ON (NYSE:ONON) Downgraded to “Neutral” Rating by The Goldman Sachs Group

The Goldman Sachs Group cut shares of ON (NYSE:ONON) from a buy rating to a neutral rating in a report issued on Wednesday, MarketBeat reports. The Goldman Sachs Group currently has $57.00 price target on the stock.

A number of other analysts have also recently weighed in on ONON. 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. Needham & Company LLC reissued a “buy” rating and issued a $64.00 price target on shares of ON in a research report on Wednesday, January 15th. Telsey Advisory Group restated an “outperform” rating and issued a $67.00 price objective on shares of ON in a research note on Wednesday, January 15th. 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, Robert W. Baird upped their target price on ON from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.73.

ON Stock Performance

ONON opened at $54.09 on Wednesday. The business’s 50-day simple moving average is $57.15 and its 200-day simple moving average is $51.40. The company has a market cap of $34.06 billion, a P/E ratio of 125.79, a PEG ratio of 1.20 and a beta of 2.30. ON has a one year low of $27.37 and a one year high of $64.05.

Institutional Investors Weigh In On ON

Institutional investors have recently added to or reduced their stakes in the business. Private Trust Co. NA acquired a new stake in shares of ON in the 3rd quarter valued at approximately $26,000. Blue Trust Inc. raised its position in ON by 319.8% in the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock worth $27,000 after acquiring an additional 403 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in ON by 210.5% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock valued at $28,000 after acquiring an additional 400 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in shares of ON during the 3rd quarter worth $29,000. Finally, Strategic Financial Concepts LLC acquired a new position in shares of ON during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

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.