ON (NYSE:ONON) Now Covered by Citigroup

Citigroup assumed coverage on shares of ON (NYSE:ONON - Free Report) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $65.00 target price on the stock.

ONON has been the topic of several other research reports. BTIG Research raised ON from a "neutral" rating to a "buy" rating and set a $64.00 target price on the stock in a research note on Wednesday, November 13th. Williams Trading upgraded ON from a "hold" rating to a "buy" rating and raised their price objective for the stock from $40.00 to $60.00 in a research report on Wednesday, November 13th. KeyCorp upped their target price on ON from $47.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, September 26th. TD Cowen increased their price objective on ON from $58.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Finally, Bank of America raised ON from an "underperform" rating to a "neutral" rating and lifted their price target for the stock from $21.00 to $55.00 in a research report on Monday, September 23rd. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.77.

ON Stock Performance

Shares of ONON stock traded down $0.32 during trading hours on Wednesday, hitting $56.32. 503,005 shares of the company were exchanged, compared to its average volume of 4,794,518. The business's 50-day simple moving average is $52.77 and its two-hundred day simple moving average is $46.38. ON has a one year low of $25.78 and a one year high of $60.12. The stock has a market capitalization of $35.46 billion, a price-to-earnings ratio of 131.67 and a beta of 2.30.

Institutional Investors Weigh In On ON

Institutional investors and hedge funds have recently bought and sold shares of the business. 1832 Asset Management L.P. raised its holdings in ON by 66,838.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company's stock worth $93,500,000 after purchasing an additional 2,406,200 shares in the last quarter. Acadian Asset Management LLC raised its stake in ON by 574.3% in the second quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company's stock worth $59,878,000 after buying an additional 1,315,006 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in ON by 100.7% in 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 position in ON by 22.8% during the 2nd quarter. Fred Alger Management LLC now owns 1,152,941 shares of the company's stock valued at $44,734,000 after acquiring an additional 213,815 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of ON during the 2nd quarter worth approximately $43,456,000. 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 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.