ON (NYSE:ONON) Now Covered by Analysts at Bank of America

Investment analysts at Bank of America started coverage on shares of ON (NYSE:ONON) in a research note issued on Tuesday. The firm set a “buy” rating and a $73.00 price target on the stock. Bank of America‘s price objective points to a potential upside of 33.90% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. The Goldman Sachs Group boosted their price target on shares of ON from $50.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. TD Cowen boosted their target price on shares of ON from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Stifel Nicolaus raised their price target on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Raymond James upgraded ON from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $58.00 to $63.00 in a report on Thursday, November 21st. Finally, UBS Group reissued a “buy” rating and set a $63.00 target price on shares of ON in a research note on Friday, December 27th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.59.

ON Price Performance

ONON opened at $54.52 on Tuesday. The company’s 50 day simple moving average is $54.70 and its two-hundred day simple moving average is $47.81. The firm has a market capitalization of $34.33 billion, a price-to-earnings ratio of 126.79 and a beta of 2.30. ON has a 1-year low of $26.03 and a 1-year high of $60.12.

Institutional Investors Weigh In On ON

Hedge funds and other institutional investors have recently modified their holdings of the company. Private Trust Co. NA purchased a new position in ON in the third quarter valued at $26,000. Blue Trust Inc. increased its holdings in shares of ON by 319.8% in the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after acquiring an additional 403 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in shares of ON by 210.5% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock worth $28,000 after acquiring an additional 400 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in ON in the third quarter valued at approximately $29,000. Finally, Quarry LP acquired a new stake in ON during the second quarter worth approximately $32,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

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.