ON (NYSE:ONON) Earns Neutral Rating from Analysts at Citigroup

Citigroup began coverage on shares of ON (NYSE:ONON) in a report issued on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $65.00 target price on the stock.

ONON has been the subject of several other research reports. BTIG Research upgraded ON from a “neutral” rating to a “buy” rating and set a $64.00 price target for the company in a research note on Wednesday, November 13th. Barclays upped their price objective on shares of ON from $47.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Telsey Advisory Group restated an “outperform” rating and issued a $53.00 target price on shares of ON in a research note on Tuesday, November 12th. TD Cowen boosted their price target on shares of ON from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Needham & Company LLC began coverage on shares of ON in a research report on Friday, November 22nd. They issued a “buy” rating and a $64.00 price objective for the company. Five research 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.77.

ON Stock Up 0.8 %

ONON traded up $0.42 on Wednesday, hitting $55.18. 300,810 shares of the company traded hands, compared to its average volume of 4,786,063. ON has a 12-month low of $25.78 and a 12-month high of $60.12. The company has a 50 day moving average of $52.95 and a 200-day moving average of $46.54. The stock has a market capitalization of $34.74 billion, a PE ratio of 128.33 and a beta of 2.30.

Hedge Funds Weigh In On ON

Hedge funds have recently added to or reduced their stakes in the business. RB Capital Management LLC raised its holdings in shares of ON by 214.8% in the third quarter. RB Capital Management LLC now owns 22,426 shares of the company’s stock worth $1,125,000 after acquiring an additional 15,303 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in 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 in the last quarter. Y Intercept Hong Kong Ltd raised its stake in ON by 584.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company’s stock valued at $4,195,000 after purchasing an additional 71,436 shares during the last quarter. Forte Capital LLC ADV purchased a new position in ON in the 3rd quarter valued at about $742,000. Finally, Coronation Fund Managers Ltd. boosted its stake 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 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 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.