ON (NYSE:ONON) Stock Price Expected to Rise, Morgan Stanley Analyst Says

ON (NYSE:ONON) had its price objective boosted by Morgan Stanley from $62.00 to $66.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also commented on ONON. KeyCorp boosted their price objective on shares of ON from $60.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. The Goldman Sachs Group downgraded shares of ON from a “buy” rating to a “neutral” rating and set a $57.00 target price for the company. in a research note on Wednesday, February 12th. TD Cowen boosted their target price on shares of ON from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Citigroup started coverage on shares of ON in a research note on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 target price for the company. Finally, Barclays boosted their target price on shares of ON from $63.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ON presently has an average rating of “Moderate Buy” and a consensus price target of $60.36.

ON Stock Up 3.9 %

ON stock opened at $52.62 on Wednesday. ON has a 52 week low of $27.37 and a 52 week high of $64.05. The firm’s 50-day simple moving average is $55.29 and its 200 day simple moving average is $52.50. The firm has a market capitalization of $33.13 billion, a PE ratio of 122.37, a P/E/G ratio of 1.02 and a beta of 2.30.

Hedge Funds Weigh In On ON

Several institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its stake in shares of ON by 1.6% during the 4th quarter. FMR LLC now owns 28,875,965 shares of the company’s stock valued at $1,581,537,000 after buying an additional 462,738 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of ON by 2.8% during the 4th quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company’s stock valued at $951,808,000 after acquiring an additional 471,805 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of ON by 0.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company’s stock valued at $184,109,000 after acquiring an additional 18,752 shares in the last quarter. Norges Bank acquired a new stake in shares of ON during the 4th quarter valued at approximately $164,574,000. Finally, Jennison Associates LLC raised its position in shares of ON by 27.4% during the 4th quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock valued at $112,259,000 after acquiring an additional 440,685 shares in the last quarter. 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.