ON (NYSE:ONON) Cut to “Neutral” at The Goldman Sachs Group

The Goldman Sachs Group downgraded shares of ON (NYSE:ONON) from a buy rating to a neutral rating in a report published on Wednesday morning, MarketBeat.com reports. The firm currently has $57.00 price objective on the stock.

A number of other equities research analysts have also issued reports on the company. Robert W. Baird upped their price target on ON from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Needham & Company LLC reiterated a “buy” rating and issued a $64.00 price objective on shares of ON in a research report on Wednesday, January 15th. Stifel Nicolaus increased their price objective on ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Williams Trading upgraded ON from a “hold” rating to a “buy” rating and increased their price objective for the stock from $40.00 to $60.00 in a research report on Wednesday, November 13th. Finally, TD Cowen increased their price objective on ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ON presently has an average rating of “Moderate Buy” and a consensus target price of $59.73.

ON Price Performance

ONON stock opened at $51.94 on Wednesday. The business has a 50 day simple moving average of $56.89 and a 200-day simple moving average of $51.49. The firm has a market capitalization of $32.70 billion, a PE ratio of 120.79, a price-to-earnings-growth ratio of 1.20 and a beta of 2.30. ON has a 1 year low of $27.37 and a 1 year high of $64.05.

Institutional Trading of ON

Several hedge funds have recently modified their holdings of ONON. Capital Advisors Inc. OK raised its stake in ON by 3.2% in the fourth quarter. Capital Advisors Inc. OK now owns 6,386 shares of the company’s stock valued at $350,000 after buying an additional 200 shares in the last quarter. Keystone Investors PTE Ltd. raised its stake in ON by 0.8% in the fourth quarter. Keystone Investors PTE Ltd. now owns 29,918 shares of the company’s stock valued at $1,639,000 after buying an additional 228 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in ON by 2.8% in the fourth quarter. Concurrent Investment Advisors LLC now owns 9,413 shares of the company’s stock valued at $516,000 after buying an additional 259 shares in the last quarter. CreativeOne Wealth LLC grew its holdings in shares of ON by 2.4% during the fourth quarter. CreativeOne Wealth LLC now owns 13,574 shares of the company’s stock worth $743,000 after purchasing an additional 323 shares during the last quarter. Finally, Atria Investments Inc grew its holdings in shares of ON by 6.6% during the fourth quarter. Atria Investments Inc now owns 5,515 shares of the company’s stock worth $302,000 after purchasing an additional 341 shares during the last quarter. 36.39% of the stock is currently owned by institutional investors and hedge funds.

ON Company Profile

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.