On Holding AG (NYSE:ONON) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

On Holding AG (NYSE:ONON) has been given a consensus recommendation of “Moderate Buy” by the twenty-three ratings firms that are covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $56.05.

ONON has been the subject of several research analyst reports. Truist Financial upped their price target 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. Stifel Nicolaus upped their price target on shares of ON from $45.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. HSBC initiated coverage on shares of ON in a research report on Thursday, September 5th. They issued a “hold” rating and a $52.00 price target for the company. Piper Sandler upped their price target on shares of ON from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. Finally, Raymond James upgraded shares of ON from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $58.00 to $63.00 in a research report on Thursday, November 21st.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. 1832 Asset Management L.P. grew its stake in ON by 66,838.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock valued at $93,500,000 after buying an additional 2,406,200 shares during the last quarter. Acadian Asset Management LLC grew its stake in ON by 574.3% in the 2nd quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock valued at $59,878,000 after buying an additional 1,315,006 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its stake in ON by 100.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock valued at $49,716,000 after buying an additional 642,894 shares during the last quarter. Fred Alger Management LLC grew its stake in ON by 22.8% in the 2nd quarter. Fred Alger Management LLC now owns 1,152,941 shares of the company’s stock valued at $44,734,000 after buying an additional 213,815 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in ON in the 2nd quarter valued at $43,456,000. 33.11% of the stock is currently owned by institutional investors and hedge funds.

ON Stock Performance

Shares of NYSE:ONON opened at $55.18 on Wednesday. The stock has a market capitalization of $34.74 billion, a price-to-earnings ratio of 128.33 and a beta of 2.30. ON has a 1-year low of $25.78 and a 1-year high of $60.12. The company has a 50 day moving average price of $52.18 and a 200 day moving average price of $45.94.

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.