ON (NYSE:ONON) Hits New 12-Month High – Should You Buy?

Shares of On Holding AG (NYSE:ONON) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $56.66 and last traded at $56.51, with a volume of 2287446 shares changing hands. The stock had previously closed at $53.74.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ONON. Hsbc Global Res upgraded shares of ON to a “hold” rating in a research note on Thursday, September 5th. Evercore ISI raised shares of ON to an “overweight” rating and lifted their price objective for the stock from $43.00 to $47.00 in a research note on Monday, August 12th. KeyCorp boosted their price objective on shares of ON from $47.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Robert W. Baird boosted their price target on ON from $55.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, UBS Group upped their price target on shares of ON from $61.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, ON currently has a consensus rating of “Moderate Buy” and an average target price of $55.14.

ON Trading Up 4.6 %

The stock has a market cap of $35.38 billion, a price-to-earnings ratio of 131.42 and a beta of 2.25. The company has a 50 day simple moving average of $50.01 and a 200-day simple moving average of $43.68.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ONON. Private Trust Co. NA purchased a new stake in ON during the third quarter valued at about $26,000. Blue Trust Inc. raised its stake in ON by 319.8% in the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after purchasing an additional 403 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in ON by 210.5% during 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 last quarter. MidAtlantic Capital Management Inc. bought a new position in ON during the third quarter valued at approximately $29,000. Finally, Quarry LP bought a new position in shares of ON in the second quarter worth approximately $32,000. Institutional investors and hedge funds own 33.11% of the company’s stock.

About ON

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.