acquiring an additional 1,578 shares during the period. Capricorn Fund Managers Ltd purchased a new position in ON during the 4th quarter valued at about $3,536,000. Merit Financial Group LLC purchased a new position in ON during the 4th quarter valued at about $653,000. Park Avenue Securities LLC lifted its position in ON by 19.1% during the 4th quarter. Park Avenue Securities LLC now owns 16,006 shares of the company’s stock valued at $877,000 after acquiring an additional 2,565 shares during the period. Finally, Tsfg LLC lifted its position in ON by 143.6% during the 4th quarter. Tsfg LLC now owns 3,338 shares of the company’s stock valued at $183,000 after acquiring an additional 1,968 shares during the period. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Trading Up 3.5 %

The firm has a market capitalization of $37.78 billion, a P/E ratio of 139.56, a price-to-earnings-growth ratio of 1.19 and a beta of 2.30. The business’s 50 day simple moving average is $56.11 and its two-hundred day simple moving average is $49.06.

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.