ON (NYSE:ONON) Upgraded by HSBC to Buy Rating

ON (NYSE:ONON) was upgraded by equities researchers at HSBC from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $58.00 target price on the stock. HSBC’s price objective suggests a potential upside of 24.11% from the company’s current price.

Several other analysts have also recently issued reports on the stock. Williams Trading upped their target price on shares of ON from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Barclays upped their target price on shares of ON from $63.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. Truist Financial upped 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. BTIG Research upgraded shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Wednesday, November 13th. Finally, Telsey Advisory Group restated an “outperform” rating and set a $67.00 target price on shares of ON in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $61.90.

ON Trading Up 3.5 %

Shares of NYSE ONON opened at $46.73 on Tuesday. The firm’s 50-day moving average price is $54.48 and its 200-day moving average price is $52.66. The stock has a market capitalization of $29.42 billion, a price-to-earnings ratio of 108.68, a P/E/G ratio of 1.02 and a beta of 2.35. ON has a 12-month low of $29.84 and a 12-month high of $64.05.

Hedge Funds Weigh In On ON

Hedge funds have recently added to or reduced their stakes in the stock. Apollon Wealth Management LLC grew its stake in ON by 74.0% in the 4th quarter. Apollon Wealth Management LLC now owns 16,005 shares of the company’s stock worth $877,000 after acquiring an additional 6,808 shares in the last quarter. RB Capital Management LLC boosted its stake in shares of ON by 214.8% during the third quarter. RB Capital Management LLC now owns 22,426 shares of the company’s stock valued at $1,125,000 after purchasing an additional 15,303 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of ON by 34.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company’s stock valued at $76,213,000 after purchasing an additional 349,789 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in shares of ON during the fourth quarter valued at approximately $30,000. Finally, Y Intercept Hong Kong Ltd boosted its stake in shares of ON by 584.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company’s stock valued at $4,195,000 after purchasing an additional 71,436 shares in the last quarter. 36.39% of the stock is currently owned by institutional investors.

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.