ON (NYSE:ONON) Earns Buy Rating from Analysts at Bank of America

Bank of America began coverage on shares of ON (NYSE:ONON) in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $73.00 target price on the stock.

A number of other research analysts also recently issued reports on ONON. Needham & Company LLC initiated coverage on ON in a report on Friday, November 22nd. They issued a “buy” rating and a $64.00 price target for the company. UBS Group reissued a “buy” rating and issued a $63.00 price target on shares of ON in a report on Friday, December 27th. Truist Financial boosted their price target on ON from $58.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Williams Trading raised ON from a “hold” rating to a “buy” rating and upped their target price for the stock from $40.00 to $60.00 in a research note on Wednesday, November 13th. Finally, BTIG Research raised ON from a “neutral” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

ON Trading Up 0.5 %

Shares of NYSE:ONON opened at $55.54 on Tuesday. ON has a 12-month low of $26.03 and a 12-month high of $60.12. The company has a market capitalization of $34.97 billion, a PE ratio of 129.17 and a beta of 2.30. The business has a 50 day moving average of $54.94 and a two-hundred day moving average of $47.97.

Institutional Trading of ON

Large investors have recently added to or reduced their stakes in the stock. RB Capital Management LLC grew its holdings in ON by 214.8% in the 3rd quarter. RB Capital Management LLC now owns 22,426 shares of the company’s stock valued at $1,125,000 after buying an additional 15,303 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of ON by 100.7% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock worth $49,716,000 after purchasing an additional 642,894 shares during the period. Y Intercept Hong Kong Ltd grew its holdings in shares of ON by 584.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company’s stock worth $4,195,000 after purchasing an additional 71,436 shares during the period. Forte Capital LLC ADV purchased a new position in shares of ON during the 3rd quarter worth $742,000. Finally, Coronation Fund Managers Ltd. grew its holdings in shares of ON by 248.6% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 154,903 shares of the company’s stock worth $6,010,000 after purchasing an additional 110,467 shares during the period. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

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.