ON (NYSE:ONON) Raised to Strong-Buy at Hsbc Global Res

ON (NYSE:ONON) was upgraded by investment analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. KeyCorp reaffirmed an “overweight” rating and issued a $68.00 price target on shares of ON in a research note on Wednesday, March 5th. Citigroup started coverage on ON in a report on Wednesday, December 18th. They set a “neutral” rating and a $65.00 price target on the stock. Williams Trading increased their target price on ON from $60.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Truist Financial upped their price target on ON from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, TD Cowen upped their price target on ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $61.90.

ON Price Performance

ONON opened at $45.13 on Tuesday. The firm has a market cap of $28.42 billion, a price-to-earnings ratio of 104.96, a PEG ratio of 1.02 and a beta of 2.35. ON has a 1 year low of $27.37 and a 1 year high of $64.05. The stock’s 50 day simple moving average is $54.68 and its 200 day simple moving average is $52.66.

Hedge Funds Weigh In On ON

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Advisors Inc. OK raised its holdings in shares of ON by 3.2% during the 4th quarter. Capital Advisors Inc. OK now owns 6,386 shares of the company’s stock valued at $350,000 after purchasing an additional 200 shares in the last quarter. Keystone Investors PTE Ltd. raised its stake in shares of ON by 0.8% in the fourth quarter. Keystone Investors PTE Ltd. now owns 29,918 shares of the company’s stock worth $1,639,000 after acquiring an additional 228 shares during the last quarter. Concurrent Investment Advisors LLC raised its stake in shares of ON by 2.8% in the fourth quarter. Concurrent Investment Advisors LLC now owns 9,413 shares of the company’s stock worth $516,000 after acquiring an additional 259 shares during the last quarter. CreativeOne Wealth LLC raised its stake 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 buying an additional 323 shares during the last quarter. Finally, Atria Investments Inc raised its stake 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 buying an additional 341 shares during the last quarter. Institutional investors and hedge funds 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.