ON (NYSE:ONON) Rating Lowered to “Hold” at Zacks Research

ON (NYSE:ONON) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

Several other research analysts have also recently weighed in on ONON. Williams Trading cut ON from a “buy” rating to a “hold” rating and cut their price objective for the stock from $55.00 to $47.00 in a research report on Thursday, January 8th. Singular Research upgraded ON to a “strong-buy” rating in a research note on Monday, November 17th. Bank of America increased their price target on shares of ON from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Evercore set a $58.00 price objective on shares of ON and gave the stock an “outperform” rating in a report on Tuesday, March 3rd. Finally, Jefferies Financial Group reaffirmed an “underperform” rating and issued a $31.00 price objective on shares of ON in a research report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, ON currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.48.

ON Stock Performance

Shares of ON stock traded down $0.02 during mid-day trading on Wednesday, hitting $37.94. 1,725,506 shares of the stock were exchanged, compared to its average volume of 5,439,354. ON has a 12 month low of $34.38 and a 12 month high of $61.29. The company has a 50-day simple moving average of $45.51 and a 200 day simple moving average of $44.23. The company has a market capitalization of $23.83 billion, a P/E ratio of 52.58, a P/E/G ratio of 0.76 and a beta of 2.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.13 and a current ratio of 2.71.

Institutional Trading of ON

Several institutional investors and hedge funds have recently bought and sold shares of ONON. Morgan Stanley grew its holdings in shares of ON by 40.9% during the 4th quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock worth $1,121,092,000 after acquiring an additional 6,997,455 shares during the period. Platinum Paramount Investment LTD. purchased a new position in shares of ON in the 4th quarter valued at approximately $525,784,000. Sinvest Investments II Ltd. bought a new stake in shares of ON during the fourth quarter valued at approximately $390,432,000. Sands Capital Management LLC boosted its position in shares of ON by 46.7% during the third quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company’s stock valued at $286,685,000 after purchasing an additional 2,155,083 shares in the last quarter. Finally, Bamco Inc. NY grew its stake in ON by 13.9% in the fourth quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock worth $251,247,000 after purchasing an additional 658,933 shares during the period. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.