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

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

Several other research firms also recently weighed in on ONON. Piper Sandler restated an “overweight” rating on shares of ON in a research report on Friday, December 5th. Needham & Company LLC cut their price objective on shares of ON from $62.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. Evercore ISI decreased their target price on shares of ON from $68.00 to $50.00 and set an “outperform” rating on the stock in a research note on Monday, November 10th. Williams Trading cut ON from a “buy” rating to a “hold” rating and lowered their target price for the stock from $55.00 to $47.00 in a report on Thursday, January 8th. Finally, Barclays cut their price target on ON from $69.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, November 13th. Three analysts have 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.59.

ON Price Performance

Shares of ONON traded down $1.95 during mid-day trading on Monday, hitting $45.32. 3,251,159 shares of the company were exchanged, compared to its average volume of 4,820,654. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.05 and a current ratio of 2.55. ON has a 1-year low of $34.38 and a 1-year high of $64.05. The stock has a market cap of $28.46 billion, a price-to-earnings ratio of 58.84, a price-to-earnings-growth ratio of 1.47 and a beta of 2.15. The company has a 50 day moving average of $45.06 and a 200-day moving average of $45.64.

Hedge Funds Weigh In On ON

Several large investors have recently modified their holdings of the business. Winslow Capital Management LLC acquired a new stake in shares of ON during the second quarter worth about $248,113,000. Sands Capital Management LLC purchased a new stake in ON during the 2nd quarter worth approximately $240,177,000. Norges Bank acquired a new stake in ON during the 2nd quarter worth approximately $138,641,000. Ameriprise Financial Inc. boosted its position in ON by 4,564.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,291,611 shares of the company’s stock valued at $119,752,000 after buying an additional 2,242,480 shares during the period. Finally, State Street Corp grew its stake in shares of ON by 765.4% in the second quarter. State Street Corp now owns 2,219,015 shares of the company’s stock worth $115,500,000 after acquiring an additional 1,962,586 shares in the last quarter. Institutional investors and hedge funds own 36.39% of the company’s stock.

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.