ON (NYSE:ONON) Rating Increased to Buy at HSBC

ON (NYSE:ONON) was upgraded by equities research analysts at HSBC from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Marketbeat reports. The brokerage currently has a $58.00 target price on the stock. HSBC’s price target suggests a potential upside of 31.28% from the company’s previous close.

A number of other research analysts also recently issued reports on ONON. Raymond James upgraded ON from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $58.00 to $63.00 in a report on Thursday, November 21st. Barclays lifted their target price on ON from $63.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Telsey Advisory Group reissued an “outperform” rating and set a $67.00 price target on shares of ON in a research report on Tuesday, March 4th. Robert W. Baird lifted their price objective on shares of ON from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group lowered shares of ON from a “buy” rating to a “neutral” rating and set a $57.00 price objective for the company. in a research note on Wednesday, February 12th. Three 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.90.

ON Stock Performance

Shares of ONON opened at $44.18 on Tuesday. The company has a 50 day moving average price of $54.90 and a 200-day moving average price of $52.65. ON has a fifty-two week low of $27.37 and a fifty-two week high of $64.05. The stock has a market capitalization of $27.82 billion, a PE ratio of 102.75, a PEG ratio of 1.02 and a beta of 2.35.

Hedge Funds Weigh In On ON

Institutional investors have recently modified their holdings of the stock. Private Trust Co. NA acquired a new stake in ON during the third quarter worth about $26,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of ON during the 3rd quarter worth approximately $29,000. Strategic Financial Concepts LLC purchased a new position in shares of ON during the 4th quarter valued at approximately $30,000. Park Square Financial Group LLC acquired a new position in shares of ON in the 4th quarter valued at $32,000. Finally, Legacy Bridge LLC purchased a new stake in ON during the fourth quarter worth $43,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

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.