ON (NYSE:ONON) Stock Price Expected to Rise, TD Cowen Analyst Says

ON (NYSE:ONON) had its target price upped by equities research analysts at TD Cowen from $65.00 to $66.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s target price suggests a potential upside of 18.71% from the company’s previous close.

A number of other equities research analysts also recently issued reports on ONON. Telsey Advisory Group reaffirmed an “outperform” rating and set a $53.00 price target on shares of ON in a research note on Tuesday, November 12th. Stifel Nicolaus upped their target price on shares of ON from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Raymond James upgraded ON from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $58.00 to $63.00 in a research report on Thursday, November 21st. Piper Sandler upped their price objective on ON from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. Finally, Citigroup started coverage on ON in a research note on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 price objective for the company. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

ON Stock Performance

NYSE:ONON traded up $0.32 during trading hours on Wednesday, reaching $55.60. The stock had a trading volume of 1,521,093 shares, compared to its average volume of 2,468,498. The stock has a market capitalization of $35.01 billion, a PE ratio of 129.31 and a beta of 2.30. ON has a 52 week low of $26.03 and a 52 week high of $60.12. The company has a 50 day moving average price of $54.80 and a two-hundred day moving average price of $47.92.

Hedge Funds Weigh In On ON

Large investors have recently added to or reduced their stakes in the company. 1832 Asset Management L.P. increased its holdings in shares of ON by 66,838.9% during the second quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock valued at $93,500,000 after acquiring an additional 2,406,200 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in ON during the 2nd quarter worth about $27,975,000. Kayne Anderson Rudnick Investment Management LLC grew its stake 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 valued at $49,716,000 after purchasing an additional 642,894 shares during the last quarter. Cerity Partners LLC increased its holdings in shares of ON by 189.9% in the third quarter. Cerity Partners LLC now owns 719,493 shares of the company’s stock valued at $36,083,000 after purchasing an additional 471,323 shares during the period. Finally, Lord Abbett & CO. LLC raised its stake in shares of ON by 338.3% in the third quarter. Lord Abbett & CO. LLC now owns 594,901 shares of the company’s stock worth $29,834,000 after purchasing an additional 459,157 shares during the last quarter. 36.39% of the stock is currently owned by 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.