Morgan Stanley Issues Pessimistic Forecast for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its target price cut by Morgan Stanley from $66.00 to $62.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts also recently issued reports about the company. KeyCorp decreased their price objective on ON from $68.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, April 29th. Williams Trading increased their price target on shares of ON from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. HSBC raised shares of ON from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Tuesday, March 11th. Needham & Company LLC reduced their target price on shares of ON from $64.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Finally, TD Cowen raised their price target on ON from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, ON currently has a consensus rating of “Buy” and an average price target of $58.59.

ON Stock Performance

ONON opened at $48.17 on Tuesday. The stock has a market capitalization of $30.33 billion, a P/E ratio of 112.02, a price-to-earnings-growth ratio of 1.02 and a beta of 2.30. ON has a one year low of $29.84 and a one year high of $64.05. The business’s 50-day simple moving average is $45.19 and its 200-day simple moving average is $51.42.

Institutional Trading of ON

A number of institutional investors have recently bought and sold shares of ONON. Park Square Financial Group LLC acquired a new position in shares of ON during the 4th quarter worth $32,000. Montag A & Associates Inc. purchased a new position in ON during the 1st quarter valued at about $26,000. MassMutual Private Wealth & Trust FSB acquired a new position in ON during the first quarter worth about $32,000. Legacy Bridge LLC purchased a new stake in shares of ON in the fourth quarter valued at about $43,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of ON in the fourth quarter valued at approximately $44,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

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.