Raymond James Upgrades ON (NYSE:ONON) to Strong-Buy

ON (NYSE:ONON) was upgraded by investment analysts at Raymond James from an “outperform” rating to a “strong-buy” rating in a report released on Thursday, Marketbeat Ratings reports. The firm currently has a $63.00 target price on the stock, up from their previous target price of $58.00. Raymond James’ price objective suggests a potential upside of 17.21% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on ONON. HSBC initiated coverage on shares of ON in a research report on Thursday, September 5th. They issued a “hold” rating and a $52.00 target price on the stock. Evercore ISI upgraded ON to an “overweight” rating and upped their price objective for the stock from $43.00 to $47.00 in a report on Monday, August 12th. TD Cowen lifted their target price on ON from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Bank of America upgraded ON from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $21.00 to $55.00 in a research note on Monday, September 23rd. Finally, Stifel Nicolaus lifted their price objective on ON from $45.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Four 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 company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $55.14.

ON Stock Up 0.7 %

ONON stock opened at $53.75 on Thursday. The stock’s fifty day simple moving average is $50.01 and its 200-day simple moving average is $43.68. ON has a 52-week low of $25.78 and a 52-week high of $56.44. The stock has a market capitalization of $33.84 billion, a price-to-earnings ratio of 125.00 and a beta of 2.25.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Private Trust Co. NA acquired a new stake in shares of ON in the 3rd quarter valued at about $26,000. Blue Trust Inc. increased its holdings in ON by 319.8% in the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after buying an additional 403 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in ON by 210.5% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock valued at $28,000 after buying an additional 400 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in ON during the 3rd quarter worth approximately $29,000. Finally, Quarry LP bought a new position in ON during the 2nd quarter worth approximately $32,000. 33.11% 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.