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

ON (NYSE:ONON - Get Free Report) was upgraded by equities research analysts at Hsbc Global Res from a "hold" rating to a "strong-buy" rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other brokerages have also recently commented on ONON. Citigroup assumed coverage on ON in a research note on Wednesday, December 18th. They issued a "neutral" rating and a $65.00 price objective for the company. Needham & Company LLC restated a "buy" rating and issued a $64.00 target price on shares of ON in a research note on Tuesday, March 4th. UBS Group lifted their price target on ON from $65.00 to $73.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. The Goldman Sachs Group cut ON from a "buy" rating to a "neutral" rating and set a $57.00 target price for the company. in a research report on Wednesday, February 12th. Finally, HSBC upgraded ON from a "hold" rating to a "buy" rating and set a $58.00 price objective for the company in a report on Tuesday. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $61.90.

ON Stock Performance

ONON opened at $45.13 on Tuesday. The firm has a market cap of $28.42 billion, a P/E ratio of 104.96, a price-to-earnings-growth ratio of 1.02 and a beta of 2.35. ON has a 52-week low of $27.37 and a 52-week high of $64.05. The business's fifty day moving average is $54.68 and its 200-day moving average is $52.66.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Private Trust Co. NA acquired a new position in ON in the third quarter valued at about $26,000. Park Square Financial Group LLC acquired a new position in ON in the fourth quarter valued at approximately $32,000. MidAtlantic Capital Management Inc. acquired a new position in ON in the third quarter valued at approximately $29,000. Legacy Bridge LLC acquired a new position in shares of ON during the fourth quarter worth approximately $43,000. Finally, Bernard Wealth Management Corp. acquired a new position in shares of ON during the fourth quarter worth approximately $44,000. 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.

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