Telsey Advisory Group Reaffirms Outperform Rating for ON (NYSE:ONON)

ON (NYSE:ONON)‘s stock had its “outperform” rating reaffirmed by equities researchers at Telsey Advisory Group in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $67.00 target price on the stock. Telsey Advisory Group’s price target would suggest a potential upside of 22.91% from the company’s previous close.

Several other equities analysts also recently issued reports on the stock. Citigroup started coverage on shares of ON in a report on Wednesday, December 18th. They set a “neutral” rating and a $65.00 price objective on the stock. KeyCorp increased their price objective on shares of ON from $47.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Williams Trading upgraded shares of ON from a “hold” rating to a “buy” rating and increased their target price for the company from $40.00 to $60.00 in a research report on Wednesday, November 13th. Barclays increased their target price on shares of ON from $47.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Truist Financial increased their target price on shares of ON from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Four 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. According to MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and an average target price of $58.50.

ON Stock Down 1.6 %

ONON opened at $54.51 on Wednesday. The company has a market cap of $34.32 billion, a price-to-earnings ratio of 126.77 and a beta of 2.30. ON has a 52-week low of $26.03 and a 52-week high of $60.12. The firm’s fifty day simple moving average is $55.62 and its two-hundred day simple moving average is $48.51.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. 1832 Asset Management L.P. boosted its stake in ON by 66,838.9% during the second quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock worth $93,500,000 after buying an additional 2,406,200 shares during the period. Kayne Anderson Rudnick Investment Management LLC boosted its stake in ON by 100.7% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock worth $49,716,000 after buying an additional 642,894 shares during the period. Fred Alger Management LLC boosted its stake in ON by 22.8% during the second quarter. Fred Alger Management LLC now owns 1,152,941 shares of the company’s stock worth $44,734,000 after buying an additional 213,815 shares during the period. Renaissance Technologies LLC purchased a new position in ON during the second quarter worth about $27,975,000. Finally, Cerity Partners LLC boosted its stake in shares of ON by 189.9% in the third quarter. Cerity Partners LLC now owns 719,493 shares of the company’s stock valued at $36,083,000 after purchasing an additional 471,323 shares during the period. 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.