ON (NYSE:ONON) Trading Up 6.4% – Here’s What Happened

On Holding AG (NYSE:ONON) shot up 6.4% during mid-day trading on Friday . The stock traded as high as $37.38 and last traded at $40.05. 4,431,329 shares traded hands during trading, a decline of 1% from the average session volume of 4,478,766 shares. The stock had previously closed at $37.65.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ONON. HSBC upgraded shares of ON from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Tuesday, March 11th. Barclays raised their price objective on shares of ON from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Williams Trading boosted their target price on shares of ON from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $67.00 target price on shares of ON in a research report on Tuesday, April 1st. Finally, KeyCorp reissued an “overweight” rating and set a $68.00 price target on shares of ON in a research report on Wednesday, March 5th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, ON currently has an average rating of “Moderate Buy” and an average target price of $60.45.

ON Stock Performance

The company has a market cap of $24.91 billion, a P/E ratio of 92.00, a P/E/G ratio of 1.02 and a beta of 2.32. The firm has a 50 day moving average price of $50.36 and a 200-day moving average price of $52.40.

Institutional Investors Weigh In On ON

A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in shares of ON by 1.6% during the 4th quarter. FMR LLC now owns 28,875,965 shares of the company’s stock worth $1,581,537,000 after buying an additional 462,738 shares during the period. Alliancebernstein L.P. boosted its holdings in ON by 2.8% during the fourth 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 during the period. T. Rowe Price Investment Management Inc. grew its position in shares of ON by 0.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company’s stock valued at $184,109,000 after purchasing an additional 18,752 shares during the last quarter. Norges Bank bought a new position in shares of ON in the fourth quarter worth about $164,574,000. Finally, Jennison Associates LLC lifted 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 worth $112,259,000 after purchasing an additional 440,685 shares during the last quarter. Institutional investors own 36.39% of the company’s stock.

About ON

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.