ON (NYSE:ONON) Upgraded by Raymond James to “Strong-Buy” Rating

Raymond James upgraded shares of ON (NYSE:ONON) from an outperform rating to a strong-buy rating in a research note issued to investors on Thursday morning, MarketBeat reports. They currently have $63.00 price target on the stock, up from their prior price target of $58.00.

ONON has been the topic of a number of other research reports. Bank of America upgraded ON from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $21.00 to $55.00 in a research report on Monday, September 23rd. Barclays lifted their price target 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. Hsbc Global Res upgraded shares of ON to a “hold” rating in a research note on Thursday, September 5th. Williams Trading upgraded ON from a “hold” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $60.00 in a research report on Wednesday, November 13th. Finally, Morgan Stanley increased their price objective on shares of ON from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, ON presently has an average rating of “Moderate Buy” and an average price target of $56.05.

ON Stock Performance

ONON opened at $58.13 on Thursday. ON has a one year low of $25.78 and a one year high of $58.51. The business’s fifty day moving average is $50.34 and its two-hundred day moving average is $44.00. The company has a market cap of $36.60 billion, a price-to-earnings 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 the stock. Blair William & Co. IL acquired a new position in shares of ON in the first quarter worth $502,000. Kayne Anderson Rudnick Investment Management LLC grew its position in ON by 100.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock worth $49,716,000 after purchasing an additional 642,894 shares during the last quarter. Forte Capital LLC ADV bought a new position in ON during the third quarter valued at about $742,000. Coronation Fund Managers Ltd. raised its stake in shares of ON by 248.6% in the second quarter. Coronation Fund Managers Ltd. now owns 154,903 shares of the company’s stock valued at $6,010,000 after purchasing an additional 110,467 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of ON during the 1st quarter worth about $486,000. 33.11% of the stock is owned by hedge funds and other institutional investors.

ON Company Profile

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.